South Korea has imposed sanctions on the North in connection with a series of cyberattacks that often result in the theft of cryptocurrency. Seoul authorities say the Pyongyang regime is using the digital assets to finance its nuclear and missile development projects.
South Korea Hits North Korean Hackers With First Cybercrime Penalties
The South Korean government introduced sanctions in response to cyberattacks allegedly carried out by North Korea to finance its military programs. The measures target four individuals and seven North Korean entities, the Foreign Ministry said in Seoul. Announced Friday.
The sanctions, which are the first independently imposed by the South, target actors associated with North Korea’s main intelligence agency, the General Reconnaissance Office, which is considered responsible for Pyongyang’s cyberwarfare operations.
Among them are the hacker collective Lazarus Group, linked to hundreds of millions of dollars in stolen cryptocurrency, and one of its members, Park Jin Hyok, who is on the FBI’s Most Wanted list of cybercriminals, is said to be behind it. Wannacry ransomware and other cyberattacks. .
These “are not the only targets” under scrutiny, a senior Foreign Ministry official was quoted as saying by the Korea Herald, stressing, without providing details. UPI reported that the Pyongyang University of Automation, which is believed to be training the North Korean hackers, has also been blacklisted.
The South Korean Foreign Ministry said these hackers have stolen more than $1.2 billion worth of digital currency since 2017. More than half of it came from last March’s attack on Ronin, the online gambling blockchain network. Axis Infinity.
According to a draft UN report prepared by independent sanctions monitors, North Korea stole more crypto assets in 2022 than in any previous year. The document, which has not yet been made public, cites different estimates, including an assessment that the virtual money obtained by hackers who worked for Pyongyang during the study period exceeded $1 billion in value.
Do you expect South Korea to expand sanctions against the North in the future? Tell us in the comments section below.
image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
