US Treasury Department Imposes Sanctions on Three North Koreans Linked to Lazarus Group

According to reports, the sanctions regulatory agency of the US Treasury Department has banned three North Koreans who support Lazarus Group, a North Korean hacker team known for stealing cryptocurrency. The Ministry of Finance stated that two of the sanctioned individuals, Cheng Hung Man and Wu Huihui, were over-the-counter traders providing cryptocurrency trading facilities for Lazarus, while a third party, Sim Hyon Sop, provided other financial support.

The US Treasury sanctioned three North Koreans who provided support for the North Korean hacker team Lazarus Group

The US Treasury Department’s sanctions regulatory agency has recently announced the imposition of sanctions on three North Koreans suspected of aiding Lazarus Group, a notorious cybercrime group known for targeting cryptocurrency exchanges around the world. According to the Ministry of Finance, two of the sanctioned individuals, Cheng Hung Man and Wu Huihui, provided over-the-counter trading services to Lazarus Group while the third, Sim Hyon Sop, provided financial support for the group’s operations. This move comes as part of the US government’s ongoing efforts to disrupt the activities of North Korean-sponsored cybercriminals operating across the globe.

Who are Lazarus Group and What Makes Them So Dangerous?

Lazarus Group is a cybercrime organization that has been linked to a number of high-profile attacks on financial institutions and cryptocurrency exchanges around the world. Despite the widespread belief that Lazarus Group is backed by North Korea, the group has repeatedly denied these allegations. However, recent investigations by various intelligence agencies have found evidence to suggest that members of the group have ties to the North Korean government.
Notably, Lazarus Group was responsible for the 2014 attack on Sony Pictures, which resulted in the theft of millions of dollars worth of intellectual property and caused significant reputational damage to the company. The group has also been linked to the attempted theft of over $1 billion from the Bangladeshi Central Bank in 2016, as well as a number of other high-profile hacks.

How do Traders and Financial Supporters Help Lazarus Group?

Cryptocurrency has become a key target for Lazarus Group in recent years, with the group reportedly stealing tens of millions of dollars worth of cryptocurrency from exchanges around the world. To facilitate these thefts, the group has relied on the support of individuals such as Cheng Hung Man and Wu Huihui. These individuals provide over-the-counter trading services, allowing the group to convert stolen cryptocurrencies into cash. This enables the group to remain anonymous and to launder its proceeds.
In addition to over-the-counter traders, Lazarus Group also relies on financial supporters such as Sim Hyon Sop. These individuals provide the group with the financial resources it needs to carry out its operations, including purchasing the tools and software required to carry out high-level attacks on financial institutions and cryptocurrency exchanges.

What Are the Implications of the US Treasury Department’s Sanctions?

The imposition of sanctions on Cheng Hung Man, Wu Huihui, and Sim Hyon Sop by the US Treasury Department is a significant development in the fight against cybercrime. By targeting individuals who support Lazarus Group, the US government is sending a clear message that it will not tolerate the activities of North Korean-sponsored cybercriminals.
The sanctions imposed by the US Treasury Department freeze any assets these individuals have in the US, and prohibit US citizens and businesses from doing business with them. This will impede the ability of Lazarus Group to carry out its operations, and will make it more difficult for the group to launder its proceeds.

Conclusion

Cybercrime is a growing threat to businesses and individuals around the world, and organizations such as Lazarus Group pose a significant risk to the financial sector in particular. The US government’s decision to impose sanctions on three individuals linked to Lazarus Group is a step in the right direction, and sends a strong message to other cybercriminals that there will be consequences for their actions.

FAQs

1. Who is responsible for the theft of cryptocurrency from exchanges around the world?
– The theft of cryptocurrency from exchanges around the world is primarily carried out by cybercrime groups such as Lazarus Group.
2. What is the US government doing to combat cybercrime?
– The US government is taking a number of steps to combat cybercrime, including imposing economic sanctions on individuals and organizations involved in cybercrime.
3. What impact will the US Treasury Department’s sanctions have on Lazarus Group’s operations?
– The sanctions imposed by the US Treasury Department will impede Lazarus Group’s ability to carry out its operations and make it more difficult for the group to launder its proceeds.