US Treasury Targets North Korean IT Worker Fraud Networks

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The US Treasury has sanctioned six individuals and two entities linked to an IT worker fraud scheme orchestrated by North Korea, which frequently targets the crypto industry. The Office of Foreign Assets Control (OFAC) named Amnokgang Technology Development Company, a DPRK firm managing overseas IT workers, and Nguyen Quang Viet, CEO of a Vietnam-based company accused of laundering $2.5 million in cryptocurrency.

Other sanctioned individuals include Do Phi Khanh, Hoang Van Nguyen, Yun Song Guk, Hoang Minh Quang, and York Louis Celestino Herrera. All US assets connected to the named parties are now frozen, and they are barred from conducting financial transactions or engaging in business with the US under civil and criminal penalties.

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sanctioning individuals and entities makes sense targets both the operational side and the laundering networks. freezing US assets is the obvious first step