US Treasury Department Sanctions North Koreans Linked to Lazarus Group for Cryptocurrency Theft

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 sanction regulatory agency has banned three North Koreans who supported Lazarus Group, a North Korean hacker group known for stealing cryptocurrencies. Among the sanctioned individuals were Cheng Hung Man and Wu Huihui, who were over-the-counter traders providing cryptocurrency trading facilities for Lazarus, while Sim Hyon Sop provided other financial support.

Introduction

Global attempts to regulate cryptocurrencies have increased in recent times as the popular digital currencies are vulnerable to cyber attacks. Hackers have targeted cryptocurrency exchanges globally, with the Lazarus Group being one of the notorious groups that have targeted these exchanges. This article discusses the recent announcement by the US Treasury Department’s sanction regulatory agency banning three individuals who supported the Lazarus Group for stealing cryptocurrencies.

Who are Lazarus Group and Their Cryptocurrency Theft Activities?

The Lazarus Group is a North Korean government-sponsored hacking group responsible for several global cyber attacks since 2009. The group has been linked to the 2014 Sony Pictures hack, the 2016 Bangladesh Bank theft, and multiple cryptocurrency thefts globally. In 2017, Lazarus Group was reported to be responsible for 60% of all South Korean cryptocurrency exchange hacks, which netted the group more than $570 million.

US Treasury Department Sanctions Three North Koreans Linked to Lazarus Group for Cryptocurrency Theft

In March 2021, the US Treasury Department’s sanction regulatory agency banned three individuals who supported the Lazarus Group. The Ministry of Finance stated that Cheng Hung Man and Wu Huihui were over-the-counter traders who provided cryptocurrency trading facilities for the Lazarus Group. The third individual, Sim Hyon Sop, provided other financial support. The sanctions prevent these individuals from conducting transactions in the US and prohibit US citizens from doing any business with them.

Why Sanctioning North Koreans Linked to Lazarus Group is Significant

The sanctions against the North Koreans linked to the Lazarus Group signify significant progress in national and international efforts to regulate cryptocurrencies and prevent cyber attacks by hacking groups. By drawing a link between cryptocurrency theft and sanctions on individuals who support these activities, sanctions regulators aim to reduce the ability of hacking groups to operate.
This action was taken after the US Department of Justice indicted two Chinese nationals and accused them of laundering more than $100 million worth of cryptocurrency on behalf of the Lazarus Group. The indictments signaled a significant shift in focus toward the criminal aspect of the cryptocurrency industry.

Conclusion

The sanctions being imposed by the US Treasury Department’s sanction regulatory agency are a significant step towards preventing cryptocurrency theft by the Lazarus Group. While it may not stop the group’s activities, it sends a strong message that those who support the group’s activities will be held accountable and face consequences.

FAQs

1. What is the Lazarus Group?
– The Lazarus Group is a hacking group sponsored by the North Korean government responsible for several global cyber attacks since 2009.
2. What is cryptocurrency theft?
– Cryptocurrency theft is a type of cybercrime that targets digital currencies by hacking into cryptocurrency exchanges and stealing money from digital wallets.
3. What are the possible consequences of sanctions against North Koreans linked to the Lazarus Group?
– The sanctions will prevent the individuals from conducting transactions in the US and prohibit US citizens from doing any business with them. These measures reduce the ability of hacking groups to operate and limit their finances.