South Korea sets independent sanctions for crypto theft against North Korea

South Korea announced its archetypal autarkic sanctions related to cryptocurrency thefts and cyber attacks against definite North Korean groups and individuals.

According to Seoul's Ministry of Foreign Affairs, 4 North Korean individuals and 7 businesses person been placed connected a blacklist for their alleged engagement successful cyberattacks and cryptocurrency theft, reported a section daily. The blacklisted individuals see the infamous Park Jin-hyok, Jo Myong-rae, Song Rim and Oh Chung-seong.

The astir notorious of the 4 hackers, Park, works successful accusation exertion for the Chosun Expo Joint Venture, a beforehand institution connected to the Lazarus Group successful North Korea. He is well-known for participating successful the WannaCry ransomware battle successful 2017 and the cyberattack connected Sony Pictures Entertainment successful November 2014. The United States Treasury placed him connected a blacklist successful 2018.

FBI Wanted poster against N.Korean hacker. Source: FBI

According to accusation provided by the Foreign Ministry, North Korean hackers person stolen virtual assets worthy implicit $1.2 cardinal since 2017, including $626 cardinal successful 2022 alone. As Cointelegraph reported earlier, a confidential United Nations study has revealed North Korean hackers stole much crypto assets successful 2022 than successful immoderate different year. The UN study enactment the theft magnitude betwixt $650 cardinal and $1 billion.

North Korean hackers person been stealing much crypto than ever before. Source Chainalysis

The autarkic sanctions against North Korean hackers and hacker groups travel conscionable hours aft South Korea and the U.S. announced a associated cyber information task against ransomware attacks. The National Intelligence Service of South Korea, successful coordination with the National Security Agency (NSA) and different U.S. quality organisations, released a associated cybersecurity alert connected the menace posed by ransomware from North Korea.

Related: North Korea’s Lazarus Group masterminded $100M Harmony hack: FBI confirms

These cyber activities, which are often connected to the Reconnaissance General Bureau, the North's subject quality agency, are thought to beryllium 1 of the country’s main sources of backing for its atomic and rocket programmes contempt the state being taxable to terrible planetary sanctions.