(MENAFN) The United States has imposed sanctions on several North Korean individuals and institutions accused of laundering money from illicit cyber operations, according to an announcement by the US Treasury Department on Tuesday.

The Office of Foreign Assets Control (OFAC) said it blacklisted eight individuals and two organizations involved in channeling funds from North Korea’s “illicit schemes,” including cybercrime and IT worker exploitation. Among those named were the Korea Mangyongdae Computer Technology Company and Ryujong Credit Bank.

According to the Treasury, North Korean hackers have stolen over $3 billion in the past three years using advanced malware and social engineering tactics, with most of the stolen funds moved through cryptocurrency networks.

“North Korean state-sponsored hackers steal and launder money to fund the regime’s nuclear weapons program,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence John Hurley. “By generating revenue for Pyongyang’s weapons development, these actors directly threaten U.S. and global security. Treasury will continue to pursue the facilitators and enablers behind these schemes to cut off the DPRK’s illicit revenue streams,” he added.

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