It is reported that the South Korean government is planning to introduce a bill to track and freeze North Korean crypto assets used to finance illegal weapon programs. South Korea and the US are making efforts to track and secure crypto assets stolen as a result of North Korea’s cyber attacks.
First Step Taken for the Security Committee
According to a report published by the local media organization Korea JoongAng Daily, multiple anonymous government sources confirmed that the bill was prepared on August 3. The report stated that a government official, who wished to remain anonymous, said that the bill would reflect the President of South Korea’s belief that the country’s cybersecurity framework needs to be repaired.
Another unnamed source working in the administration said that the latest version of the bill includes ways to track and neutralize crypto assets stolen by North Korea through hacking and exploitation. According to the report, this provision was not included in the initial bill proposed by the National Intelligence Service (NIS) in November 2022.
In addition to the new cybersecurity bill, it is also reported that the administration plans to establish a national cybersecurity committee directly under the control of the president. The committee implements various measures to strengthen the country’s defense against hacking attempts by foreign organizations. According to the news, the National Security Office chief will chair this committee, which will also include the NIS director.
A Total of $2 Billion Stolen
North Korean hackers have stolen a significant amount of crypto assets from numerous victims through various exploits. On August 18, blockchain intelligence firm TRM Labs estimated that approximately $2 billion has been lost in North Korean cyber attacks since 2018. The data shows that North Korea is responsible for the theft of $200 million worth of crypto assets in 2023 alone, which accounts for 20% of all funds stolen this year.
Meanwhile, the United States Federal Bureau of Investigation (FBI) is also making efforts to track North Korean state-sponsored hackers. On August 23, the FBI flagged six Bitcoin wallets associated with the North Korean hacking group Lazarus. These wallets contained approximately 1,580 Bitcoins worth about $40 million, believed to be crypto assets seized by various hackers.
