U.S. offers $5M reward for disrupting North Korean financial schemes

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Antony J. Blinken, Secretary of State | website U.S. Department of State

U.S. offers $5M reward for disrupting North Korean financial schemes

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The U.S. Department of State's Rewards for Justice (RFJ) program is offering a reward of up to $5 million for information leading to the disruption of financial mechanisms supporting the Democratic People's Republic of Korea (DPRK). This initiative targets activities such as the exportation of North Korean workers, money laundering, and cyber activities linked to the proliferation of weapons of mass destruction.

The Department seeks information on two North Korean IT companies: Yanbian Silverstar Network Technology Co., Ltd., based in China, and Volasys Silverstar, based in Russia. These firms have been involved in sending North Korean IT workers to locations in China and Russia under false pretenses to generate revenue. The earnings were then laundered to benefit the DPRK.

Several individuals are identified as playing roles in these operations:

- Jong Song Hwa, CEO

- Kim Ryu Song, president of Yanbian Silverstar

- Ri Kyong Sik, president of Volasys Silver Star

- Kim Mu Rim, senior manager

- Rim Un Chol, senior manager

- Cho Chung Pom, mid-level manager

- Hyon Chol Song, mid-level manager

- Sok Kwang Hyok, mid-level manager

- Son Un Chol, mid-level manager

- Choe Jong Yong, IT worker

- Jang Chol Myong, IT worker

- Jong Kyong Chol, IT worker

- Kim Ye Won, IT worker

- Ko Chung Sok, IT worker

From April 2017 to 2023, these individuals and their associates allegedly used stolen identities from hundreds of U.S. persons to conceal their own identities while collaborating with about 130 DPRK IT workers. They reportedly generated at least $88 million in illicit revenue for North Korea by securing remote employment with U.S. businesses and creating deceptive websites and money transfer accounts.

Further details about this reward offer can be found on the Rewards for Justice website and on social media platforms such as X (formerly Twitter) at @rfj_usa; @rfj_korean; and @rjf_mandarin. Individuals with relevant information are encouraged to contact the Rewards for Justice office through its Tor-based tips-reporting channel.

Since its inception in 1984, RFJ has been a national security tool administered by the U.S. Department of State. The program has distributed over $250 million to more than 125 people worldwide who provided crucial information that helped prevent terrorism and disrupt illicit DPRK revenue flows.

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