USA Freeze North Korea’s Cryptocurrency Network
The U.S. froze crypto wallets tied to North Korea after a scheme using fake IT workers generated about $800 million.
Yesterday, March 12, U.S. authorities blocked 21 cryptocurrency wallets connected to North Korea’s financial network. According to the U.S. Department of the Treasury, the funds gathered through these operations were used to support the country’s nuclear weapons and ballistic missile programs.
Investigators found that North Korea had been running a sophisticated fraud scheme for years, centered around the global IT job market. Individuals linked to the regime used stolen identities, fake documents, and fabricated online profiles to secure remote jobs at companies worldwide, including in the United States. The salaries they earned were then funneled back to authorities in Pyongyang and used to finance military development.
According to the Office of Foreign Assets Control (OFAC), sanctions were imposed on six individuals and two organizations connected to the scheme. In 2024 alone, the network reportedly generated nearly $800 million through these activities.
Cryptocurrencies played a key role in moving the money. One of the sanctioned individuals is Nguyen Quang Viet, the head of Quangvietdnbg International Services Company Limited in Vietnam. Between mid-2023 and mid-2025, he allegedly converted around $2.5 million into cryptocurrencies on behalf of the North Korean regime.
Another entity linked to the operation is Amnokgang Technology Development Company, which has been operating since 1982 and manages overseas teams of North Korean software developers. In its case, seven cryptocurrency addresses on the Ethereum and Tron networks were frozen.
Sanctions were also imposed on Yun Song Guk, who has reportedly been leading a group of IT workers operating from Laos since at least 2023. Two Ethereum addresses connected to his activities were blocked. Additionally, one Bitcoin address belonging to Hoang Minh Quang—who handled transactions related to the scheme—was also frozen.
The scale of the problem appears to be much broader. According to a report presented during a United Nations meeting, more than 40 countries have fallen victim to cryptocurrency theft or fraud involving fake IT workers. The total value of stolen digital assets exceeded $2 billion last year alone.
