South Korea Bans North Korean Crypto-Hacking Groups

North Korean hackers have stolen virtual assets worth over $1.2 billion since 2017, with $626 million of that amount being stolen in 2022 alone.
Four individuals and seven businesses have been placed on a blacklist for their alleged involvement in hacking and cyberattack.
South Korea and the United States announced a joint cybersecurity venture to combat ransomware attacks.

Soon after S. Korea declared a cooperative cyber project with U.S. intelligence agencies to combat ransomware threats, penalties were imposed against a number of well-known individuals and hacking groups.

South Korea has taken a bold step in the fight against cybercrime, announcing its first independent sanctions against North Korean groups and individuals linked to cryptocurrency theft and cyberattacks. According to the Ministry of Foreign Affairs, four individuals and seven businesses have been placed on a blacklist for their alleged involvement in these activities.

The most notorious of the four hackers is Park Jin-hyuk, who works in information technology for the Chosun Expo Joint Venture, a front company connected to the Lazarus Group in North Korea. He is widely known for his involvement in the WannaCry ransomware attack in 2017 and the cyberattack on Sony Pictures Entertainment in 2014. In 2018, the United States Treasury placed him on a blacklist.

According to information provided by the Foreign Ministry, North Korean hackers have stolen virtual assets worth over $1.2 billion since 2017, with $626 million of that amount being stolen in 2022 alone. According to reports, a confidential United Nations report has revealed that North Korean hackers have stolen more crypto assets in 2022 than in any other year, with the total amount of theft estimated to be between $650 million and $1 billion.

The independent sanctions against North Korean hackers and hacker groups were imposed just hours after South Korea and the United States announced a joint cybersecurity venture to combat ransomware attacks. The National Intelligence Service of South Korea, in collaboration with the National Security Agency and other U.S. intelligence organizations, issued a joint cybersecurity alert warning of the potential danger posed by ransomware originating from North Korea. This joint effort is a testament to the commitment of both countries to protect their citizens from malicious cyber threats.

Cyber activities, often linked to North Korea’s Reconnaissance General Bureau (RGB) – the country’s military intelligence agency – are believed to be a primary source of funding for its nuclear and missile programs, despite the country being subject to stringent international sanctions.

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