The United States has tightened the financial noose around North Korea’s clandestine cyber operations, sanctioning a network of bankers, front companies, and IT professionals accused of laundering billions of dollars in stolen cryptocurrency to fund the regime’s weapons programs. The US Treasury Department announced on November 4 that it had blacklisted eight individuals and two entities allegedly linked to Pyongyang’s sophisticated cyber theft and money-laundering ecosystem, which Washington estimates has generated more than $3 billion in illicit crypto assets over the past three years.

The sanctions target key figures and entities believed to serve as financial enablers of North Korea’s military ambitions. Among those named are Jang Kuk Chol and Ho Jong Son, two bankers affiliated with First Credit Bank, a North Korean financial institution previously sanctioned for its role in illicit financial activities. The pair allegedly facilitated transactions totaling $5.3 million in cryptocurrency. Other designations include the Korea Mangyongdae Computer Technology Company and its president, U Yong Su, as well as Ryujong Credit Bank and five other North Korean banking representatives operating out of China and Russia, regions where North Korean financial operatives have long sought refuge to circumvent international restrictions.

According to Treasury’s statement, the sanctioned individuals and entities used a mix of front companies, fake IT contracts, and layered crypto transactions to obscure the origins of stolen funds and funnel them back to the regime in Pyongyang. The sanctions also update the Specially Designated Nationals (SDN) list entry for First Credit Bank, now including several cryptocurrency........

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