South Korea announced sanctions on 15 individuals and one organization from North Korea for illegal cyber activities and cryptocurrency theft.
Reason for Sanctions
This move is the latest effort by South Korea to curb the Democratic People's Republic of Korea's (DPRK) increasing reliance on cybercrime to fund its regime. Those sanctioned are linked to Bureau 313, a branch of the Machinery Manufacturing Industry Department of the Workers' Party of Korea.
Details of Sanctions
According to South Korea's Foreign Ministry, this unit oversees North Korea's weapons production, including its ballistic missile program. Sanctions were imposed on individuals known to conceal their identities and work for global IT companies while engaging in information theft and cyberattacks. Kim Cheol-min, among those sanctioned, infiltrated IT companies in the US and Canada, transferring significant amounts of foreign currency to Pyongyang.
Consequences and Reactions
North Korean hackers have been linked to some of the largest cryptocurrency thefts worldwide. The Federal Bureau of Investigation has confirmed their involvement in the theft of $308 million from the Japan-based crypto firm DMM Bitcoin, which has since ceased operations.
These actions underline South Korea's persistent efforts to counter North Korea's illegal cyber activities.
