U.S. Treasury Sanctions North Korean Bankers Over $3B Crypto Theft Laundering

The U.S. Treasury's Office of Foreign Assets Control imposed sanctions on Nov. 4 against multiple bankers, financial institutions, and entities allegedly involved in laundering cryptocurrency stolen through cyber operations to fund North Korea's nuclear program, the Treasury Department said. North Korea has stolen over $3 billion in digital assets through malware and social engineering attacks over the past three years, exceeding any other state actor. Sanctioned individuals include North Korean bankers Jang Kuk Chol and Ho Jong Son, who allegedly managed funds for the sanctioned First Credit Bank, including approximately $5.3 million in cryptocurrency. The Treasury noted that North Korea relies on a network of bank representatives, shell companies, and financial institutions in North Korea, Russia, and other locations for money laundering, crypto theft, and sanctions evasion.