The Treasury Department targets eight individuals and two entities accused of moving millions in stolen crypto to fund Kim Jong-un’s nuclear weapons program.
The U.S. Department of the Treasury announced new sanctions against a group of North Korean bankers and financial entities accused of laundering stolen cryptocurrency to support Kim Jong-un’s nuclear and missile programs.
The measure affects eight individuals and two companies, including Jang Kuk Chol and Ho Jong Son, both identified as financial operatives linked to First Credit Bank, an institution already under previous U.S. sanctions. Investigators say the bankers managed over $5 million in crypto assets tied to illicit transactions across Asia and Eastern Europe.
According to Treasury findings, North Korean state-backed hackers stole more than $3 billion in digital assets over the last three years through sophisticated cyberattacks. The stolen funds were funneled through a complex international network of front companies and shell institutions in China, Russia, and North Korea, enabling Pyongyang to disguise the origin of the assets.
Since 2022, the Treasury has repeatedly warned about North Korean tech specialists using false identities to secure remote work in global technology firms, infiltrating corporate networks and redirecting earnings toward regime-controlled accounts. Officials say these operations have become a key financial pillar for North Korea’s weapons development.
Deputy Treasury Secretary for Terrorism and Financial Intelligence John K. Hurley stated that the United States remains committed to “disrupting the DPRK’s ability to generate and move illicit revenue that fuels its unlawful nuclear ambitions.”
Washington also plans to propose additional UN sanctions against seven ships accused of violating international trade embargoes through illegal coal and iron ore exports to China. The new measures aim to cut off North Korea’s revenue streams and restrict its access to global financial systems.
