The US Sanctions North Korean Banker, Accusing Him of Laundering Stolen Cryptocurrency Funds

BlockBeats News, November 4th, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced on November 4th that it has imposed a new round of sanctions on multiple bankers, financial institutions, and related entities, accusing them of being involved in laundering money for North Korea, transferring cryptocurrency obtained through cybercrime to fund its nuclear weapons program.

The U.S. Treasury Department stated that over the past three years, North Korea has stolen over $3 billion in digital assets through malicious software and social engineering attacks, surpassing any other country's related behavior. The sanctioned individuals include North Korean bankers Jang Kuk Chol and Ho Jong Son, who are accused of managing funds on behalf of the sanctioned First Credit Bank, including approximately $5.3 million in cryptocurrency.

The Treasury Department pointed out that North Korea relies on a network of banks, shell companies, and financial institutions established in its own country, Russia, and elsewhere for money laundering, cryptocurrency theft, and sanctions evasion. The U.S. had previously warned businesses to be cautious of disguised North Korean IT professionals infiltrating financial systems to engage in illegal activities. (AP)