Did you hear? The U.S. government just sanctioned some North Korean bankers and tech workers for online crime and job scams. Today, this story has hackers, fake jobs, and stolen crypto — it's like a spy movie.
Among the individuals sanctioned are Jang Kuk Chol and Ho Jong Son for managing over $5 million of cryptocurrency on behalf of North Korean bank.
The other company named in the sanctions is the Korea Mangyongdae Computer Technology Company (KMCTC), along with their manager U Yong Su, for running a fake IT worker program in other countries.
• Stealing and hiding the proceeds of cyberaattacks, ransomware, and crypto theft
• Claiming to be remote IT workers with false names and identities who would send their earnings back to North Korea
• Using false companies to hide the source of money in countries like China and Russia.
If you are a business owner or hire a tech worker remotely, you should verify who you are actually hiring, ask the right questions, and confirm that they are real and not just a scam.
For anyone involved with Crypto or Tech
If you work with crypto, blockchain, or payments, be more aware of who you are working with. Some hackers may act as if they have a normal IT freelancer but use your system as a conduit to commit their own fraud or steal money.
For everybody on the internet
Cybercrime nowadays isn’t just some guy in a hoodie – it’s organized, intelligent, and global. That is kind of terrifying, right?
If you work online or hire remotely, be aware of the red flags – weird payment methods, fake profiles, suspicious behavior.
What's Going On
The U.S. Treasury Department sanctioned eight individuals and two businesses for facilitating North Korean revenues from online crime.Among the individuals sanctioned are Jang Kuk Chol and Ho Jong Son for managing over $5 million of cryptocurrency on behalf of North Korean bank.
The other company named in the sanctions is the Korea Mangyongdae Computer Technology Company (KMCTC), along with their manager U Yong Su, for running a fake IT worker program in other countries.
What Were They Doing
Here is a breakdown of what individuals and organizations were doing:• Stealing and hiding the proceeds of cyberaattacks, ransomware, and crypto theft
• Claiming to be remote IT workers with false names and identities who would send their earnings back to North Korea
• Using false companies to hide the source of money in countries like China and Russia.
Why It Matters
- Experts believe North Korean hackers have successfully stolen more than $3 billion in cryptocurrency over the last few years.
- That money is used to purchase missiles and weapons and is not merely used for personal profits.
- It also serves as a reminder that hiring a remote worker is risky when you don’t necessarily know who you are hiring online.
Why Should Care
For companies working with remote workersIf you are a business owner or hire a tech worker remotely, you should verify who you are actually hiring, ask the right questions, and confirm that they are real and not just a scam.
For anyone involved with Crypto or Tech
If you work with crypto, blockchain, or payments, be more aware of who you are working with. Some hackers may act as if they have a normal IT freelancer but use your system as a conduit to commit their own fraud or steal money.
For everybody on the internet
Cybercrime nowadays isn’t just some guy in a hoodie – it’s organized, intelligent, and global. That is kind of terrifying, right?
My Thoughts
Honestly, this doesn’t shock me, but it is surprising that it has become so pervasive. North Korea has figured out how to turn remote work and crypto into cash cows.If you work online or hire remotely, be aware of the red flags – weird payment methods, fake profiles, suspicious behavior.