The US sanctioned two people in a new bid to constrict the Lazarus Group hacking collective, with recent data suggesting the North Korea-linked cryptocurrency thieves are more active than ever.
(Bloomberg) — The US sanctioned two people in a new bid to constrict the Lazarus Group hacking collective, with recent data suggesting the North Korea-linked cryptocurrency thieves are more active than ever.
The Treasury Department sanctioned a China-based virtual-currency trader, Wu Huihui, for allegedly helping North Koreans working with Lazarus to convert their digital currency into cash. Another Hong Kong-based currency trader, Cheng Hung Man, was sanctioned for allegedly helping Wu.
North Korea “continues to exploit virtual currency and extensive illicit facilitation networks to access the international financial system and generate revenue for the regime,” Treasury Undersecretary Brian Nelson said Monday in a statement.
North Korea and the Lazarus Group have defied repeated efforts by the US and allies around the world to restrict their activity. North Korea-linked hackers, including the Lazarus Group, stole an estimated $1.7 billion in 2022, more than quadruple the 2021 figure, according to blockchain analytics firm Chainalysis Inc.
The US has targeted North Korea as a hotbed of malicious cyber activity, accusing the country of maintaining a network of hackers, virtual-currency traders and covert agents who are deployed to generate revenue for the government, which it uses to fund its weapons of mass destruction and ballistic missile programs.
Treasury also sanctioned Sim Hyon Sop, a China-based financier accused of helping North Korea gain access to the global financial system through the use of shell companies, money laundering schemes and fraudulent bank accounts.
–With assistance from Allyson Versprille.
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