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South Korea Fights Back Against Crypto Thefts With North Korea Sanctions

1 min
Updated by Geraint Price
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In Brief

  • South Korea sanctions four North Korean individuals and seven institutions for crypto thefts and cyber crimes.
  • North Korea funds weapons of mass destruction through cryptocurrency thefts.
  • One of the sanctioned parties, the Lazarus group, is responsible for the Ronin Bridge and Harmony Bridge attacks.
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South Korea has announced it will sanction specific individuals and entities in North Korea in retaliation against crypto thefts and cyber crimes.

The country is embracing blockchain technology to build public infrastructures such as the Seoul metaverse, while its neighbor is using the same technology to carry out crimes.

The Federal Bureau of Investigation (FBI) said earlier that North Korea funds ballistic missiles and weapons of mass destruction programs through cryptocurrency thefts. Hence, the South Korean government is taking steps to tackle down illicit activities of North Korea.

Infamous Lazarus Group Among Groups Sanctioned

According to South Korea’s Ministry of Foreign Affairs press release, the government has issued sanctions against four North Korean individuals and seven agencies for illegal cyber activities. The screenshot attached below lists the sanctioned parties.

South Korea sanctions four individuals and seven agencies.
Source: MOFA Press release

Among the list of sanctioned parties, the government has also included the infamous Lazarus Group. The North Korean government sponsors the cybercrime organization to commit crypto thefts.

Lazarus Group was responsible for the $100 million Harmony Bridge hack and the $620 million Ronin Bridge heist.

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Harsh Notariya
Harsh started investing in crypto during the 2021 bull market. He took the opportunity of the market crash in May to learn more about Bitcoin and blockchain technology. Since...