📣 South Korea Sanctions North Korean Hackers Over Crypto Theft
posted 14 hr ago
In response to rising cybercrimes, South Korea announced sanctions on December 26 targeting 15 individuals and one IT company from North Korea tied to digital asset theft.
South Korean law enforcement believes that the proceeds from cyberattacks are being funneled into North Korea’s nuclear and missile programs.
The Ministry of Foreign Affairs revealed that the 15 sanctioned North Korean individuals are tied to Bureau 313, a division within the Department of Machine-Building Industry under the Workers’ Party of Korea. Sanctioned by the UN Security Council in 2016, this department is responsible for North Korea's weapons manufacturing and ballistic missile projects.
South Korea’s Ministry of Foreign Affairs has highlighted the tactics used by North Korean IT professionals, who are sent to countries such as China, Russia, Southeast Asia, and Africa. Disguised as asylum seekers, they find work in IT firms, where they execute government-led cyberattacks and steal sensitive information.
Reports indicate that hackers in North Korea are trained in military academies. Source: CNN
A spokesperson for the South Korean Ministry of Foreign Affairs disclosed that individuals under sanctions were involved in cryptocurrency thefts and cyberattacks. Names have been withheld due to ongoing investigations, but one confirmed case concerns Kim Chol Min, who infiltrated IT companies in the U.S. and Canada using forged documentation, channeling substantial funds to Pyongyang.
The sanctions extend to a North Korean organization tasked with sending IT specialists abroad and facilitating major financial transfers to sustain the regime and its military programs.
Analytics company Chainalysis has identified 47 cryptocurrency thefts attributed to North Korean hackers, with a combined value of $1.34 billion. This figure makes up 61% of the year's total stolen crypto assets, reflecting an unsettling surge in both the scope and frequency of cyberattacks perpetrated by these groups.
The high-profile breach of the DMM exchange, resulting in $308 million in losses, is a notable example. Similar suspicions surround certain accounts on the HyperLiquid exchange, which have also been connected to North Korean operators.
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