Crypto crimes are rapidly increasing, like the typical hacks and exploits. This remains a persistent and evolving threat, according to Chainalysis, a blockchain analytics platform.
Now, the latest news is that the US Department of the Treasury imposed penalties on six individuals and two entities for allegedly helping North Korea execute a large-scale crypto laundering network and IT worker fraud in 2024.
Alleged criminals generate $800 million through illicit means
The Office of Foreign Assets Control (OFAC) sanctioned the individuals and entities involved in the crime, saying the criminals were linked to the government of North Korea. The network included IT workers who infiltrated the global tech and crypto firms under fraudulent identities and generated over $800 million in 2024 alone.
The US Treasury authorities said that the sanctioned IT workers secured remote jobs with companies across the world, and earned money, including crypto payments, which they secretly funneled to the regime in North Korea.
According to the Treasury, this money was used to fund the military services of the Democratic People’s Republic of Korea (DPRK). The officials have warned that the illegal scheme signals how state-backed actors are significantly exploiting remote work opportunities and the crypto industry to escape sanctions and raise millions in funds.
North Korea’s illegal deals have been exposed earlier
North Korea, reportedly a notorious name in crypto and other industry exploits, has executed multiple crypto laundering and hacks in recent years.
According to on-chain investigator ZachXBT, since January 1, 2025, more than $16.58 million in payments or $2.76M per month, have been sent to “North Korean IT workers hired as developers at various projects and companies.”
While looking at illegal crypto activities, the infamous hacker groups like the Lazarus Group have allegedly executed several breaches in the industry. One of the most significant crypto heists is that the team stole over $1.5 billion from the Bybit crypto exchange in 2025.
In another incident, the state-liked cyber group drained approximately $230 million from a multisignature wallet on WazirX crypto exchange. November 2025 also saw the Upbit exchange hack, in which South Korean media reported a connection to the Lazarus Group, resulting in a $36.8 million loss in Solana assets.
