- Seoul sanctioned 15 Pyongyang individuals and a firm for cybercrimes linked to military funding.
- North Korean hackers accounted for 61% of $2.2 billion global digital asset thefts in 2024.
- U.S. and South Korea unite to counter DPRK attacks targeting digital assets and foreign currency generation.
South Korea has revealed new sanctions targeting North Korea’s cyber processes after concerns over crypto theft and foreign currency generation. These actions have reportedly been funding the Democratic People’s Republic of Korea’s (DPRK) nuclear and missile expansion programs.
CryptoCrimes Funding Military Programs and Sanction Details
On December 26, South Korea imposed independent sanctions on 15 North Korean IT professionals and one organization linked to the DPRK’s Ministry of Munitions Industry. The individuals, reportedly affiliated with the 313th General Bureau, have been accused of using illicit means to generate funds for North Korea’s military projects.
Among those sanctioned, Kim-Cheol-Min is accused of working for technology firms in the United States and Canada. Authorities claim he funneled large sums of money to the DPRK. Another individual, Kim Ryu-Sung, had previously been indicted in the U.S. for violating sanctions.
The targeted organization, the Chosun Geumjeong Economic Information Technology Exchange Company, allegedly employs IT workers overseas to generate foreign currency. Officials state that these funds directly support North Korea’s weapons programs.
The new measures, effective December 30, 2024, will require South Korean financial institutions to obtain approval for any transactions involving these sanctioned individuals or entities. Approval must come from the Financial Services Commission or the Bank of Korea’s Governor.
Rising Threats from North Korean Attacks
North Korea’s cyber operations have contributed to global digital asset thefts. A recent Chainalysis report disclosed that DPRK-linked hackers were responsible for 61% of the $2.2 billion stolen in cryptocurrency thefts in 2024.
Tactics such as malware deployment and social engineering were employed to target digital asset companies. Radiant Capital suffered a $50 million hack traced to North Korean operatives who distributed malware via Telegram.
The Lazarus Group, linked to North Korea’s intelligence agency, was liable for another $50 million theft targeting Upbit, a South Korean crypto exchange. South Korean authorities, working with the FBI and Swiss prosecutors, confirmed the group’s involvement.
The United States has also taken action against North Korean operations. On December 17, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) sanctioned two individuals and an entity accused of laundering millions for the DPRK.
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