South Korea Aims to Combat DPRK’s Stolen Digital Assets
The South Korean government in Seoul is preparing to submit a bill that aims to enhance its ability to track and freeze digital assets obtained through crypto theft by the Democratic People’s Republic of Korea (DPRK), according to the Korea Joongang Daily. Initially announced by the National Intelligence Service (NIS) in November, the legislation was sent back for revision by President Yoon Suk Yeol, who demanded practical measures to strengthen national security. After months of consultations between different ministries, the draft law has been revised to bolster the country’s existing sanctions and address the president’s urgent call for cybersecurity framework repair. The latest version of the bill includes measures to track and neutralize virtual coins and other cryptocurrency assets stolen by the North through hacking.
Accusations and Figures
The South Korean intelligence has accused the regime in Pyongyang of acquiring approximately 1.7 trillion Korean won ($1.28 billion) worth of bitcoin (BTC) and ethereum (ETH) through these attacks in 2022. According to blockchain forensics firm Chainalysis, North Korean hackers have successfully stolen over $3 billion in the past five years. Independent sanctions monitors reporting to the U.N. have found evidence of continued hacking activities by North Korean groups targeting companies in the crypto space, while the country’s government persists with its nuclear and weapons programs.
Additional Measures and Initiatives
In addition to the new bill, the South Korean president’s administration plans to establish a national committee dedicated to cybersecurity issues. This committee, which will be headed by the chief of the National Security Office and include the director of NIS as a member, will operate under the president’s authority.
Hot Take
The South Korean government’s proposed bill and establishment of a national cybersecurity committee demonstrate the country’s determination to address the issue of stolen digital assets by the DPRK. By enhancing their ability to track and freeze these assets, South Korea aims to protect its national security and strengthen its cybersecurity framework. The accusations against North Korean hackers and the staggering figures of stolen funds highlight the urgency of this matter. It is crucial for countries to take active measures to combat cyberattacks in the crypto space, as these attacks can have significant financial and security implications. South Korea’s proactive approach serves as an example for other nations in their efforts to safeguard their digital assets and combat cyber threats.
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