Treasury targets North Korean banks and IT fronts in new sanctions

05 November 2025 , 20:10

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Treasury targets North Korean banks and IT fronts in new sanctions

The U.S. Treasury Department on Tuesday sanctioned eight individuals and two entities for laundering funds linked to North Korean cyber thefts and overseas IT operations, as part of a broader effort that Washington claims has stolen more than $3 billion in cryptocurrency over the past three years to fund weapons programs.

Those sanctioned include bankers Jang Kuk Chol and Ho Jong Son, associated with $5.3 million in crypto for First Credit Bank; Korea Mangyongdae Computer Technology Company and its president, U Yong Su; Ryujong Credit Bank; and five North Korean banking representatives operating in China and Russia. The Treasury also updated First Credit Bank’s Specially Designated Nationals entry to include cryptocurrency addresses.

The sanctions freeze any U.S.-linked assets of the listed actors and prohibit U.S. persons from dealing with them. The designations trace millions in illicit flows, including $2.5 million moved by Ho Jong Chol, over $85 million he managed for a North Korea-linked group, $630,000 coordinated by Han, more than $200,000 by Choe, and over $350,000 by Ri. U.S. officials warned that banks and intermediaries engaging with these actors risk secondary sanctions.

Thomas Brown

Head of Investigations