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U.S. Sanctions Six Individuals and Two Firms Linked to North Korea IT and Crypto Funding Network

Treasury is cutting off crypto channels that move covert IT wages into North Korea’s weapons budget.

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U.s. sanctions 6 people, 2 companies that laundered $800 million in crypto for north korea
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US Treasury targets North Korea-linked network tied to crypto fraud

Overview

  • OFAC’s March 12 action names six people and two companies, freezing U.S.-linked assets and barring U.S. persons from dealings with the designated parties.
  • The designations list 21 wallet addresses across Ethereum, Tron and Bitcoin, with authorities citing use of exchanges, hosted wallets, DeFi services and cross‑chain bridges to obscure flows.
  • Targets include North Korea’s Amnokgang Technology Development Company and Vietnam-based Quangvietdnbg International Services, with operations traced through Vietnam, Laos and Spain.
  • Treasury says Quangvietdnbg CEO Nguyen Quang Viet converted about $2.5 million into cryptocurrency for DPRK operatives, while North Korean national Yun Song‑guk led an IT worker group in Boten, Laos that coordinated paid contracts.
  • Officials describe schemes using stolen identities, fabricated credentials and, in some cases, malware, generating nearly $800 million in 2024 for weapons programs, with foreign institutions warned of secondary‑sanctions risk.