As part of its efforts to combat cybercrime associated with North Korea, South Korea has sanctioned 15 individuals and one company for bitcoin theft. These operations are said to fuel Pyongyang’s nuclear and missile programs, emphasizing the growing threat presented by North Korean hackers.
Kim Cheol-min is among those sanctioned, having purportedly gained work at U.S. and Canadian IT companies under false pretenses, thus funneling large sums back to North Korea’s regime. Another person, Kim Ryu Song, is suspected of making millions of dollars over six years through unlawful operations such as money laundering and identity theft.
The South Korean authorities identified these people as members of the 313th General Bureau, an organization linked to North Korea’s weapons development program. The sanctions also target an entity in charge of deploying IT personnel abroad to secure revenue for the dictatorship.
Some of the world’s largest cryptocurrency thefts have involved North Korean hackers. According to reports, they stole over $1.34 billion in digital assets in 47 cases in 2024 alone, representing a significant increase over previous years. This statistic represents more than 60% of all cryptocurrency stolen globally by 2024.
The sanctioned hackers are known to employ sophisticated strategies, penetrating worldwide IT networks and crypto businesses to get access to key systems. They employ social engineering, malware attacks, and exploit vulnerabilities in digital platforms to steal funds, which they then launder through blockchain networks to evade detection.
These penalties, which take effect on December 30, 2024, demand prior government clearance for any financial transactions involving the impacted individuals and businesses. Despite these safeguards, North Korea’s cyber capabilities remain a substantial threat to global cybersecurity and financial systems. South Korea has vowed to work with foreign partners to bolster its defenses against such threats.
