Markets

US Treasury Sanctions Crypto Criminals Linked to North Korea

Sanctions were imposed on three individuals linked to North Korea on Monday, according to a statement from the US Treasury Department.

The US government imposed sanctions on three individuals who it alleged supported the Democratic People’s Republic of Korea through illicit financing and malicious cyber activities. Washington took the step in coordination with the Republic of Korea.

illegal networks

according to CountrynR From the US Treasury, “The DPRK’s use of illicit facilitation networks to access the international financial system and generate revenue using virtual currency for the regime’s illegal Weapons of Mass Destruction (WMD) and ballistic missile programs directly threatens international security.” This is according to Treasury Undersecretary for Terrorism and Financial Intelligence Brian E. Nelson.

Advertising continues:

“The United States and our partners are committed to protecting the international financial system and preventing it from being used for the DPRK’s destabilizing activities, especially in light of the DPRK’s three intercontinental ballistic missile (ICBM) launches this year alone.”

The North Korean government uses the money obtained by the Lazarus Group to finance its illegal nuclear program. The regime has repeatedly threatened Japan and other neighboring countries with nuclear weapons.

North Korea uses cryptocurrency to fund its weapons programme

The United States government has appointed Wu Huihui and Cheng Hung Man to provide material support to the Lazarus Group. The bad actors allegedly report to the Reconnaissance General Bureau (RGB), the main intelligence arm of the Democratic People’s Republic of Korea.

However, the third person, Sim Hyun-sob, was targeted by the Treasury Department for working for or on behalf of the Korea Kwangsun Banking Corporation (KKBC). The three people involved are Chinese citizens.

Lazarus engages in cyber espionage, data theft, financial theft, destructive malware operations, and arms trafficking. In March 2022, its agents reportedly stole approximately $620 million in virtual currency. The theft was the largest virtual money theft to date.

Since 2017, the DPRK has committed virtual currency theft to fund its illegal missile and weapons programmes. In 2022, DPRK internet actors stole an estimated $1.7 billion in virtual currency. The Democratic People’s Republic of Korea uses a network of OTC traders to launder stolen virtual currency into fiat and avoid detection.

Actors in the Democratic People’s Republic of Korea often use networks of OTC traders to conduct transactions on their behalf. The country previously used China-based traders to evade detection by financial institutions.

The Lazarus Group first came to public attention in 2009. It carried out “Operation Trojan” from 2009 to 2012. Hackers targeted the South Korean government using distributed denial-of-service (DDoS) attacks.

The group has since expanded its activities. Enabling the North Korean regime to access billions of funds illegally.

North Korea now Fourth most punished countryBehind Russia, Iran and Syria.

Disclaimer

Adhering to the Trust Project’s guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently check the facts and consult with a professional before making any decisions based on this content.

Leave a Reply

Your email address will not be published. Required fields are marked *