US Sanctions Firms over N. Korea Funding

The United States has imposed sanctions on two companies and six individuals accused of helping raise funds for North Korea through overseas information technology operations.

The US Department of the Treasury said the network used IT workers stationed in foreign countries to generate revenue for the government of North Korea.

According to US officials, the schemes targeted American businesses and generated significant funds that were used to support North Korea’s weapons programs. Authorities estimate the operations produced nearly $800 million in 2024.

The Treasury Department also accused individuals linked to the network of deploying malware inside corporate systems to steal sensitive business data and extort companies.

US Treasury Secretary Scott Bessent said North Korea has used deceptive methods involving overseas IT personnel to infiltrate American companies and exploit confidential information.

Those targeted by the sanctions include facilitators operating in North Korea as well as in Vietnam, Laos and Spain.

The sanctioned companies are Amnokgang Technology Development Company and Quangvietdnbg International Services Company.

Officials said Nguyen Quang Viet, chief executive of the Vietnamese company, converted approximately $2.5 million into cryptocurrency between 2023 and 2025, including illicit earnings linked to North Korean IT workers.

Under the sanctions, all assets belonging to the designated entities and individuals within the United States will be frozen, and US persons are prohibited from conducting transactions with them.