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US sanctions North Korean entities and individuals for cybercrime and IT worker fraud

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The U.S. Treasury Department has imposed sanctions on ten North Korean individuals and entities involved in laundering $12.7 million in cryptocurrency and IT worker fraud. The sanctions target Ryujong Credit Bank and Korea Mangyongdae Computer Technology Company (KMCTC), along with their respective executives and financial representatives. The move aims to disrupt North Korea's ability to fund its weapons programs and other illicit activities through cybercrime and financial fraud. The Treasury Department has identified $12.7 million in transactions linked to North Korean financial institutions over the past two years. North Korean IT workers have been using foreign freelance programmers to establish business partnerships and split revenue. The Treasury Department has accused North Korea of leveraging its IT army to gain employment at companies by obfuscating their nationality and identities, funneling income back to the DPRK.

Timeline

  1. 05.11.2025 12:34 2 articles · 5d ago

    US sanctions North Korean entities and individuals for cybercrime and IT worker fraud

    The U.S. Treasury Department imposed sanctions on ten North Korean individuals and entities involved in laundering $12.7 million in cryptocurrency and IT worker fraud. The sanctions target Ryujong Credit Bank and Korea Mangyongdae Computer Technology Company (KMCTC), along with their respective executives and financial representatives. The move aims to disrupt North Korea's ability to fund its weapons programs and other illicit activities through cybercrime and financial fraud. The Treasury Department has identified $12.7 million in transactions linked to North Korean financial institutions over the past two years. North Korean IT workers have been using foreign freelance programmers to establish business partnerships and split revenue. The Treasury Department has accused North Korea of leveraging its IT army to gain employment at companies by obfuscating their nationality and identities, funneling income back to the DPRK.

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