South Korea has imposed sanctions on 15 North Koreans and one organization linked to high-profile cryptocurrency heists and cyber thefts, potentially funding Pyongyang’s nuclear weapon development. The individuals, affiliated with North Korean IT organizations, are accused of generating substantial foreign currency earnings for the country’s nuclear and munitions programs. Among those sanctioned is Kim Cheol-min from the 313 General Bureau, who allegedly funneled significant funds into North Korea by covertly working for companies in the United States and Canada. Another individual, Kim Ryu Song, previously faced U.S. accusations of violating sanctions, money laundering, and identity theft, reportedly amassing $88 million over six years.
This move by South Korea follows a broader global crackdown on North Korean hackers, with the isolated nation responsible for over half of the cryptocurrency value stolen in 2024. In total, North Korean hackers looted over $1.34 billion worth of digital assets across 47 incidents that year, accounting for over 61% of the global crypto theft and showing a worrying trend in the increasing size and frequency of these cyberattacks. The illicit activities are primarily linked to the infamous Lazarus Group, known for executing large-scale hacks such as the $600 million Ronin network breach. The staggering figures highlight North Korea’s growing sophistication in executing significant exploits, raising concerns for future security in the cryptocurrency sector.
