South Korea Imposes Sanctions on North Korean Groups Over Crypto Thefts

• Four North Korean people and seven firms have been blacklisted.
• North Korean hackers have stolen virtual assets totaling over $1.2 billion.

To counter cryptocurrency theft and cyberattacks from North Korea, South Korea has declared its first set of unilateral restrictions. As reported by the Seoul Ministry of Foreign Affairs. Four North Korean people and seven firms have been blacklisted for their suspected participation in cyberattacks and crypto theft. Notable people including Park Jin-hyok, Jo Myong-rae, Song Rim, and Oh Chung-seong are all forbidden.

Park, the most infamous of the four hackers, is an IT specialist with the Chosun Expo Joint Venture, a North Korean front organization with ties to the Lazarus Group. Moreover, he is notable for his role in the WannaCry ransomware attack of 2017. And the November 2014 hack on Sony Pictures Entertainment, he has gained widespread notoriety. In 2018, he was put on a banned list by the US Treasury.

$626 Million Stolen in 2022 Alone

The foreign ministry claims that since 2017, North Korean hackers have stolen virtual assets totaling over $1.2 billion. With $626 million of that coming in 2022 alone. classified UN study shows that in 2022, hackers from North Korea stole more cryptocurrency than in any previous year. According to the UN assessment, the amount of money stolen was between $650 million and $1 billion.

Furthermore, sanctions on North Korean hackers and hacking groups were announced independently just hours after South Korea and the United States declared a combined cybersecurity initiative against ransomware assaults. North Korean ransomware is a growing concern, thus the National Intelligence Service of South Korea and the National Security Agency of the United States issued a combined cybersecurity advisory.