Bitcoin 
$104,050.19 At the time of writing, its price fell to $100,800 as US markets continued its decline. The loss of $10,200,000 could now bring a test of $98,000, and this is the point where the market must bounce up if it is to recover. The issue we will now discuss is the new US sanctions related to North Korea.
US Crypto Sanctions
Even though Trump embraces cryptocurrencies, the fight against crime is not over. North Korean cyber attackers are behind many cryptocurrency hacks and have so far managed to siphon billions of dollars into their country to fund nuclear research programs. Today, the Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against eight individuals and 2 organizations that served this purpose.
“North Korean (DPRK) state-backed hackers are stealing and laundering money to fund the regime’s nuclear weapons program.
By providing revenue for Pyongyang’s weapons development program, these actors directly threaten U.S. and global security. “The Treasury Department will continue to pursue facilitators and supporters behind these schemes to cut off North Korea’s illicit sources of revenue.” – Treasury Department Under Secretary for Terrorism and Financial Intelligence John K. Hurley
North Korea and Crypto
Jang Kuk Chol (Jang) and Ho Jong Son are the two bankers who were announced to be sanctioned in today’s statement. OFAC 2 people identified by were responsible for the management of funds, including $ 5.3 million in cryptocurrency, on behalf of First Credit Bank. Korea Mangyongdae Computer Technology Company (KMCTC) is a North Korea-based IT company that uses Chinese citizens as proxies in banking affairs.
The job of North Korea-based Information Technology (IT) companies is to seize people’s money by defrauding, hacking, and delivering them to North Korea in the manner mentioned below or through different channels. billion dollar cryptocurrency North Korean hackers are behind the hacks and massive organized cyber fraud incidents. All of them are state-supported and live privileged lives compared to normal North Korean citizens.
The Ministry of Treasury explains more details in its official announcement as follows;
“Ryujong Credit Bank is a North Korea-based financial institution that provides financial support for sanctions evasion activities between China and North Korea. These activities include the remittance of North Korean foreign currency proceeds, money laundering, and financial transactions for North Korean workers abroad.
Today, OFAC listed Ryujong Credit Bank under EO 13810 for operating in the financial services industry in North Korea.
Ho Yong Chol, Han Hong Gil (Han), Jong Sung Hyok (Jong), Choe Chun Pom (Choe), and Ri Jin Hyok (Ri) are representatives of North Korean financial institutions based in China or Russia. Ho Yong Chol facilitated the transfer of $2.5 million in U.S. dollars (USD) and Chinese yuan (CNY) on behalf of the U.S.-designated Korea Daesong Bank, while also managing $85 million worth of transactions on behalf of another North Korean government-linked group. Han is an employee of the US-designated Koryo Commercial Bank (KCB) and coordinated transactions worth over $630,000 in USD and CNY on behalf of the US-designated Ryugyong Commercial Bank. Jong is the chief representative of the US-designated DPRK Foreign Trade Bank (FTB) in Vladivostok, Russia. Choe is the representative of the US-designated Central Bank of North Korea (DPRK Central Bank) and facilitated transactions worth over $200,000 in US dollars and Chinese yuan, as well as coordinating travel for Russian officials to visit Pyongyang, North Korea. Ri is an agent of FTB and facilitated transactions worth US$350,000, CNY and euros on behalf of FTB’s shell company.” – US Treasury Department Announcement
