South Korea is targeting North Korea’s operations that have reached alarming levels.
The South Korean government has announced sanctions against 15 North Korean IT workers and one organization.
Inside job?
South Korea revealed that these individuals are linked to the 313th General Bureau, a group under the DPRK’s Ministry of Munitions Industry responsible for weapons development.
Among those sanctioned is Kim Cheol-Min, who is accused of secretly working with tech firms in the U.S. and Canada to funnel money back to North Korea.
Another individual, Kim Ryu-Sung, has already faced legal trouble in the U.S. for violating sanctions.
The sanctions will also hit the Chosun Geumjeong Economic Information Technology Exchange Company.
This organization is believed to send IT workers abroad to generate foreign currency for North Korea, which is reportedly used to finance military advancements.
New rules coming soon
Once these sanctions take effect on December 30, 2024, any financial transactions with the sanctioned individuals or entities will require approval from South Korea’s Financial Services Commission or the Bank of Korea governor.
A new report from Chainalysis revealed that North Korean hackers were responsible for 61% of the $2.2 billion stolen in cryptocurrency heists globally in this year.
These hackers are using sophisticated techniques like malware and social engineering to target major digital asset companies.
For example, Radiant Capital fell victim to a $50 million hack attributed to these cybercriminals, who exploited vulnerabilities through malware spread via Telegram.
Strike back
The infamous Lazarus Group, another North Korean hacking mastermind, has also been linked to high profile thefts, including a $50 million breach at Upbit, one of South Korea’s largest crypto exchanges.
Authorities have confirmed their connections to North Korea’s main intelligence agency.
As South Korea ramps up its efforts against these cyber threats, U.S. authorities are also taking action.
The Treasury Department sanctioned two individuals and an entity for allegedly laundering millions of dollars in cryptocurrency for Kim Jong Un’s regime.
Have you read it yet? Montenegro court approves extradition of Do Kwon
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Kriptoworld.com accepts no liability for any errors in the articles or for any financial loss resulting from incorrect information.
