US Treasury Sanctions 11 Over North Korean IT Worker Crypto Laundering Scheme
The US Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned 11 individuals and entities tied to a North Korean IT worker scheme that moved millions of dollars in crypto, according to Decrypt.
OFAC’s listing names two Russian nationals accused of converting more than Two Russian nationals converted more than $5 million in crypto for North Korean networks, according to OFAC, which listed their wallets.
in crypto on behalf of North Korean networks, Decrypt reported. The new Specially Designated Nationals (SDN) entries identify eight distinct addresses on Ethereum and Tron, including one wallet listed under both of the sanctioned Russian intermediaries, according to The Defiant.
CoinDesk reported that the sanctions target Russian nationals accused of laundering crypto earned by North Korean IT workers who had infiltrated companies under false identities, funneling the proceeds back to North Korea.
The action adds to a series of US measures against North Korea’s use of overseas IT labor and crypto laundering networks to generate revenue for the state. By publishing wallet addresses on Ethereum and Tron, OFAC aims to cut off the on-chain infrastructure used to move funds through sanctioned intermediaries, according to the reports.
Sources: The Defiant, Decrypt, CoinDesk
This article is for information only and is not financial advice.
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