Three North Koreans Sanctioned for Involvement in Crypto-Linked Hacking Group – Here's What Happened
The US Department of Foreign Asset Control (OFAC) has sanctioned three individuals that allegedly supported North Korea through illicit financing and malicious cyber activity.
In a Monday press release, the US Treasury claimed that the three individuals provided material support to the Lazarus Group, a North Korean hacking team known for crypto thefts, to convert stolen cryptocurrency to fiat currency.
Mainland China-based virtual currency trader Wu Huihui and Hong Kong-based currency trader Cheng Hung Man were over-the-counter (OTC) traders who facilitated crypto transactions for Lazarus, per the agency.
A third person, Sim Hyon Sop, was identified as a North Korean banker that provided other financial support.
"Today’s indictments reveal North Korea’s continued use of various means to circumvent U.S. sanctions," U.S. Attorney for the District of Columbia Matthew Graves said in a statement.
"We can and will ‘follow the money,’ be it through cryptocurrency or the traditional banking system, to bring appropriate charges against those who would help to fund this corrupt regime."
The announcement said that the North Korean government uses the crypto assets obtained by the Lazarus Group to fund its illegal nuclear program. The regime has repeatedly threatened Japan and other neighbors with nuclear weapons.
North Korea has raked in billions of dollars through cryptocurrency thefts and other schemes since at least 2017.
Earlier this year, the White House said that North Korean hackers had stolen more than $1 billion worth of crypto in the past two years, adding that Pyongyang has used the funds to support its missile program.
The US government has also claimed that the North Korean hacking group Lazarus was responsible for the hack
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