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DOJ moves to seize $7.74M in crypto linked to North Korean IT worker scam
- The US Department of Justice (DoJ) has filed a civil forfeiture complaint to seize $7.74 million in crypto connected to North Korean fake IT worker schemes.
- The frozen assets include cryptocurrency, NFTs, and other digital assets tied to the indictment of North Korean Foreign Trade Bank representative Sim Hyon Sop.
- North Korean IT workers obtained illegal employment to amass millions in cryptocurrency, evading US sanctions.
- These workers used fake IDs and deceptive tactics to hide their identities while gaining remote jobs in blockchain firms, paid in stablecoins unknowingly supporting North Korea's revenue stream.
- Illicit gains were laundered through various means and funneled back to the regime, including using US accounts to mask their origins.
- The US authorities unsealed charges against individuals aiding overseas IT workers to defraud US companies, with North Korea dispatching IT workers globally using stolen US identities.
- The operations financed North Korea's illicit nuclear program, highlighting the country's exploitation of global remote IT contracting and cryptocurrency ecosystems to circumvent sanctions.
- Several arrests were made, including Christina Marie Chapman and Oleksandr Didenko, facing charges related to fraud, money laundering, and unlawful employment.
- Additionally, Matthew Isaac Knoot was arrested for aiding North Korean IT workers, hosting company laptops and laundering payments, contributing to North Korea's illicit weapons program.
- Knoot and his associates caused targeted companies over $500,000 in costs. If convicted, Knoot could face a maximum of 20 years in prison.
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