U.S. Sanctions North Korean IT Workers Over 'Cyber Espionage,' Crypto Thefts

Key Points

1. The U.S. Treasury Department added North Korean national Song Kum Hyok to its blacklist for his role in facilitating IT workers' jobs abroad, part of a North Korean hacking group.

2. North Korea generates significant revenue by deploying IT workers in the technology and virtual currency sectors, often involving cyber thefts.

3. Recent hacks attributed to North Korean IT workers include the $625 million theft from Axie Infinity and a $1.5 billion hack of Bybit.

4. Ari Redbord of TRM Labs noted that embedded IT workers serve as 'on-ramps' for illicit revenue, showing a 'growing alignment' between North Korea and certain countries like China and Russia.

5. The Treasury Department has taken multiple steps to target North Korea’s use of IT workers for cyber thefts, focusing on facilitators like Song.