OFAC, the sanctioning authority of the US Treasury Department, has sanctioned multiple individuals linked to cryptocurrencies.
In addition, multiple Bitcoin (BTC), Ethereum (ETH), Arbitrum (ARB), BSC and other cryptocurrency addresses related to sanctions related to North Korea were also put on the sanctions list.
OFAC has announced it has sanctioned three North Koreans who support the Lazarus Group, a North Korean hacking group known for theft of cryptocurrencies that U.S. officials say is used to support the country's weapons program.
"Today, the Department of the Treasury's Office of Foreign Assets Control (OFAC) sanctioned three individuals for providing support to the Democratic People's Republic of Korea (KDHC) through illegal financing and malicious cyber activity."
OFAC said in its statement that two of the three people listed on the new sanctions list were Cheng Hung Man and Wu Huihui, and OTC traders who facilitated cryptocurrency transactions for the hacking group Lazarus.
It was stated that the third person, Sim Hyon Sop, provided financial support to Lazarus in another way.
Speaking on the subject, Brian Nelson, Assistant Secretary of the Treasury for Terrorism and Financial Intelligence, said:
“North Korea continues to use cryptocurrencies and extensive illegal facilitation networks to access the international financial system and generate revenue for the regime.
The United States and our partners are determined to protect the international financial system and prevent North Korea from being used in its destabilizing activities, especially in light of North Korea's three intercontinental ballistic missile (ICBM) launches this year alone."
The US Treasury Department claims that Lazarus Group's revenues support North Korea's weapons program.
The ministry also argues that the Lazarus hacking group is behind the case of stealing $625 million worth of cryptocurrencies from the Ronin bridge linked to the Axie Infinity game.