US Treasury Sanctions Web of North Korean Bankers Tied to Global Crypto Crime Operation

The U.S. Treasury has sanctioned eight North Korean bankers and two companies for laundering stolen cryptocurrency, which funds the country's weapons programs. These bankers, operating primarily out of China and Russia, utilized international financial networks to obscure funds acquired from ransomware attacks and crypto thefts. The Treasury's sanctions include 53 crypto wallets associated with these money launderers, all linked to Tether's stablecoin. This move aligns with reports indicating that North Korean hackers have stolen around $3 billion in cryptocurrency within the last two years, significantly bolstered through activities like the $1.4 billion theft during the Bybit hack earlier this year. The Treasury's actions aim to disrupt North Korea's ability to raise funds for its military ambitions and highlight the role of global financial networks in facilitating these operations.

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