South Korea Seeks to Freeze North’s Crypto Assets Under New Law

The authorities successful Seoul intends to taxable caller authorities tailored to facilitate the tracking and freezing of crypto utilized to money the weapons programs of North Korea. A measure has been drafted aft extended consultations betwixt ministries with the purpose to marque South Korean sanctions much effectual and amended the country’s cybersecurity.

South Korean Government Takes Aim astatine DPRK’s Stolen Digital Assets

A measure that volition let the Republic of Korea to amended way and frost assets obtained done crypto theft by the Democratic People’s Republic of Korea (DPRK) is expected to beryllium submitted by the authorities successful Seoul, the Korea Joongang Daily reported.

The authorities was initially announced by the South’s National Intelligence Service (NIS) successful November but President Yoon Suk Yeol sent it backmost for revision, demanding “practical measures to bolster nationalist security,” the work noted, quoting sources acquainted with the matter.

The draught instrumentality has been revised during months-long consultations betwixt antithetic ministries “to adhd teeth to the South’s existing sanctions” and bespeak the president’s telephone for an urgent repair of the country’s cybersecurity framework, the paper revealed connected Monday.

Citing an “administration insider,” Joongang wrote that the latest mentation of the measure features measures to “track and neutralize virtual coins and different cryptocurrency assets stolen by the North done hacking,” which were not successful the archetypal bill.

The authorities successful Pyongyang has been accused by the South Korean quality of acquiring 1.7 trillion Korean won ($1.28 billion) worthy of bitcoin (BTC) and ethereum (ETH) successful specified attacks successful 2022. And according to blockchain forensics steadfast Chainalysis, North Korean hackers person stolen much than $3 cardinal implicit the past 5 years.

Independent sanctions monitors reporting to the U.N. person recovered that hacking groups moving for North Korea person continued to attack companies successful the crypto abstraction this twelvemonth portion its authorities proceeds with the improvement of its atomic and weapons programs.

Besides the caller bill, the South Korean president’s medication besides plans to acceptable up a nationalist committee that volition woody with cybersecurity issues. Subordinated to the president, it volition beryllium headed by the main of the National Security Office and see arsenic a subordinate the manager of NIS.

Do you deliberation South Korea volition negociate to woody with the North’s crypto hacking attempts? Share your thoughts connected the taxable successful the comments conception below.