The U.S. Department of the Treasury has sanctioned six individuals and two entities for facilitating North Korean IT worker schemes that generated nearly $800 million in 2024 to fund the regime’s weapons programs. The sanctions target operatives in North Korea, Vietnam, Laos, and Spain who enabled fraudulent remote employment at U.S. companies and laundered funds through cryptocurrency.
Among those designated, Nguyen Quang Viet, CEO of Quangvietdnbg International Services Company in Vietnam, converted roughly $2.5 million into crypto for North Koreans from mid-2023 to mid-2025, including earnings linked to the sanctioned Amnokgang Technology Development Company. Another facilitator, Hoang Van Nguyen, assisted a previously sanctioned DPRK nuclear procurement operative in opening bank accounts and enabling crypto transactions, including a $200,000 counterfeit cigarette deal in 2022.
Crypto Addresses Added to OFAC List
Amnokgang Technology Development Company was designated with three Ethereum and four TRON addresses. DPRK national Yun Song Guk and his associates operating from Boten, Laos, were also sanctioned along with multiple Ethereum and Bitcoin addresses.
All U.S. property and interests belonging to the designated individuals are blocked, with violations subject to civil or criminal penalties.
North Korea’s Escalating Crypto Theft
The sanctions follow record DPRK-linked cyber activity. Chainalysis reported that North Korean hackers stole over $2.17 billion in cryptocurrency during the first half of 2025, surpassing total thefts in all of 2024. The largest single breach involved nearly $1.5 billion in Ethereum taken from Bybit on February 21, 2025.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.