Seoul plans new cyber bill to target North Korean illicit crypto assets

It is reported that South Korea is planning to come out with new cybersecurity legislations to thwart North Korea’s illegal crypto asset trade.

South Korean high-ranking government officials view that cryptocurrency has been facilitating North Korea’s nuclear and missile program, and the draft which was initially proposed by the National Intelligence Service (NIS) lacked measures to counteract the exploitation of digital assets acquired by North Korean hackers.

Intelligence reports reveal that North Korean hackers, through ransomware attacks, scams, frauds, and other forms of cyberattacks, have stolen $1.28 billion worth of coins in 2022.

Yoon Han-hong, a People Power Party representative who serves on the National Policy Committee, has stated that North Korean hackers in the last four years have funneled around $52.46 million in crypto assets through South Korea.

Anne Neuberger, US Deputy National Security Advisor for Cyber and Emerging Technology, has alleged that almost half of North Korea’s missile program is being financed from digital theft and cyberattacks. Blockchain analytics firm Chainalysis claims that North Korea has illicitly obtained over $3 billion through cybercrime in the last five years.