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 is sanctioning a North Korean criminal organization for allegedly stealing hundreds of millions of dollars from businesses in data extortion schemes.

The Treasury Department’s Office of Foreign Assets Control (OFAC) says it’s sanctioning six individuals and two firms for aiding North Korea (DPRK) defraud businesses out of $800,000,000 in 2024 to fund the nation’s weapons of mass destruction program.

Authorities say that North Korean-affiliated individuals would infiltrate US and allied nations’ businesses with fraudulent documents and fabricated personas, working for them in IT departments and earning income while the North Korean government reaped the funds.

Furthermore, it was found that some individuals would inject malware into company networks to steal private and proprietary information.

The two sanctioned firms are Amnokgang Technology Development Company, a North Korean IT company that managed overseas IT Workers, and Quangvietdnbg International Services Company Limited, a Vietnam-based firm that converted illegal funds into crypto assets for the North Korean government.

As stated by Secretary of the Treasury, Scott Bessent,

“The North Korean regime targets American companies through deceptive schemes carried out by its overseas IT operatives, who weaponize sensitive data and extort businesses for substantial payments.

Under President Trump’s leadership, Treasury will continue to follow the money in order to protect U.S. businesses from these malicious activities and ensure those responsible are held accountable.”

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