The US government has imposed new sanctions on individuals accused of being linked to North Korea's notorious Lazarus Group hacking collective. The US Treasury Department has targeted two people, Wu Huihui and Cheng Hung Man, for allegedly helping North Koreans convert their cryptocurrency into cash. The Lazarus Group, which is believed to be linked to North Korea, has been responsible for stealing an estimated $1.7 billion in 2022, according to blockchain analytics firm Chainalysis Inc. This is more than four times the amount stolen in 2021.
The US and its allies have been trying to restrict the activities of North Korea and the Lazarus Group for years. The US government has accused North Korea of maintaining a network of hackers, virtual currency traders, and covert agents, all of whom are deployed to generate revenue for the government. The government then uses this revenue to fund its weapons of mass destruction and ballistic missile programs.
The Treasury Department has also sanctioned Sim Hyon Sop, a 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.
The latest sanctions are part of the US government's ongoing efforts to prevent North Korea from using illicit means to generate revenue for its weapons programs. The US government is determined to crack down on the Lazarus Group and any individuals or entities that are believed to be supporting their activities. The sanctions are expected to have a significant impact on the Lazarus Group's operations and their ability to convert their cryptocurrency into cash.