The South Korean government has imposed sanctions on some North Korean nationals and entities over cryptocurrency theft and other illicit cyber activities. According to a report by Yonhap, this marks South Korea’s first independent sanctions on North Korea in the area of illicit cyber activities.
S.Korea Sanctions N.Korea Hackers
The sanction affects four North Korean tech experts and seven organizations under the Reconnaissance General Bureau (RGB), the country’s military intelligence agency, involved in cryptocurrency thefts and cyberattacks in the past.
Per the report, some of the sanctioned individuals are Park Jin-hook, a computer programmer who was involved in a cyberattack on Sony Pictures Entertainment in 2014, and software developer Song Rim, who has programmed and distributed voice phishing smartphone applications.
According to U.S. officials, sanctions organizations include the infamous Lazarus Group, which was behind last year’s $625 million Axie Infinity theft. Bluenoroff and Andariel are also part of the blacklisted organizations.
Seoul’s foreign ministry said the sanctions are expected to “draw attention to the risks of trading with those on the blacklist and raise awareness within the international community.”
$1.2 Billion in Crypto Stolen Since 2017
The sanction is part of a major crackdown on North Korean hackers turning to crypto hacking and other illicit cyber activities to generate funds to support its fragile economy and fund its nuclear program amid Western sanctions.
According to a report by South Korea’s spy agency, North Korean hackers have stolen more than $1 billion in crypto worldwide over the past five years, with more than $78 million of the ill-gotten funds coming from South Korea.
The agency stated that North Korean hackers’ ability to steal crypto assets is now rated among the best in the world due to the country’s focus on cyberattacks since the U.N. reimposed sanctions on the nation five years ago in response to its nuclear test.
As part of an effort to combat North Korean cyber threats, South Korea and the U.S. government are now working to strengthen their cooperation. Per reports, both nations held a second working group meeting on North Korean cyber threats last year.
