South Korea Targets North Korean Crypto Assets in Effort to Combat Illicit Weapons Funding
Summary:
South Korea plans to introduce a bill aimed at tracking and freezing North Korean crypto assets used to fund its weapons program. The bill also includes provisions to strengthen cybersecurity and establish a national cybersecurity committee. North Korean hackers have reportedly stolen around $2 billion in digital assets since 2018. The US FBI is also actively tracking North Korean state-backed hackers and recently identified six Bitcoin wallets connected to the Lazarus hacking group.
The South Korean government is reportedly preparing to introduce legislation aimed at monitoring and freezing North Korean cryptocurrency and virtual assets used to finance Pyongyang's illicit weapons program. Multiple anonymous government sources have confirmed that the bill is in progress, with one official stating that it reflects the president's belief in the need to improve the country's cybersecurity framework. The latest version of the bill includes provisions for tracking and neutralizing stolen crypto and other virtual assets obtained by North Korea through hacking. This was not initially included in the proposed bill from the National Intelligence Service. Additionally, the South Korean administration plans to establish a national cybersecurity committee, headed by the chief of the National Security Office and including the NIS director, to strengthen defenses against foreign hacking attempts. North Korean hackers have reportedly stolen approximately $2 billion in digital assets since 2018, with $200 million taken in 2023 alone, accounting for 20% of all stolen funds this year. The United States FBI is also actively pursuing North Korean state-backed hackers, recently identifying six Bitcoin wallets connected to the Lazarus hacking group, containing 1,580 BTC worth $40 million.
Published At
9/4/2023 10:48:33 AM
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