Treasury sanctions DPRK financial network over cybercrime and IT worker fraud
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The U.S. Treasury Department imposed sanctions on eight individuals and two entities tied to North Korea's global financial network, escalating pressure on the funding channels that support cybercrime and IT worker fraud. The action targets money laundering linked to $5.3 million in cryptocurrency and other sanctions-evasion activity. Treasury also said Pyongyang-linked actors have stolen over $3 billion in the past three years.
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Timeline
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05.11.2025 12:55 2 articles · 6mo ago
U.S. Treasury sanctions North Korea's global financial network over cybercrime and IT worker fraud
Legal Policy Action UpdateThe U.S. Treasury Department imposed sanctions on eight individuals and two entities in North Korea's global financial network for laundering money tied to cybercrime and information technology (IT) worker fraud. Treasury said the action is meant to cut off revenue streams used to fund Pyongyang's weapons development and cyber operations.
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- U.S. Sanctions 10 North Korean Entities for Laundering $12.7M in Crypto and IT Fraud — thehackernews.com — 05.11.2025 12:55
- U.S. Sanctions 10 North Korean Entities for Laundering $12.7M in Crypto and IT Fraud — thehackernews.com — 05.11.2025 12:55
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05.11.2025 12:55 1 articles · 6mo ago
First Credit Bank wallets and KMCTC support North Korea's IT worker fraud network
Campaign Scope UpdateTRM Labs said cryptocurrency wallet addresses linked to First Credit Bank showed consistent inbound flows resembling salary payments, and that the flows likely represented income from IT workers employed abroad under false identities. Treasury also described Korea Mangyongdae Computer Technology Company (KMCTC) as a North Korea-based IT company that dispatched two IT worker delegations to Shenyang and Dandong and used Chinese nationals as banking proxies to hide the origin of fraudulent employment proceeds. The bank-controlled wallets were said to have received more than $12.7 million between June 2023 and May 2025.
Show sources
- U.S. Sanctions 10 North Korean Entities for Laundering $12.7M in Crypto and IT Fraud — thehackernews.com — 05.11.2025 12:55