US Seizes $7.7 Million in Crypto Tied to North Korean IT Infiltration Scheme

The U.S. Department of Justice has initiated a forfeiture action to seize approximately $7.74 million in cryptocurrency linked to an illicit scheme involving North Korean hackers. This money, reportedly earned through fraudulent employment and money laundering activities, was funneled back to the North Korean regime after being seized in April 2023 following the indictment of Sim Hyon Sop, a representative from the North Korean Foreign Trade Bank based in China. The funds are believed to be part of a sophisticated network designed to evade U.S. sanctions.