The Office of Foreign Assets Control (OFAC) under the Department of Treasury designated sanctions to two over-the-counter (OTC) traders Wu Hiuhui, based in the People’s Republic of China, and Cheng Hung Man, based in Hong Kong.

The OFAC also sanctioned Sim Hyon Sop, who recently relocated to China and worked for the Korea Kwangson Banking Corp., an entity that was previously designated for offering financial services support to two other institutions which were sanctioned for proliferating weapons of mass destruction.

An earlier report by Chainalysis claimed that Lazarus Group was responsible for crypto theft worth about $1.7 billion in 2022.