North Korean Money Laundering Scheme Exposed via Vietnamese Crypto Firm

• •Quangvietdnbg facilitated laundering $2.5 million for North Korea's weapons programs.
• •North Korean IT workers generated $800 million in 2024 using false identities.
• •U.S. sanctions led to asset freezes and the revocation of Quangvietdnbg's business license.

A U.S. Treasury investigation revealed that Quangvietdnbg International Services Co. Ltd., a Vietnamese financial company, facilitated money laundering for North Korea by converting illicit earnings from North Korean IT workers into cryptocurrency. The operation involved workers using borrowed-name accounts on platforms like Payoneer to generate nearly $800 million in 2024. Quangvietdnbg, led by CEO Nguyen Quang Viet, converted approximately $2.5 million into cryptocurrency between mid-2023 and mid-2025, enabling North Korea to bypass international sanctions. Following the U.S. sanctions, all U.S.-based assets of the company were frozen, and Vietnamese authorities revoked its business license, although its digital channels remained active. The investigation highlighted the exploitation of social media platforms for illicit financial transactions.