South Korea sanctions DPRK hackers behind crypto attacks

by

As a researcher with extensive experience in cybersecurity and geopolitics, I find this latest move by South Korea to be both necessary and strategic. Having closely followed North Korea’s activities in the digital currency space, it is clear that their actions pose a significant threat not only to the global financial system but also to peace and security worldwide. The fact that these funds are being used to fuel weapons programs is alarming and requires immediate action.

In a recent move, South Korea has enacted fresh penalties against North Korean cybercriminals who have orchestrated the theft of more than a billion dollars’ worth of cryptocurrency. These funds are believed to be supporting the nation’s military programs.

The South Korean administration has declared penalties against the 313 Bureau, a North Korean cyber team implicated in global crypto robberies. In a statement made public on December 26th, they cited that this bureau, functioning under the North Korean Ministry of National Defense, is associated with various cyber assaults designed to pilfer digital assets worldwide.

In 2024, South Korean authorities point to research from the U.S. company Chainalysis, suggesting that North Korea is responsible for over 60% of global cryptocurrency theft worth approximately $1.3 billion. It’s suspected that these ill-gotten funds are channeled towards North Korea’s weapons projects, specifically its missile and nuclear development endeavors.

Alongside imposing sanctions on the 313 Bureau, the measures also extend to 15 North Korean IT workers and a specific institution. The South Korean government alleges that these people and entities are involved in generating foreign currency outside their country, funds which are believed to directly support the regime’s nuclear and missile development programs.

Specifically, tech workers from North Korea, who operate within the Ministry of National Defense and various state-aligned entities, are deployed to nations such as China, Russia, Southeastern Asia, and Africa.

South Korea’s Ministry of Foreign Affairs

The move comes just three days after crypto.news reported that the United States and South Korea are working together to create new mechanisms to prevent crypto thefts linked to North Korea.

The two nations are said to have sealed a deal aimed at collaboratively developing tech solutions to combat cryptocurrency thefts. Specifics of the agreement are yet to be disclosed, but South Korea’s Ministry of Science will back the project up until 2026. It is believed that scientists from both countries, including academics from Korea University and RAND Corp., will concentrate on tracing stolen cryptocurrencies and preventing cyberattacks. Their work will also involve examining how criminals convert illicit funds into cryptocurrency using techniques such as ransomware.

Read More

2024-12-26 10:33