South Korea sets independent sanctions for crypto theft against North Korea


South Korea announced its first independent sanctions related to cryptocurrency thefts and cyberattacks against specific North Korean groups and individuals.

According to Seoul’s Ministry of Foreign Affairs, four North Korean individuals and seven businesses have been placed on a blacklist for their alleged involvement in cyberattacks and cryptocurrency theft. The blacklisted individuals include the infamous Park Jin-hyok, Jo Myong-rae, Song Rim and Oh Chung-Seong.

How To Get Free Crypto  

The most notorious of the four hackers, Park, works in information technology for the Chosun Expo Joint Venture, a front company connected to the Lazarus Group in North Korea. He is well-known for participating in the WannaCry ransomware assault in 2017 and the cyberattack on Sony Pictures Entertainment in November 2014. The United States Treasury placed him on a blacklist in 2018.

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

According to information provided by the foreign ministry, North Korean hackers have stolen virtual assets worth over $1.2 billion since 2017, including $626 million in 2022. As Cointelegraph reported, a confidential United Nations report has revealed North Korean hackers stole more crypto assets in 2022 than in any other year. The U.N. report put the theft amount between $650 million and $1 billion.

North Korean hackers have been stealing more crypto than ever before. Source Chainalysis

The independent sanctions against North Korean hackers and hacker groups come just hours after South Korea and the United States announced a joint cybersecurity venture against ransomware attacks. The National Intelligence Service of South Korea, in coordination with the National Security Agency and other U.S. intelligence organizations, released a joint cybersecurity alert on the threat posed by ransomware from North Korea.

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

These cyber activities, which are frequently connected to the Reconnaissance General Bureau — North Korea’s military intelligence agency — are thought to be one of the country’s main sources of funding for its nuclear and missile programs despite the country being subject to severe international sanctions.

Coinbase Banner  

Go to Source
Author: Prashant Jha

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.