The U.S. Treasury Department has sanctioned 10 individuals and 1 entity in an effort to crack down on North Korea’s encrypted money laundering network.

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has sanctioned 10 individuals and one entity to combat fraud and cryptocurrency money laundering by North Korean IT workers. Russian national Ilya Boykov was found to have exchanged approximately $3.5 million worth of cryptocurrency for the North Korean company Alis since 2024, while Vitold Obertas facilitated nearly $2 million in cryptocurrency exchanges for North Korean officials starting in January 2025. Also sanctioned is the North Korean-controlled Russian entity FFTDC and its six IT workers, who reportedly generated over $750,000 in revenue since 2025. Australia and the European Union have taken similar sanctions this month.