The Treasury’s Office of Foreign Assets Control (OFAC) has imposed new sanctions on individuals and firms accused of helping North Korea place its IT workers in crypto companies.
OFAC stated on July 8 that the scheme was designed to generate funds for North Korea’s missile development.
One of those sanctioned is Song Kum Hyok, accused of collecting personal information from Americans and passing it to North Korean workers. Those workers then used the stolen identities to apply for jobs at US companies.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What is Staking Crypto? (Rewards & Risks Explained SIMPLY)
Also named is Russian national Gayk Asatryan, who signed contracts with North Korean trading companies starting in 2024. According to OFAC, dozens of North Korean programmers were hired through his businesses and worked remotely while sending much of their income back home.
OFAC stated that thousands of North Korean IT workers already operate overseas, mainly in China and Russia. They often seek employment with companies in wealthier countries using common job and networking platforms.
The sanctions block all assets in the US linked to the two individuals and four Russian companies also named in the order. Americans are barred from doing business with them and could face legal penalties if they do.
Deputy Treasury Secretary Michael Faulkender said the US would keep taking steps to stop North Korea from using cybercrime, stolen identities, and remote work schemes to avoid sanctions.
Recently, Ukraine froze the assets of 60 companies and 73 people linked to Russian crypto-based war funding. What did President Volodymyr Zelenskyy say? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
