The U.S. Treasury Department has sanctioned North Korean IT workers and associated entities involved in a sophisticated scheme to infiltrate crypto companies and steal digital assets.
The sanctions target Kum Hyok, a North Korean national accused of creating fake U.S. citizen identities to place North Korean IT workers in remote jobs at U.S. companies. These workers then exploited their positions to steal cryptocurrency and launder funds back to North Korea.
Additionally, the U.S. sanctioned Russian national Gayk Asatryan and four entities linked to a Russia-based network that employed North Korean IT workers under long-term contracts with North Korean buying/ selling firms. The Treasury's Office of Foreign Assets Control (OFAC) froze U.S. assets connected to these individuals and companies, making it illegal for U.S. persons to engage in transactions with them.
This crackdown follows investigations revealing that North Korean operatives used stolen American identities to secure remote tech jobs, stole over $900,000 in cryptocurrency from U.S. companies, and laundered the proceeds through complex methods including cryptocurrency mixers and fake documents.
The Department of Justice and FBI have also taken coordinated actions, including indictments, arrests, and asset seizures, to dismantle these cyber-enabled revenue networks.
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