South Korea sanctions 15 North Koreans for crypto heists and cyber theft

Key Points

  • South Korea sanctions 15 North Koreans for crypto heists and cyber theft, targeting funds for North Korea's nuclear weapons program.
  • North Korean hackers, including the Lazarus Group, are blamed for over half of the cryptocurrency stolen in 2024.
  • Sanctioned individuals like Kim Cheol-min and Kim Ryu Song were involved in earning foreign currency for North Korea's nuclear and missile programs.
  • In 2024, North Korean hackers stole $1.34 billion worth of digital assets, a 102% increase from the previous year.
  • The sophistication of North Korean cyber attacks is increasing, with more frequent high-value thefts.

Summary

South Korea has imposed sanctions on 15 North Korean IT organization members and one related group for their involvement in cryptocurrency heists and cyber thefts aimed at funding North Korea's nuclear weapons development. These actions come in the wake of a year where North Korean hackers, notably the Lazarus Group, were responsible for over half of the cryptocurrency stolen globally in 2024. The sanctioned individuals, including Kim Cheol-min and Kim Ryu Song, were found to have earned significant foreign currency through overseas activities, which was then funneled into North Korea's nuclear and missile programs. According to Chainalysis, North Korean hackers stole over $1.34 billion in digital assets in 2024, marking a significant increase from the previous year. This escalation in theft value and frequency, particularly in high-value attacks, indicates an improvement in the DPRK's hacking capabilities, posing a growing threat to the security of the cryptocurrency space.

cointelegraph
December 26, 2024
Crypto
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