Crypto Heist Crew Exposed: US Sanctions North Korea’s Shadow Coders
2025-07-09 17:38:46
Main Idea
The US Treasury announced sanctions targeting North Korea-backed IT individuals and entities involved in crypto theft and fake identity schemes, highlighting the growing threat of North Korea's cybercriminal activities in the crypto space.
Key Points
1. The US Treasury sanctioned North Korea-backed IT individuals and entities, including Song Kum Hyok and Gayk Asatryan, for their roles in cybercrimes and fake identity schemes.
2. North Korea's IT workforce, largely based in China and Russia, has been involved in stealing crypto through long-term deceptive employment strategies.
3. TRM Labs reported that North Korea-linked actors were responsible for $1.6 billion of the $2.1 billion stolen in crypto hacks in the first half of 2025.
4. The sanctions aim to cut off these entities from the US financial system to prevent further illicit activities.
Description
US Treasury officials announced sanctions this week aimed at shutting down a North Korea‑backed IT worker network that targeted crypto firms and other tech companies. Two individuals and four entities are now cut off from the US financial system. According to Treasury Deputy Secretary Michael Faulkender, these steps are meant to stop the misuse of stolen identities and crypto theft that funds North Korea’s missile programs. It’s a sharp pivot from giant hacks to undercover operations. Stealth Op...
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