S. Korea Accuses N. Korea of Stealing Cryptocurrenciesand Imposes Sanctions
2023.02.10 08:31
S. Korea Accuses N. Korea of Stealing Cryptocurrencies and Imposes Sanctions
By Tiffany Smith
Budrigannews.com – South Korea announced its first independent sanctions against specific North Korean groups and individuals for stealing cryptocurrency and conducting cyberattacks.
Four North Korean individuals and seven businesses, according to Seoul’s Ministry of Foreign Affairs, have been placed on a blacklist for their alleged involvement in cryptocurrency theft and cyberattacks. The notorious Park Jin-hyok, Jo Myong-rae, Song Rim, and Oh Chung-Seong are among the people on the blacklist.
Park, the most well-known of the four hackers, is employed in information technology by the Chosun Expo Joint Venture, a North Korean front company associated with the Lazarus Group. He is well-known for his involvement in the 2017 WannaCry ransomware attack and the November 2014 cyberattack on Sony Pictures Entertainment. In 2018, the Treasury of the United States placed him on a blacklist.
Since 2017, North Korean hackers have stolen virtual assets worth over $1.2 billion, including $626 million in 2022, according to information provided by the foreign ministry. According to a secret report from the United Nations, North Korean hackers stole more cryptocurrency assets in 2022 than in any other year. According to the UN report, the theft cost anywhere from $650 million to $1 billion.
Just hours earlier, the United States and South Korea announced a joint cybersecurity initiative to combat ransomware attacks. The independent sanctions against North Korean hackers and hacker groups come from the United States. A joint cybersecurity alert on the threat posed by North Korean ransomware was issued by the National Intelligence Service of South Korea, the National Security Agency, and other U.S. intelligence agencies.
Even though North Korea is under severe international sanctions, it is believed that one of the main sources of funding for its nuclear and missile programs are these cyber activities, which are frequently linked to the Reconnaissance General Bureau, the country’s military intelligence agency.
