US Sanctions North Korean Network Over $800M Data Extortion Scheme

The U.S. Department of the Treasury has imposed sanctions on a North Korean criminal network accused of stealing $800 million from businesses in 2024 through data extortion schemes.

The Office of Foreign Assets Control (OFAC) targeted six individuals and two companies that facilitated the theft, which funded North Korea’s weapons of mass destruction program.

North Korean operatives infiltrated IT departments of U.S. and allied firms using fake identities and fraudulent documents, siphoning income to Pyongyang while embedding malware to steal sensitive data.

Sanctioned entities include Amnokgang Technology Development Company, which managed overseas IT workers for North Korea, and Quangvietdnbg International Services Company Limited, a Vietnam-based firm that converted illicit proceeds into cryptocurrency.

Treasury Secretary Scott Bessent stated the regime weaponized stolen data to extort American companies, vowing accountability under President Trump’s leadership.