The U.S. Treasury Department has sanctioned six individuals and two entities linked to a North Korean scheme that uses fraudulent IT workers to infiltrate American companies. The operation allegedly funneled nearly $800 million in 2024 alone to fund Pyongyang’s weapons programs. Among those sanctioned was a Vietnamese businessman who converted approximately $2.5 million into cryptocurrency for North Korean operatives.
The U.S. Treasury Department sanctioned six individuals and two entities linked to a North Korean government scheme on Thursday. It alleged the scheme used fraudulent IT workers to infiltrate American companies and funnel money to Pyongyang’s weapons programs.
The operation generated nearly $800 million in 2024 alone, according to the Treasury’s Office of Foreign Assets Control. The action is part of a broader crackdown on North Korea’s overseas revenue networks.
Treasury Secretary Scott Bessent stated, “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.” He added that the department would continue to follow the money to protect U.S. businesses.
North Korean IT workers typically use stolen identities and forged documents to secure remote employment. The regime then siphons the majority of their wages to fund its nuclear and ballistic missile programs.
The individuals sanctioned operated across multiple countries, including Vietnam, Laos, and Spain. Among them was a Vietnamese businessman who allegedly converted about $2.5 million into cryptocurrency for North Korean operatives between 2023 and 2025.
Two others were sanctioned for helping a previously designated North Korean nuclear procurement facilitator launder money. A North Korean national was also targeted for leading a group of IT workers operating out of Boten, Laos.
All U.S. assets of the designated individuals and entities are now frozen. American persons are prohibited from conducting business with them.
North Korean state-sponsored hackers have been significant antagonists in the crypto space. Data shows they stole more than $2 billion worth of crypto in various attacks in 2025.
This included a record haul of nearly $1.5 billion from crypto exchange Bybit. The Treasury noted that foreign financial institutions risk secondary sanctions for knowingly facilitating transactions for the designated parties.
