Categories: CyberCrimeSecurity

US Sanctions Two For Aiding North Korean Crypto Thieves

US authorities have sanctioned two Chinese nationals in an effort to hinder the North Korean hacking operation Lazarus Group, which has been implicated in crimes including spiralling cryptocurrency theft.

The US Treasury Department sanctioned mainland China-based virtual currency trader Wu Huihui for allegedly helping North Koreans who worked with Lazarus to lander its stolen digital currency.

Authorities sanctioned another Hong Kong-based currency trader, Cheng Hung Man, for allegedly helping Wu.

The two men allegedly made use of the international financial system, including the US banking sector, to render the funds usable by the North Korean government.

Image credit: Sora Shimazaki/Pexels

Virtual currency theft

Treasury undersecretary Brian Nelson said in a statement late on Monday that North Korea “continues to exploit virtual currency and extensive illicit facilitation networks to access the international financial system and generate revenue for the regime”.

Lazarus Group is considered an important source of revenues for the North Korean government.

It stole an estimated $1.7 billion (£1.4bn) in 2022, more than quadruple the figure from the previous year, according to blockchain analytics firm Chainalysis.

One of its targets was the gaming-focused blockchain Axie Infinity, from which the group stole $625m – believed to be the largest-ever cryptocurrency heist.


The US Treasury said Lazarus Group is controlled by North Korea’s primary intelligence agency, the Reconnaissance General Bureau.

It allegedly carries out hacks against a wide range of government and private bodies for espionage and data theft as well as committing monetary crimes.

The Treasury also sanctioned Sim Hyon Sop, a mainland China-based financier accused of helping North Korea gain access to the global financial system through the use of shell companies, money laundering schemes and fraudulent bank accounts.

Matthew Broersma

Matt Broersma is a long standing tech freelance, who has worked for Ziff-Davis, ZDnet and other leading publications

Recent Posts

Google Must Face Trial In Ad Tech Monopoly Case

Google loses bid for summary judgement as judge says 'too many facts in dispute' as…

8 hours ago

Silicon In Focus Podcast: Feeding the Machine

Learn how your business can meet the challenges associated with managing data across multiple platforms…

8 hours ago

Apple, Meta Likely To Face EU Antitrust Charges

Apple, Facebook parent Meta reportedly likely to face EU antitrust charges before August under new…

8 hours ago

Adobe Shares Jump On AI Success

Adobe shares post biggest gains in more than four years after it reports user take-up…

9 hours ago

Winklevoss’ Gemini To Pay $50m In Crypto Fraud Settlement

Winklevoss twins' Gemini Trust to pay $50m to settle cypto fraud claims over failed Gemini…

9 hours ago

Meta Delays EU AI Launch After Privacy Complaints

Meta delays Europe launch of AI in Europe after user, privacy group complaints over plans…

10 hours ago