US Treasury Department Sanctions Three North Koreans for Supporting Lazarus Group

According to reports, the sanctions regulatory agency of the US Treasury Department has banned three North Koreans who support Lazarus Group, a North Korean hacker team known for stealing cryptocurrency. The Ministry of Finance stated that two of the sanctioned individuals, Cheng Hung Man and Wu Huihui, were over-the-counter traders providing cryptocurrency trading facilities for Lazarus, while a third party, Sim Hyon Sop, provided other financial support.

The US Treasury sanctioned three North Koreans who provided support for the North Korean hacker team Lazarus Group

The US Treasury Department’s sanctions regulatory agency has recently taken action to ban three North Koreans for supporting Lazarus Group, a notorious North Korean hacker team. The Ministry of Finance stated that two of the sanctioned individuals, Cheng Hung Man and Wu Huihui, were involved in providing cryptocurrency trading facilities for Lazarus, while a third party, Sim Hyon Sop, provided other financial support. This move by the US government may be a warning to international cryptocurrency exchanges and other financial institutions that they could face sanctions if they allow North Koreans to access their services.

Who are Lazarus Group?

Lazarus Group is a well-known hacking group allegedly based in North Korea that has been accused of carrying out cyber-attacks on various entities around the world. The group is believed to have been behind several high-profile attacks, including the 2014 Sony Pictures hack, the 2016 Bangladesh Bank heist, and the 2017 WannaCry ransomware attack. These attacks have reportedly cost companies and organizations an estimated hundreds of millions of dollars.

The Cryptocurrency Connection

In recent years, Lazarus Group has turned its attention to cryptocurrencies as a means of generating revenue. The group has been accused of stealing millions of dollars’ worth of cryptocurrency from exchanges and wallets. North Korea is believed to be seeking to utilize cryptocurrency to evade international sanctions.

The US Treasury Department’s Sanctions

The Ministry of Finance cited Cheng Hung Man and Wu Huihui as major players in providing cryptocurrency trading facilities for Lazarus Group. The US Treasury Department’s sanctions prohibit any US citizens or entities from dealing with the individuals, and freezes any assets that they might possess in the US. Meanwhile, Sim Hyon Sop, who allegedly provided financial support to Lazarus Group, has also been hit with sanctions.

The Implications of the Sanctions

The US Treasury Department’s move to sanction individuals allegedly connected to Lazarus Group could be a message to international cryptocurrency exchanges and financial institutions. It is a warning for these entities to be vigilant in their dealings with North Koreans, as they could face similar sanctions if they are found to be facilitating North Korean access to their services. The US government has been ramping up its efforts to prevent North Korea from utilizing cryptocurrencies to evade sanctions, with the Department of Justice recently indicting members of Lazarus Group for their alleged involvement in cryptocurrency-related crimes.

Conclusion

The US Treasury Department’s sanctions against the three North Koreans allegedly connected to Lazarus Group’s cryptocurrency activities show that the US government is committed to disrupting North Korea’s use of cryptocurrencies to evade sanctions. This warning to international cryptocurrency exchanges and financial institutions to be vigilant in dealing with North Koreans is a proactive measure, aimed at preventing North Korea from accessing these services and using them to generate illicit funds.

FAQs

1. What is Lazarus Group?
Lazarus Group is a well-known North Korean hacking group responsible for several high-profile cyber-attacks.
2. What is the connection between Lazarus Group and cryptocurrencies?
Lazarus Group is believed to have turned its attention to cryptocurrencies as a means of generating revenue.
3. What are the US Treasury Department’s sanctions?
The US Treasury Department’s sanctions prohibit any US citizens or entities from dealing with the individuals and freezes any assets that they might possess in the US.