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South Korea releases independent Crypto sanction against North Korea

Cryptopia hack update

The South Korean authorities released its separate sanction set amid increasing Cybercrime & Crypto theft activities by North Korean hackers. 

South Korea is a technology adaptive country and this country is the opposite version of North Korea. The whole world is aware of North Korea & its insane missile & weapon programs. In the past, many intelligence reports claimed the North Korean government supports many hacking groups to facilitate cybercrime in the world. 

Recently South Korea’s Ministry of Foreign Affairs released an independent sanction in which they included four North Korean individuals and seven businesses. All the added businesses & individuals were linked with Cybercrime & Crypto theft activities. The blacklisted individuals are Park Jin-hook, Jo Myong-rae, Song Ri,m and Oh Chung-Seong.

Just before this set of sanctions, South Korea and the U.S. announced a joint cyber security venture against ransomware attacks. Here we can assume that South Korea & the US are now working together to fight against North Korean hacking groups.

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According to a South Korean government report, North Korean hackers have stolen approximately $1.2 billion since 2017 and strangely they stole $626 million in 2022 alone. 

Recently crypto analytic platform Chainalysis reported that the majority of the hack attacks in the Crypto sector in 2022 were linked with North Korean hackers. And hackers mainly targeted Defi platforms.

South Korea releases independent Crypto sanction against North Korea 1
North Korean hackers have been stealing more crypto than ever before. Source Chainalysis

In 2022, a Few reports noted that the North Korean government used Cryptocurrencies, stolen by North Korean hackers, to fund the country’s missile programs. These things are showing that Cryptocurrencies have a very big potential to fight against any big sanction easily, so there is a need for a global regulatory framework to prohibit the illegal use of cryptocurrencies.

Read also: LocalBitcoins decides to shut down its services

South Korea releases independent Crypto sanction against North Korea



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