https://www.koreatimes.co.kr/foreignaffairs/northkorea/20251105/us-sanctions-8-n-korean-individuals-2-entities-over-cybercrime-money-laundering

The United States said Tuesday it has imposed sanctions on eight North Korean individuals and two entities for their involvement in laundering money they stole through illicit cyberactivities.

The Department of the Treasury's Office of Foreign Assets Control (OFAC) made the announcement, the latest in the U.S. imposition of its own sanctions aimed at blocking various cybercrimes used to generate revenue for the North's weapons of mass destruction and ballistic missile programs.

Among the sanctioned individuals are Jang Kuk-chol and Ho Jong-son, two North Korean bankers who have helped manage the illicit funds, including US$5.3 million in cryptocurrency, a portion of which is linked to ransomware that has previously targeted U.S. citizens and handled revenue from North Korean information technology (IT) workers.

Korea Mangyongdae Computer Technology Co. has been added to the sanctions list. The North Korea-based IT company has operated IT workers from at least two cities in China, Shenyang and Dandong.

OFAC has sanctioned Ryujong Credit Bank for its role in helping overseas North Korean workers involved in these activities avoid sanctions, by providing assistance in the remittance of their foreign currency earnings, money laundering and other financial transactions.

Six other individuals have been sanctioned for their involvement in facilitating money transfers.

"By generating revenue for Pyongyang's weapons development, these actors directly threaten U.S. and global security, John Hurley, under secretary of the Treasury for terrorism and financial intelligence, said in a press release.

"Treasury will continue to pursue the facilitators and enablers behind these schemes to cut off the DPRK's illicit revenue streams," he said. DPRK stands for North Korea's official name, the Democratic People's Republic of Korea.

Under the sanctions, all property of the designated individuals that are in the U.S. or in the possession or control of U.S. persons are blocked and must be reported to OFAC. Unless specifically authorized, all transactions by U.S. persons or within the country in connection with the designated individuals and entities are prohibited.

OFAC said that North Korea-affiliated cybercriminals have stolen over $3 billion over the past three years, primarily through cryptothefts using advanced malware and other methods.