South Korea Sanctions North Korean Cybercriminals for Cryptocurrency Thefts

South Korea has sanctioned 15 North Korean individuals and one entity for illicit activities, including the cyber theft of cryptocurrencies, in its latest move to counter the threat posed by North Korea’s cyber operations.

The sanctions, announced by the South Korean Foreign Ministry on Monday, come amid mounting pressure on the government to address the issue.

According to the ministry, the sanctioned individuals are members of the 313th General Bureau unit of North Korean cyber cybercriminals, who have been responsible for multiple hacking into crypto-money thefts.

The unit operates under the Munitions Industry Department of the Worker’s Party, which manages weapon production and research in North Korea and plays a central role in advancing the country’s military capabilities.

The sanctions are aimed at countering North Korea’s strategy of financing its weaponry operations with illegitimate funds, a practice that poses a threat to global peace and security.

North Korean cybercriminals have been using illicit funds to fund the country’s nuclear and missile development programs with digital assets.

According to blockchain analytics firm Chainalysis, North Korean hackers stole an astonishing $1.3 billion, which accounts for 61% of all crypto thefts globally.

The FBI has accused these hackers of orchestrating some of the largest crypto heists. Among their alleged crimes is the theft of $308 million from the DMM Bitcoin exchange.

The sanctioned entity is the Munitions Industry Department itself, which is being targeted for its role in overseeing the 313th General Bureau unit and facilitating the cyber theft activities.

The sanctions include a ban on transactions with the designated individuals and entity, as well as the freezing of their assets in South Korea.

The move is part of South Korea’s broader efforts to increase vigilance and countermeasures against the rising danger posed by North Korean cyber activities.

In recent months, the South Korean government has revealed the tactics used by North Korean IT staff to infiltrate organizations.

These individuals are sent abroad under aliases to carry out hacking operations. Reports indicate that North Korea’s cyber force operates in key sectors like defense and IT worldwide.

This group drives the regime’s strategy to finance its military agenda through digital crimes.

This comes at a time when the UK National Crime Agency had recently exposed a massive $1 billion money-laundering scheme that used both crypto and cash.

Globally coordinated moves such as this, alongside sanctions, are important for checking cybercrime and keeping emerging technologies like blockchain and cryptocurrency on track.

South Korea’s proactive stance against North Korean cyber activities highlights the urgency of addressing illegal digital asset thefts. It underscores the international need for collaboration in combating cybercrime effectively.