SOUTH KOREA SANCTIONS 15 NORTH KOREAN HACKERS FOR CRYPTO THEFT!

South Korea has imposed sanctions on 15 North Korean hackers and one entity for their involvement in cryptocurrency theft and other cybercrimes. These individuals are linked to Bureau 313, an organization under the Workers' Party of Korea's Machine-Building Industry Department, which oversees North Korea's weapons production, including its ballistic missile program.

The sanctioned hackers are accused of infiltrating IT firms in countries like the US, Canada, China, Russia, Southeast Asia, and Africa, using false identities and manipulating company operations to steal cryptocurrencies. One of the hackers, Kim Cheol-min, allegedly laundered money for firms in the US and Canada, transferring large sums of foreign currency to finance North Korea's nuclear program.²

The sanctions come after a record year of cybercrime, with hackers stealing approximately $2.3 billion in cryptocurrencies in 2024, a 40% increase from 2023. North Korean hackers are believed to be responsible for $1.34 billion of that amount, accounting for 61% of the total cryptocurrency stolen globally.

The South Korean government aims to block North Korea's illegal cyber activities and cut off financing for its nuclear program.

The sanctions are part of a broader effort to combat cybercrime and protect the global cryptocurrency market.