News Summary
Four North Korean nationals have been indicted in Atlanta for stealing over $900,000 in cryptocurrency through a cybercrime scheme targeting local businesses. They exploited remote IT jobs using fake identities to gain access to virtual assets, leading to theft and money laundering. Authorities emphasize the risks posed by foreign IT professionals, while the U.S. government offers a reward for information on the suspects. This case highlights vulnerabilities that companies face when hiring remote workers and the need for vigilant hiring practices.
Atlanta – Four North Korean nationals have been indicted for stealing over $900,000 in cryptocurrency through a sophisticated cybercrime scheme targeting local businesses.
The federal grand jury in Atlanta has filed charges against Kim Kwang Jin, Kang Tae Bok, Jong Pong Ju, and Chang Nam Il. The indictment outlines a scheme in which the accused exploited their positions at a blockchain research and development company in Atlanta, as well as a Serbian virtual token firm, by using fake and stolen identities to gain employment in remote IT roles.
The accused managed to steal and launder more than $900,000 in virtual currency by taking advantage of their employers’ trust. The U.S. Attorney Theodore Hertzberg highlighted the heightened risk North Korea poses to U.S. companies that hire remote IT workers, citing the need for vigilance and integrity in hiring practices for tech roles.
According to the indictment, the scheme commenced when the suspects traveled to the United Arab Emirates in October 2019, employing North Korean documents to facilitate their movement. From December 2020 to May 2021, the agents targeted their employers, ultimately gaining unauthorized access to valuable virtual currency assets.
Specific incidents of theft were reported, including Jong’s alleged theft of approximately $175,000 in virtual currency in February 2022. Kim is also accused of stealing around $740,000 in March 2022. To cover their tracks, the suspects employed a virtual currency mixer service and transferred the assets to accounts they had created under assumed identities.
The four agents are currently wanted by the FBI on multiple charges, including conspiracy to commit fraud, wire fraud, and conspiracy to commit money laundering. The case represents a broader initiative by U.S. authorities to combat North Korea’s illicit revenue generation activities. The U.S. State Department has announced a reward of up to $5 million for information that could disrupt the suspects’ financial operations.
Law enforcement officials are keenly aware that North Korean agents frequently pose as IT professionals to deceive American businesses and circumvent international sanctions. This fraudulent activity could potentially compromise sensitive and proprietary information from the firms they infiltrate.
The indictment is part of the ongoing efforts by the Department of Justice to address North Korean cybercrime as it relates to U.S. commercial interests. Authorities are actively pursuing additional individuals involved in this scheme and are also looking for preventative measures to deter similar cyber-enabled fraud cases.
In conclusion, the indictment of these four North Korean nationals serves as a stark reminder of the vulnerabilities faced by companies that engage remote IT workers. The U.S. government continues to keep a close watch on cyber threats posed by foreign entities, especially in light of increasing incidents of fraud and financial theft linked to organized cybercrime. As investigations continue, the potential risks associated with remote hiring practices remain a critical concern for businesses across the nation.
Deeper Dive: News & Info About This Topic
HERE Resources
Two Cryptocurrency Investors Charged in Shocking Kidnapping Case
Additional Resources
- Atlanta News First
- Wikipedia: North Korea
- CBS46
- Google Search: North Korean cybercrime
- Winchester Star
- Encyclopedia Britannica: Cybercrime
- Newsweek
- Google News: Cryptocurrency theft
Author: STAFF HERE ATLANTA WRITER
ATLANTA STAFF WRITER The ATLANTA STAFF WRITER represents the experienced team at HEREAtlanta.com, your go-to source for actionable local news and information in Atlanta, Fulton County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as vibrant music festivals like Shaky Knees and Music Midtown, major cultural celebrations including Dragon Con and the Atlanta Film Festival, and iconic sporting events like the Peachtree Road Race. Our coverage extends to key organizations like the Metro Atlanta Chamber of Commerce and the Atlanta Convention & Visitors Bureau, plus leading businesses in logistics, beverages, and retail that power the local economy such as Delta Air Lines, The Coca-Cola Company, and The Home Depot. As part of the broader HERE network, including HEREAugusta.com and HERESavannah.com, we provide comprehensive, credible insights into Georgia's dynamic landscape.
