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

The U.S. Treasury has sanctioned eight North Korean bankers, two companies, and 53 cryptocurrency wallets for laundering stolen funds to support North Korea's weapons programs. These individuals, primarily based in China and Russia, allegedly utilized international financial networks to obscure the origins of funds from ransomware attacks and crypto thefts. The sanctions follow reports that North Korean hackers have stolen almost $3 billion in cryptocurrency in under two years. This action aims to disrupt the financial mechanisms that facilitate North Korea’s illicit revenue streams, which are critical to its weapons development. A statement from the Treasury emphasized that such activities pose direct threats to U.S. and global security. The sanctioned wallets were largely associated with the stablecoin USDT issued by Tether, demonstrating the ongoing challenges posed by the use of cryptocurrencies in financial crime.

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