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Atlanta, 5 July 2025 – Four North Korean nationals have been indicted in the United States for orchestrating a sophisticated cryptocurrency theft scheme that defrauded American and international blockchain companies of nearly $915,000. The charges include wire fraud and money laundering, and stem from a broader U.S. initiative to disrupt North Korea’s cyber-enabled revenue generation networks.
👨💻 False Identities and Remote IT Work
Defendants Kim Kwang Jin, Kang Tae Bok, Jong Pong Ju, and Chang Nam Il allegedly posed as remote IT developers using stolen and fabricated identities to conceal their North Korean citizenship.
- In 2019, the group operated from the United Arab Emirates.
- By 2020–2021, Kim and Jong secured jobs at a Georgia-based blockchain firm and a Serbian virtual token company, respectively.
- Chang was later hired under the alias “Peter Xiao” on Jong’s recommendation.
💸 Theft and Laundering of Digital Assets
Once embedded in their roles, the defendants exploited privileged access to siphon funds:
- In February 2022, Jong stole $175,000 in virtual currency.
- In March 2022, Kim manipulated smart contract code to steal $740,000.
- The stolen assets were laundered through cryptocurrency mixers and transferred to exchange accounts controlled by Kang and Chang, using fraudulent Malaysian IDs.
🛡️ National Security Implications
The scheme is part of North Korea’s broader strategy to evade international sanctions and fund its weapons programs, according to the U.S. Department of Justice. The case falls under the DPRK RevGen: Domestic Enabler Initiative, launched in 2024 to target illicit revenue streams linked to the regime.
⚖️ Legal Proceedings
The indictment was filed by a federal grand jury in the Northern District of Georgia on 24 June 2025. Prosecutors emphasized that the defendants are presumed innocent until proven guilty in court.
For full details, see the Justice Department’s official release.
