Summary of Article
- The U.S. Treasury Department has imposed sanctions on three North Koreans allegedly involved in supporting the Lazarus Group, known for its high-profile cyberattacks and cryptocurrency-related thefts.
- The targeted individuals are accused of facilitating the conversion of stolen virtual currency and bypassing countering illicit finance requirements at financial institutions.
- The Lazarus Group has been involved in multiple cyberattacks targeting crypto space recently.
U.S. Treasury Targets Trio Of North Koreans Linked To Lazarus Group Crypto Attacks
The U.S. Treasury Department is ramping up its efforts to combat cybercrime, specifically targeting three North Koreans allegedly involved in supporting the notorious Lazarus Group, known for its high-profile cyberattacks and cryptocurrency-related thefts. On Monday, the U.S. Treasury’s Office of Foreign Assets Control announced sanctions against three individuals allegedly linked to North Korea’s infamous Lazarus Group.
The Treasury’s Targeted Sanctions
The U.S. Treasury’s Office of Foreign Assets Control revealed on Monday that it has imposed sanctions on three individuals believed to have connections with North Korea’s notorious Lazarus Group.
Wu Huihui, who resides in China, is accused of “facilitating the conversion of virtual currency stolen by [Democratic People’s Republic of Korea] actors working with the Lazarus Group to fiat currency.“ Cheng Hung Man, based in Hong Kong, is suspected of collaborating with Wu to use “front companies to enable DPRK actors to bypass countering illicit finance requirements at financial institutions and access the U.S. financial system.“ Sim Hyon Sop, located in Dandong, China, is employed by Korea Kwangson Banking Corp (KKBC), which was sanctioned in 2009 for its connections to North Korea; Sim “coordinated millions of dollars in financial transfers for the DPRK.“ Brian Nelson, Undersecretary for Terrorism and Financial Intelligence at the Department said: „The DPRK continues to exploit virtual currency and extensive illicit facilitation networks to access the international financial system and generate revenue for the regime.“
Lazarus Group’s Connection With Crypto
The Lazarus Group, suspected to be backed by the North Korean government, has been involved in numerous cyberattacks over years; recently targeting crypto space as well . OFAC has previously sanctioned two Chinese nationals—Tian Yinyin and Li Jiadong—for their alleged involvement in laundering crypto connected to a 2018 cryptocurrency exchange hack.
This article highlights how USTreasury department is taking stringent measures against those aiding illegal activities related with Cryptocurrencies like theft etc., It also speaks about how they are aiming specifically towards those belonging or associated withNorth Koreas‘ nefariousLazarusGroupwhichhasbeeninvolved invariouscyber attacksrecently targetting cryptospace too .