U.S. Sanctions 10 North Korean Entities for Laundering $12.7M in Crypto and IT Fraud

The U.S. Treasury Department on 4 November 2025 sanctioned eight individuals and two North Korean entities for laundering money linked to cybercrime and IT worker fraud, among other illicit schemes. The sanctions target Jang Kuk Chol (Jang) and Ho Jong Son, who allegedly helped manage about $5.3 million in cryptocurrency for First Credit Bank, and KMCTC, an IT company tied to North Korea’s IT worker operations, with KMCTC’s president U Yong Su also listed.

Ryujong Credit Bank was named for providing financial support in sanctions avoidance, while Ho Yong Chol, Han Hong Gil, Jong Sung Hyok, Choe Chun Pom, and Ri Jin Hyok were identified as representatives of North Korean financial institutions facilitating transactions worth millions in Russia and China.

A portion of the $5.3 million is linked to a North Korean ransomware actor previously known to have targeted U.S. victims, with wallets controlled by First Credit Bank receiving more than $12.7 million between June 2023 and May 2025. According to Under Secretary of the Treasury for Terrorism and Financial Intelligence John K. Hurley, North Korean state‑sponsored actors launder funds to fund the regime’s weapons programme, and the Treasury will continue to pursue facilitators behind these schemes.

TRM Labs also contributed findings, noting crypto wallet addresses linked to First Credit Bank show inbound flows consistent with salary payments and income from IT workers abroad.