US Treasury sanctions network linked to North Korea for cryptocurrency money laundering.

• OFAC sanctions network linked to North Korea and cryptocurrencies.
• Ethereum, TRON, and Bitcoin addresses added to sanctions list.
• The scheme generated $800 million for military programs.

The Office of Foreign Assets Control (OFAC), an agency linked to the U.S. Department of the Treasury, announced new sanctions against individuals and companies involved in clandestine operations associated with the North Korean regime. The measure targets six individuals and two entities accused of participating in a scheme that used information technology workers to generate revenue and move funds through cryptocurrencies.

According to the official statement disclosed On Thursday, those involved allegedly helped create a network of fraudulent remote jobs at American companies. The scheme reportedly allowed workers linked to the North Korean government to receive salaries in foreign currency, which were later converted and transferred using cryptocurrencies.

Investigations indicate that the scheme generated approximately US$800 million in 2024 alone, funds that, according to the US Treasury, were channeled into the regime's weapons of mass destruction programs. The operation involved intermediaries located in countries such as Vietnam, Laos, and Spain.

Among the names included on the list is Nguyen Quang Viet, director of the Vietnamese company Quangvietdnbg International Services. According to authorities, he converted approximately US$2,5 million into cryptocurrencies between 2023 and 2025 for IT workers associated with Amnokgang Technology Development Company, an entity already sanctioned by the United States.

Another individual mentioned is Hoang Van Nguyen, a Vietnamese citizen accused of collaborating with Kim Se Un, a facilitator linked to North Korea's nuclear acquisitions. According to OFAC, he allegedly assisted in opening bank accounts and conducting cryptocurrency transactions, as well as participating in a deal involving counterfeit cigarettes worth over US$200 in 2022.

The action also included adding new cryptocurrency addresses to the U.S. government's list of specially designated nationals. Amnokgang Technology Development Company had three Ethereum addresses and four addresses on the TRON network added to the sanctions registry.

Furthermore, Yun Song Guk, a North Korean citizen responsible for coordinating a group of IT workers operating in Boten, Laos, was designated along with two Ethereum addresses. Hoang Minh Quang was sanctioned with a Bitcoin address after coordinating over US$70 in financial transactions related to the group.

With the sanctions, all assets and interests of these individuals or entities that are under the jurisdiction of the United States will be frozen. American financial institutions and companies will also be required to report any assets associated with the listed individuals.

The offensive comes amid a rise in cyber activity attributed to North Korea. Data from blockchain analytics firm Chainalysis indicates that hackers linked to the country stole more than $2,17 billion in cryptocurrency in the first half of 2025 alone, surpassing the total volume recorded in the previous year.

The most significant incident occurred on February 21, when an attack on the Bybit platform resulted in the diversion of nearly US$1,5 billion in Ethereum. US authorities believe similar structures may continue to be used to move illicit funds within the cryptocurrency ecosystem.