The US Department of the Treasury has imposed sanctions on six individuals and two entities for their alleged involvement in a North Korean IT worker fraud scheme that has targeted multiple industries, including the crypto sector.
In a statement Thursday, the Office of Foreign Assets Control said the network operated across several countries, including North Korea, Vietnam, Laos and Spain. Authorities said the scheme generated revenue that was ultimately used to support North Korea’s weapons program.
Sanctions target alleged facilitators
Among those sanctioned is Amnokgang Technology Development Company, a firm accused of managing overseas IT workers connected to the network.
The Treasury Department also sanctioned Nguyen Quang Viet, the CEO of Quangvietdnbg International Services Company Limited, who authorities say helped launder about $2.5 million through cryptocurrency for the operation.
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Other individuals sanctioned include Do Phi Khanh, Hoang Van Nguyen, Yun Song Guk, Hoang Minh Quang and York Louis Celestino Herrera for their alleged roles in supporting the network.
Under US sanctions rules, any assets connected to the designated individuals or entities within US jurisdiction are frozen, and US persons are prohibited from conducting transactions with them.
Multi-chain crypto activity identified
The sanctions also listed 21 cryptocurrency addresses across the Ethereum and Tron networks.
Blockchain analytics firm Chainalysis said the use of addresses across multiple networks reflects North Korea’s growing multi-chain strategy for moving funds.
The firm added that North Korean IT worker schemes have become a significant and expanding threat, often involving stolen identities and fabricated personas used to obtain remote employment with legitimate companies.
