South Korea Imposes Sanctions on North Korean Hackers

Crypto News

South Korea Strikes Back: Sanctions Hit North Korean Cybercriminals

Written by Aaron S.,

Editor-In-Chief

Last Updated: December 27, 2024

Key Takeaways

South Korea sanctioned 15 individuals tied to North Korea for funding missile programs through crypto-related schemes;
Hackers linked to North Korea were blamed for over half the global crypto thefts in 2024;
Sanctioned operatives allegedly funneled earnings from overseas jobs to support North Korea’s nuclear weapons development.

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South Korea Strikes Back: Sanctions Hit North Korean Cybercriminals

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Governments around the world have escalated efforts to hold hackers accountable for cryptocurrency thefts, with North Korea at the center of attention.

In 2024, hackers linked to the country were blamed for stealing more than half of the total value of cryptocurrencies globally.

South Korea has recently demanded sanctions on 15 individuals and one organization connected to North Korea.

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According to a December 26 announcement by the Ministry of Foreign Affairs, these individuals are accused of generating funds to support North Korea’s nuclear missile program and its Munitions Industry Department. These funds were allegedly collected through "overseas foreign currency-earning activities" conducted overseas.

One of the sanctioned individuals, Kim Cheol-min of the 313th General Bureau, reportedly earned large amounts of money by working for companies in the United States and Canada. This money was then funneled to North Korea’s nuclear weapons development efforts.

Additionally, one of the most infamous groups, the Lazarus Group, has been connected to some of the largest cyber heists in Web3. This includes the $600 million breach of the Ronin network.

As South Korea imposes its sanctions, international allies are also stepping up efforts to combat North Korea's crypto schemes. The US Treasury and United Arab Emirates (UAE) recently joined forces to target networks laundering crypto for North Korea. Did they successfully shut down the criminal network? Read the full story.