US sanctions ring enabling North Korea IT worker fraud

The US Treasury’s Office of Foreign Assets Control (OFAC) sanctioned six people and two entities for alleged roles in an IT worker fraud scheme tied to North Korea. The networks, operating in North Korea, Vietnam, Laos and Spain, target a range of industries including blockchain companies and generate revenue to fund North Korea’s weapons program.

OFAC named Amnokgang Technology Development Company and Nguyen Quang Viet, CEO of Quangvietdnbg International Services Company Limited, which is accused of laundering $2.5 million through cryptocurrency for the network. Do Phi Khanh, Hoang Van Nguyen, Yun Song Guk, Hoang Minh Quang and York Louis Celestino Herrera were also sanctioned.

The measures freeze any US-linked assets and bar financial transactions with the US, under threat of civil and criminal penalties. The designation included 21 cryptocurrency addresses across Ethereum and Tron.

North Korea

ofac, us treasury, north korea, it fraud, money laundering, cryptocurrency, ethereum, tron, amnokgang, quangvietdnbg