South Korea Plans to Track and Freeze North Korea’s Cryptocurrency Assets
Did you know that South Korea is planning to submit a bill to track and freeze cryptocurrencies and other virtual assets used by North Korea? This move is aimed at cutting the funding of Pyongyang’s weapons programs. According to the Korea JoongAng Daily, the bill is the result of 10 months of consultations among various South Korean government agencies.
President Yoon Suk Yeol has issued instructions to revise the bill to contain “practical measures to bolster national security” before submission. It is expected to add to South Korea’s existing sanctions against North Korea. The bill details measures to track and neutralize virtual coins and other cryptocurrency assets stolen by the North through hacking.
North Korea’s Hacks
North Korea’s hackers have illegally amassed $180 million in cryptocurrency exploits in the first half of this year. South Korea’s National Intelligence Service revealed this information last month. In addition, North Korea stole $1.28 billion worth of bitcoin and ether through hacks last year alone, according to South Korean intelligence.
The Lazarus Group, a North Korean hacking organization, is suspected to be behind numerous crypto-related hacks. CoinsPaid, a crypto payments processor, recently suffered a $37 million exploit and suspects the Lazarus Group as the culprit.
Hot Take
The tracking and freezing of North Korea’s cryptocurrency assets by South Korea is a significant step towards disrupting the funding of Pyongyang’s weapons programs. By implementing practical measures to bolster national security, South Korea aims to neutralize the virtual coins and assets stolen through hacking. It’s crucial for countries to collaborate and address the cybersecurity challenges posed by illicit cryptocurrency activities. Governments need to stay vigilant and take proactive measures to protect their citizens and the integrity of the global financial system.
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