The Department of Foreign Asset Control (OFAC) coordinated with South Korea to sanction three individuals that the agency said provided material support to the North Korea-based Lazarus hacking group to convert stolen cryptocurrency to fiat currency.

OFAC said in its report the Lazarus Group is connected to illicit financing and cyber activity supporting the North Korean regime’s development of weapons of mass destruction (WMD) and ballistic missile programs.

Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson said North Korea’s illicit activities to “generate revenue using virtual currency for the regime’s unlawful weapons of mass destruction(WMD) and ballistic missile programs directly threatens international security.”

He also noted that North Korea has launched three intercontinental ballistic missiles already this year.

The stolen cryptocurrencies are converted to fiat through networks of North Korean and Chinese over-the-counter traders (OTC) that North Korea often uses, “to conduct transactions on their behalf to avoid detection by financial institutions or competent authorities,” said OFAC.

Wu Huihui was sanctioned by OFAC in connection with providing material assistance to the Lazarus Group and Cheng Hung Man was also added to the sanctions list for aiding Wu.

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Author: Jeremy Nation

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