The U.S. Treasury Department on Tuesday sanctioned eight individuals and two entities for laundering funds linked to North Korean cyber thefts and overseas IT operations, part of a broader effort that Washington says has stolen more than $3 billion in cryptocurrency over the past three years to fund weapons programs.
Those sanctioned include bankers Jang Kuk Chol and Ho Jong Son, tied to $5.3 million in crypto for First Credit Bank; Korea Mangyongdae Computer Technology Company and its president, U Yong Su; Ryujong Credit Bank; and five North Korean banking representatives operating in China and Russia. Treasury also updated First Credit Bank’s Specially Designated Nationals entry to include cryptocurrency addresses.
The sanctions freeze any U.S.-linked assets of the listed actors and bar U.S. persons from dealing with them. The designations track millions in illicit flows, including $2.5 million moved by Ho Jong Chol, over $85 million he managed for a North Korea-linked group, $630,000 coordinated by Han, more than $200,000 by Choe, and over $350,000 by Ri. U.S. officials warned that banks and intermediaries engaging with these actors risk secondary sanctions.
