South Korea Targets North Korean Crypto Hackers with New Sanctions
South Korea has sanctioned 15 individuals and 1 entity from North Korea for involvement in cyber crimes including cryptocurrency theft.
These individuals are linked to Bureau 313, a department under the Workers’ Party of Korea’s Machine-Building Industry Department which handles weapons and missile programs.
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The Ministry of Foreign Affairs pointed out that Bureau 313 and its affiliates have been under UN sanctions since 2016. Recent evidence shows the regime is increasingly using cybercrime to fund its military activities. Among the sanctioned is Kim Cheol-min who infiltrated IT firms in the US and Canada and transferred a large amount of money to Pyongyang.
Rising Sophistication in North Korean Cyber Tactics
The sanctioned North Korean entity sends IT professionals abroad to work undercover in global companies. These individuals, often in China and Russia, use fake identities and remote work opportunities to get contracts with crypto and Web3 companies.
A Chainalysis report showed that North Korean hackers stole $1.34 billion in cryptocurrency across 47 incidents in 2024, 61% of global crypto thefts. They are getting more and more advanced.
Recent notable breaches include a $308 million theft from Japan-based exchange DMM Bitcoin which led to the platform’s shutdown. The FBI confirmed North Korean involvement in the hack, showing the extent of the regime’s cybercrime.
Crypto Adoption Surges in South Korea
In the meantime, South Korea’s domestic crypto market is hot. By November, over 15.59 million South Koreans have accounts in the top 5 exchanges. Deposits in these platforms almost doubled, from 4.7 trillion won ($3.2 billion) in October to 8.8 trillion won ($6.03 billion) in November.
The surge in crypto adoption is due to the changing financial views of younger South Koreans. A survey showed that over 75% of those aged 20-39 distrust the national pension system and see crypto and stocks as alternative for retirement planning.
Key Takeaways
- South Korea sanctions 15 individuals and one entity tied to North Korea’s cyber thefts.
- North Korean hackers stole $1.34 billion in cryptocurrency in 2024.
- South Korea sees rising crypto adoption, with over 15 million investors.
These measures aim to curb North Korea’s illicit activities while highlighting the evolving role of cryptocurrency in global geopolitics and finance.
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