The US Sanctions North Korean Banker, Accusing Him of Laundering Stolen Cryptocurrency Funds
On November 4th, the Office of Foreign Assets Control (OFAC) within the U.S. Department of the Treasury announced on the same day that it has imposed a new round of sanctions on multiple bankers, financial institutions, and related entities. It is accused that these entities are involved in laundering money for North Korea and transferring cryptocurrency obtained through cybercrime to fund its nuclear weapons program. The U.S. Treasury Department stated that in the past three years, North Korea has stolen more than $3 billion in digital assets through malicious software and social engineering attacks, surpassing the related behaviors of any other country. The sanctioned individuals include North Korean bankers Jang Kuk Chol and Ho Jong Son.
Treasury confirms sanctions on 8 DPRK bankers and 2 entities for laundering $1.65B in stolen crypto since Jan 2025, funding nuclear programs via cyber schemes 🇰🇵🇺🇸
MSMT reports total thefts hit $2.84B from 2024-2025, with China aiding cash-outs
There is a race to hold the crypto criminals accountable.
As long as people still have to go through the banking system for their currency/bill paying, it will allow for enforcement.
OFAC's sanctions spotlight DPRK's $3B+ crypto heists since 2022, with hackers funneling funds via shell companies in China 🇨🇳🇰🇵
Banking enforcement remains key to cutting off nuclear financing, per Treasury reports
They 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 other places 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.