US Treasury Department Imposes Sanctions on Extensive Digital Scam Network Involving North Korea, Russia, and China

The United States Treasury Department has declared sanctions against a group of individuals and entities implicated in a complex digital fraud scheme spanning North Korea, Russia, and China. These sanctions specifically target activities that support North Korea’s illicit weapons programs through illegitimate proceeds. The investigation reveals a widespread network exploiting cryptocurrencies and cross-border trade activities to launder money and evade international sanctions. The fraudulent operations involve deceiving investors with false promises of high returns, subsequently transferring the funds to accounts affiliated with the North Korean regime. This action aims to disrupt this financial network and prevent it from continuing to support North Korea’s unlawful activities. The sanctions include freezing the assets of the listed individuals and entities and prohibiting any financial transactions with them by U.S. citizens or companies.