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

The U.S. Treasury has sanctioned eight North Korean bankers along with two companies and 53 crypto wallets for laundering cryptocurrency used to finance North Korea's weapons programs. These bankers, primarily located in China and Russia, facilitated the concealment of funds from various ransomware attacks and crypto thefts, contributing to the nearly $3 billion in stolen crypto by North Korean hackers within the last two years. The Treasury highlighted that the involved wallets predominantly contained Tether's stablecoin, which underscores the critical role of these financial networks in supporting North Korea's illicit activities. John Hurley, Under Secretary for Terrorism and Financial Intelligence, emphasized the threat these actions pose to global security, affirming the commitment of the Treasury to combat such schemes and disrupt the sources of illicit revenue. This move builds on previous efforts linked to major crypto thefts associated with hacks against exchanges, including a significant incident involving Bybit earlier this year.

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