- OFAC has sanctioned more crypto addresses linked to North Korean hacking activities
- Addresses belonging to four blockchains were added to the banned list, including 17 Bitcoin addresses
- Three individuals who used the addresses to launder money for the hacking group Lazarus were also sanctioned
The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) yesterday announced sanctions against further individuals connected to North Korea’s hacking activities. Two individuals, Wu Huihui and Cheng Hung Man, were sanctioned for their connection to the infamous hacking group Lazarus, while the third, Sim Hyon Sop, was sanctioned for receiving cryptocurrencies from those involved in fraudulent activities. OFAC also sanctioned several cryptocurrency addresses as part of the measures, including those used to transfer bitcoin and ether.
OFAC HAs History of North Korean Sanctions
OFAC’s sanctioning of North Korean crypto hackers dates back to March 2020 when Lazarus members Tian Yinyin and Li Jiadong were indicted after cryptocurrency accounts in their names were used to launder money stolen from unnamed South Korean cryptocurrency exchanges in 2017 and 2018. OFAC famously sanctioned the Tornado Cash mixing service last August for its part in helping North Korean groups launder their ill-gotten gains, and yesterday it added several more.
Trio Laundered Stolen Crypto for State
The reason for these new additions is due to the actions of Huihui, Hung Man, and Hyon Sop, who OFAC says helped the Korean state by converting stolen cryptocurrencies to fiat currency. While the exact amount wasn’t clarified, OFAC stated that the amount was in the millions of dollars.
17 Bitcoin addresses were added to the sanctions list, while sole Ethereum, Arbitrum, and BNB Smart Chain addresses also featured. OFAC alleges the trio were involved in converting stolen cryptocurrencies held by North Korea to fiat currency, which they then transferred through “front companies” before being used to buy goods for the North Korean government.
