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South Korea sanctions 15 North Koreans over crypto thefts

South Korea sanctions 15 North Koreans over crypto thefts

Grafa2024/12/27 05:50
By: Isaac Francis
RON-3.58%

South Korea has imposed sanctions on 15 North Korean individuals and one IT organisation accused of generating funds for North Korea's nuclear weapons program through crypto heists and cyber theft.

The sanctions were announced on December 26 by South Korea’s Ministry of Foreign Affairs, marking an intensified effort to curb North Korea’s use of cybercrime to fund its weapons development.

The individuals include Kim Cheol-min from the 313th General Bureau, alleged to have earned substantial foreign currency through undercover work for U.S. and Canadian companies.

Another individual, Kim Ryu Song, was indicted in the United States on December 11 for sanctions violations, money laundering, and identity theft, reportedly generating over $88 million in revenue across six years.

These sanctions come amid growing concerns over North Korea’s escalating cyber activities.

Data from Chainalysis reveals that North Korean hackers stole $1.34 billion worth of cryptocurrency across 47 incidents in 2024, a 102% increase from $660 million stolen in 2023.

This accounts for 61% of the total crypto theft value globally in 2024.

The infamous Lazarus Group, often linked to North Korean state-backed cyber operations, remains a prime suspect in significant heists, including the $600 million Ronin (CRYPTO:RON) network hack.

Experts note that while the total number of hacking incidents decreased in 2024, the frequency of high-value attacks ranging from $50 million to $100 million has surged, indicating a shift toward more sophisticated and lucrative operations.

South Korea’s move adds to international efforts targeting North Korean cyber activities.

Governments worldwide are increasing scrutiny on these operations, which are seen as a critical funding source for Pyongyang's nuclear ambitions.

Despite sanctions and heightened vigilance, North Korea's hackers continue to refine their techniques, raising concerns about potential threats in 2025.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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