US Treasury Sanctions North Korea IT Worker Crypto Fraud Ring

The US Treasury sanctions two people and four entities linked to a North Korea-run IT worker ring targeting crypto companies. This includes Song Kum Hyok and Russian national Gayk Asatryan, who hired North Korean IT workers to infiltrate US businesses. North Korea aims to fund missile programs through these operations.

Fraudulent North Korean tech workers have expanded their operations globally, with Google reporting a widespread infrastructure for their schemes. The Treasury Department is committed to disrupting North Korea’s efforts to bypass sanctions through digital asset theft and cyber-attacks. The workforce mainly targets wealthier countries to fund missile programs.

North Korea is shifting tactics away from high-profile hacks like the Lazarus Group’s, focusing more on deception-based revenue generation. TRM Labs estimates that North Korea-aligned bad actors are responsible for $1.6 billion of the $2.1 billion stolen in crypto hacks and exploits in the first half of 2025. US authorities are cracking down on these schemes.

The US has been cracking down on fraudulent North Korean IT worker schemes, with recent charges of wire fraud and money laundering against four North Korean nationals. The Department of Justice is seeking to seize $7.74 million in frozen crypto allegedly earned by North Korean IT workers using fake identities. North Korea’s cyber operations continue to evolve.

Read more at Cointelegraph: US Sanctions North Korea IT Worker Crypto Fraud Ring