On-Chain Tracing and U.S. Sanctions: North Korea–Linked IT Worker Scam Network

OFAC sanctioned six individuals and two entities tied to a North Korea–led scam network using cryptocurrency to move funds for weapons programs, highlighting crypto’s laundering role.

Rich by Coin

2026-03-14

The U.S. Treasury’s Office of Foreign Assets Control (OFAC) sanctioned six individuals and two corporate entities tied to a North Korea–led IT worker scam network that defrauded U.S. companies to fund weapons programs, with activity estimated at about $8 billion in 2024. The designation underscores cryptocurrency’s central role in moving and laundering the proceeds of the scheme.

Among those sanctioned are six individuals—Nguyen Quang Viet, Do Pyong Kyong, Hoang Van Nguyen, Yun Song Guk, Hoang Minh Quang, and York Louis Celestino Herrera—and two corporate entities, Amnokgang and Quangvietdnbg, identified as core operators and collaborators. On-chain analysis of the 21 targeted crypto addresses conducted by Beosin KYT and Beosin Trace shows substantial flows into centralized exchanges, with Beosin noting prior transfers of roughly 200,851 USDT. The designation highlights the use of cryptocurrency in moving and laundering illicit proceeds and underscores ongoing efforts to monitor and sanction criminal networks leveraging digital assets.