Treasury Sanctions DPRK Bankers and Institutions Involved in Laundering Cybercrime Proceeds and IT Worker Funds

2025-11-04 USTreasury

https://home.treasury.gov/news/press-releases/sb0302

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OFAC sanctioned eight individuals and two entities for helping launder funds tied to DPRK cybercrime, cryptocurrency theft, ransomware, IT worker fraud, and broader sanctions evasion. The release says DPRK state-sponsored hackers and overseas IT workers generate revenue for Pyongyang’s WMD and ballistic missile programs, with North Korea-affiliated cybercriminals stealing more than $3 billion over three years, primarily in cryptocurrency. Jang Kuk Chol and Ho Jong Son allegedly managed funds, including $5.3 million in cryptocurrency, for First Credit Bank, with a portion linked to a DPRK ransomware actor and IT worker revenue. The sanctions also target KMCTC, its president U Yong Su, Ryujong Credit Bank, and DPRK banking representatives in China and Russia who facilitated transactions for designated DPRK financial institutions.

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