South Korea is planning to enhance the sanctions imposed on North Korea by introducing a revised bill that was first announced in November 2022. According to local news reports, Yoon Suk Yeol has directed the revision of the bill to include practical measures that will enhance national security. SK to Freeze NK Crypto Assets with New Bill.
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A Revised Bill
Reports suggest that the South Korean Government is planning to introduce a bill that proposes tracking and freezing of North Korean crypto assets. The bill aims to strike at Pyongyang's weapons program, which is allegedly funded by its crypto assets. The original version of the bill was introduced in November 2022 but was pulled back for revisions. The new bill, resulting from 10 months of deliberations and consultations between various South Korean government agencies, contains provisions explicitly designed to track and neutralize cryptocurrencies and other virtual assets stolen by North Korea and North Korea-backed hackers such as the Lazarus Group. South Korean President Yoon Suk Yeol has issued instructions regarding the bill's revision, which is now expected to add to South Korea's existing sanctions against its neighbor. Government sources indicate that the South Korean president felt that the country's cybersecurity framework requires urgent repairs.
North Korea’s Long List Of Hacks
According to the National Intelligence Service of South Korea, North Korean hackers have stolen more than $180 million in cryptocurrency during the first half of 2023. The Lazarus Group, in particular, has been responsible for a growing list of crypto hacks and attacks, which have had a significant impact on the industry. Chainalysis reports that North Korea and the Lazarus Group have stolen approximately $3 billion in crypto over the past five years.
In addition, South Korean Intelligence estimates that North Korea stole $1.7 billion worth of cryptocurrency in 2022 alone, with a focus on Bitcoin and Ethereum.
“The growth in Pyongyang’s haul from cyber crime has corresponded with a sharp rise in missile tests by the regime, which launched over 90 cruise and ballistic missiles last year and conducted its first successful test of a solid-fuel intercontinental ballistic missile in April.”
The Lazarus Group is suspected to be behind some of the most crippling and high-profile hacks in the crypto space. A recent hack was that of CoinsPaid, an entity linked to crypto payments processor Alphapo, which disclosed it was the victim of an exploit worth $37 million in July.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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