- South Korea imposed sanctions on North Korean hackers and one entity involved with illegal activities.
- North Korea’s illegal cyber activities not only threaten cyber security but also pose a threat to international safety.
- Chainalysis reported that North Korean hackers stole around $1.3 billion funds, including cryptocurrency.
The South Korean government announced that it imposes sanctions on 15 North Korean individuals and one entity involved with illegal activities today. A North Korean cyber unit called 313 Bureau is also sanctioned for involvement in crypto theft. Announcements like these, amidst increasing cybercrimes and crypto hacks, put a break on illegal cyber activities.
North Korea continues to earn illegal funds through malicious cyber activities, including digital assets. These cybercrime activities not only threaten cyber security, but also pose a serious threat to international peace and security. This is because the funds earned through malicious ways are being used to fund nuclear and missile development in North Korea.
The public statement released today from the Sorth Korean government also explained how IT personnel from North Korea are dispatched to other countries to perform information theft and cyberattacks. These individuals are also joining top organizations such as the Ministry of Defense and working in top IT companies around the world, disguising their true identity.
South Korea Sanctions 15 North Korean Individuals and 313th General Bureau
Based on the public statement released today, the South Korean government sanctioned 15 individuals who belong to 313th General Bureau. The 313th General Bureau is a subordinate organization of the Munitions Industry Department of the Worker’s Party in Korea, which oversees North Korea’s weapon production, and R&D.
The illicit activities of these individuals also include cryptocurrency thefts. Based on blockchain analytics platform Chainalysis, North Korean hackers stole a staggering $1.3 billion, which amounts to 61% of the total crypto thefts worldwide. These hackers are also behind the $308 million crypto theft from DMM Bitcoin exchange, based on a recent report from the FBI.
Earlier this month, UK’s NCA uncovered a billion dollar money laundering in crypto and cash, with coordinated efforts from major organizations across the world. Such bold operations including sanctions against individuals and entities for illegal activities are essential to continue development of advanced technologies like blockchain and crypto. Being one of the largest crypto markets, South Korea took a commendable step towards cybercrimes and illegal activities of North Korean entities.
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