South Korea Fights Back Against Crypto Thefts With North Korea Sanctions

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.

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.

Got something to say about South Korea sanctions or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or Twitter.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here


BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.

Bookmark (0)
ClosePlease loginn

Related Posts

Bitcoin: The Best Performing Asset Class in Q1 2023

Bitcoin set for its best trading quarter in nearly 2-years.
The top cryptocurrency vastly outpaces stocks performance.
BTC is well placed for more gains in Q2 2023.

Bookmark (0)
ClosePlease loginn

USDC Supply Shrinks by $10 Billion in March, But Hits 6-Month High on Smart Contracts

USDC supply declined by $10 billion in March following its exposure to the US banking crisis.
However, the stablecoin use on smart contracts reached a six-month high of 42.08%.
Tether USDT is now the dominant stablecoin, accounting for over 60% of the market.

Bookmark (0)
ClosePlease loginn

Bittrex Quits US, Cites Unfavorable Regulatory Environment

Crypto exchange Bittrex said it was leaving the United States because of the regulatory environment.
The crypto company had had previous skirmishes with financial regulator in the country.
Crypto stakeholders have warned that the US regulatory landscape would force many firms out of the country.

Bookmark (0)
ClosePlease loginn

Solana overcomes FTX fiasco — SOL price gains 100% in Q1

The cryptocurrency market may have overreacted to Solana’s FTX links and its tainted boss, Sam Bankman-Fried.

Bookmark (0)
ClosePlease loginn

Elon Musk requests dismissal of $258B Dogecoin lawsuit: Report

The plaintiff’s brought up Musk’s Saturday Night Live appearance in 2021, where he portrayed “a fictitious financial expert” and called Dogecoin “a hustle,” resulting in a steep price decline minutes later.

Bookmark (0)
ClosePlease loginn

Here’s how the crypto industry is using artificial intelligence

The rise of artificial intelligence, though in its early stages, has found use cases in crypto through countless projects.

Bookmark (0)
ClosePlease loginn

Leave a Reply

Your email address will not be published. Required fields are marked *