The South Korean government is set to introduce a bill aimed at freezing and tracking North Korean cryptocurrency and virtual assets used to bankroll illegal weapons programs, as reported by Korea JoongAng Daily. The news comes amid concerns over North Korea's increased hacking activities to amass significant amounts of cryptocurrency.
Multiple anonymous governmental sources confirmed on August 3 that preparations for the bill were underway. One of these insiders emphasized the need for bolstering the nation's cybersecurity structure. This sentiment aligns with the president's belief in revamping the country's current cybersecurity framework.
The latest iteration of the bill, unlike its predecessor proposed by the National Intelligence Service (NIS) in 2022, contains measures to "track and neutralize" cryptocurrencies and virtual assets illicitly obtained by North Korea. These funds are frequently procured via sophisticated hacking operations and digital theft.
In addition to this legislation, there's an ongoing initiative to establish a national cybersecurity committee, which will operate directly under the president. This committee aims to bolster South Korea's defenses against hacking attempts, primarily from foreign actors. Top officials, including the National Security Office’s chief and the director of the NIS, are expected to oversee this committee.
Blockchain intelligence firm TRM Labs recently revealed startling figures concerning North Korean digital heists. Their data indicates that North Korean hackers have made off with approximately $2 billion in digital assets since 2018. Furthermore, in 2023 alone, these hackers are believed to be behind the theft of crypto assets valued at around $200 million, accounting for a fifth of the total cryptocurrency thefts this year.
On a related note, the US Federal Bureau of Investigation (FBI) has also intensified its operations to identify and halt North Korean hacking activities. On August 23, six Bitcoin wallets, believed to be connected with the notorious North Korean hacking group Lazarus, were flagged by the FBI. These wallets held Bitcoin valued at approximately $40 million, which is suspected to be the proceeds from various cybercrimes.
As global governments double down on cybersecurity measures, it's evident that the focus on crypto-related thefts, especially those linked to potentially hostile nations, is only set to intensify.
