Chainalysis traces North Korean crypto cash-outs through Garantex
Summary
OFAC sanctioned 10 people and one entity for helping North Korean IT-worker schemes generate funds for the country’s weapons programs. Treasury said Russian national Ilya Boykov converted about $3.5 million in crypto for sanctioned company Alis since 2024, while Vitold Obertas handled nearly $2 million for North Korean officials since January 2025. Chainalysis traced stablecoin payments from a North Korean worker through Ether and consolidation wallets to Boykov, who sent the funds to Russian exchange Garantex for cash-out. The sanctions target a network supporting fraudulent IT employment schemes, which have also been linked to thefts from crypto companies.
