South Korea sanctions North Korean hackers to combat large-scale cryptocurrency theft

In the latest news, South Korea has taken action against 15 North Korean hackers suspected of cybercrime and one entity, due to their alleged involvement in large-scale cryptocurrency theft. This has drawn global attention, as North Korea is suspected of using cyber operations to fund its weapons programs while evading international sanctions.

The South Korean Ministry of Foreign Affairs revealed that those sanctioned are linked to the 313 Bureau under the Mechanical Industry Department of the Workers' Party of Korea, which has been sanctioned by the United Nations Security Council since 2016. They often send personnel to IT companies around the world, ostensibly for normal employment, but are actually engaged in cryptocurrency theft.

For example, a person named Kim Cheol-min infiltrated IT companies in the United States and Canada, transferring large amounts of foreign currency back to North Korea. There is also a sanctioned corporate entity that specializes in dispatching IT personnel overseas to raise illegal funds for the North Korean regime and military.

According to a report by Chainalysis, last year, North Korean hackers stole approximately $1.34 billion worth of cryptocurrency in 47 incidents worldwide, accounting for 61% of the total global cryptocurrency thefts in 2023. These hackers employ advanced techniques to breach company networks and then steal digital assets.

While South Korea's sanctions are an important step, truly mitigating North Korea's cyber threats will require global cooperation and more advanced cybersecurity measures. The South Korean government stated that they will continue to work with the international community to curb North Korea's illegal cyber activities.

Regarding South Korea's sanctions against North Korea, some believe that this move may be a political retaliation utilizing its power against North Korea. However, others question whether South Korea's implementation of these sanctions is based on political motives or a commitment to maintaining cybersecurity and international rules. Additionally, whether these sanctions can effectively combat North Korea's cybercrime is also a matter of concern.

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