• South Korea has imposed sanctions on North Korea in relation to a number of cyberattacks, often resulting in the theft of cryptocurrency.
• The affected individuals and entities are associated with North Korea’s main intelligence agency, and are believed to have stolen over $1.2 billion worth of crypto assets since 2017.
• The South Korean Ministry of Foreign Affairs has announced these sanctions, which are the first independently imposed by Seoul.
South Korean Sanctions on North Korea
South Korea has imposed sanctions on the North in relation to a number of cyberattacks often resulting in the theft of cryptocurrency. The authorities in Seoul say the regime in Pyongyang is using the digital assets to fund its nuclear and missile development projects.
First Cybercrime Sanctions by South Korea
The South Korean government has introduced sanctions in response to cyberattacks allegedly carried out by North Korea to finance its military programs. The measures target four North Korean individuals and seven entities, the Foreign Ministry in Seoul announced Friday.
Targets Under Scrutiny
The sanctions, which are South’s first independently imposed, are aimed at actors associated with North Korea’s main intelligence agency, the Reconnaissance General Bureau, which is considered responsible for Pyongyang’s cyberwarfare operations. Among them are the hacking collective Lazarus Group, linked to hundreds of millions of dollars of stolen crypto, and one of its members, Park Jin Hyok, who is on the FBI’s Most Wanted list of cybercriminals.
„Not Only Targets“
These are „not the only targets“ under scrutiny, a senior Foreign Ministry official quoted by the Korea Herald emphasized, without providing details. UPI reported that Pyongyang Automation University, believed to be training North Korean hackers, has also been blacklisted.
Crypto Assets Stolen Since 2017
The South Korean Ministry of Foreign Affairs said that these hackers have stolen digital currency worth more than $1.2 billion since 2017. Over half of it came from an attack last March on Ronin blockchain network for online game Axie Infinity.