US Sanctions North Korean Criminal Network for Allegedly Draining $800,000,000 From Businesses in Data Extortion Schemes

The U.S. Department of the Treasury has taken action against a North Korean criminal organization accused of engaging in data extortion schemes that resulted in the theft of hundreds of millions of dollars from businesses. The Treasury Department’s Office of Foreign Assets Control (OFAC) has announced sanctions against six individuals and two companies for their involvement in defrauding businesses out of $800 million in 2024 to support North Korea’s weapons of mass destruction program.

According to authorities, individuals affiliated with North Korea would infiltrate businesses in the U.S. and allied nations using fraudulent documents and fabricated identities. They would work within the companies’ IT departments, earning income while funneling funds back to the North Korean government. Additionally, some of these individuals would implant malware into company networks to steal sensitive information.

The two sanctioned firms are Amnokgang Technology Development Company, a North Korean IT company that employed overseas IT workers, and Quangvietdnbg International Services Company Limited, a Vietnam-based firm that helped convert illicit funds into cryptocurrency for the North Korean government.

In a statement, Secretary of the Treasury Scott Bessent emphasized the deceptive tactics employed by the North Korean regime to target American companies and extort substantial payments through data manipulation. He reaffirmed the Treasury’s commitment to tracking illicit financial activities and holding those responsible accountable.

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Image credits: Midjourney

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