US sanctions North Korean bankers tied to $3bn crypto theft network

Core Points - The US Treasury has sanctioned eight North Korean nationals and two companies for their involvement in laundering funds from cryptocurrency theft and fraudulent IT work to support North Korea's nuclear weapons program [1][2][5] - North Korean hackers have stolen over $3 billion in cryptocurrency in the past three years, with a significant portion used to fund weapons programs [2][5] - The sanctions target a network that includes state bankers, cybercriminals, and IT workers operating in China, Russia, and North Korea [1][4][6] Group 1: Sanctions and Targets - The sanctioned individuals include Jang Kuk Chol and Ho Jong Son, who managed $5.3 million in cryptocurrency for First Credit Bank [3] - The Korea Mangyongdae Computer Technology Company and its president U Yong Su were sanctioned for operating IT-worker delegations in China [4] - Ryujong Credit Bank and several North Korean representatives in China and Russia were also targeted for facilitating transactions for other sanctioned banks [6] Group 2: Methods and Impact - North Korean hackers utilized advanced malware and social engineering to execute thefts, including a notable $1.5 billion theft from Bybit [2] - IT workers in North Korea collaborated with foreign freelancers to conceal the origins of their earnings [5] - The Treasury emphasized that these activities pose a direct threat to US and global security [5]