South Korea’s Stronger Sanctions Against North Korea: What You Need to Know
South Korea is taking significant steps to strengthen sanctions against North Korea through a revised bill introduced in November 2022. The bill, aimed at improving national security, proposes the tracking and freezing of North Korean crypto assets. These assets are believed to be used by North Korea to fund its weapons programs, including its nuclear program.
A Revised Bill to Tackle North Korea’s Weapons Program
The South Korean Government plans to introduce a new bill that explicitly targets cryptocurrencies and other virtual assets stolen by North Korea and North Korea-backed hackers like the Lazarus Group. The revision of the bill comes after 10 months of deliberations and consultations between various South Korean government agencies.
President Yoon Suk Yeol has recognized the urgent need to strengthen the country’s cybersecurity framework and has instructed the bill’s revision accordingly. The revised bill is expected to complement South Korea’s existing sanctions against North Korea.
North Korea’s Cyber Attacks and Stolen Cryptocurrency
South Korea’s National Intelligence Service reveals that North Korean hackers have already stolen over $180 million in cryptocurrency in the first half of 2023. The notorious Lazarus Group, believed to be behind these attacks, has stolen around $3 billion in crypto over the past five years.
According to South Korean Intelligence, North Korea stole $1.7 billion worth of cryptocurrency in 2022 alone, with a particular focus on Bitcoin and Ethereum. These cyber crimes have been directly linked to North Korea’s increased missile testing activities.
“The growth in Pyongyang’s haul from cyber crime has corresponded with a sharp rise in missile tests by the regime.”
The Lazarus Group’s recent hack of CoinsPaid, a crypto payments processor, resulted in an exploit worth $37 million in July. These high-profile hacks highlight the urgent need for stronger measures against North Korea’s cyber attacks.
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