The South Korean authorities plans to submit a invoice that can allow it to trace and freeze crypto belongings utilized by North Korea for its weapons program, native media outlet Korea JonngAng Every day reported on Sept. 4.
The Nationwide Intelligence Service initially launched the invoice in Nov. 2022. Subsequently, President Yoon Suk Yeon issued orders for revisions, resulting in a ten-month-long course of involving collaborations with varied authorities companies.
The revised invoice has one notable inclusion, which entails provisions for the monitoring and mitigating of cryptocurrency belongings stolen by North Korea by means of hacking actions. Moreover, the invoice seeks to reinforce the sanctions towards the neighboring nation.
North Korea is linked to numerous crypto hacks.
North Korea, already grappling with extreme financial sanctions from Western powers and allies, more and more depends on ill-gotten crypto belongings and proceeds from illicit ventures. The Asian nation has been accused of sponsoring hackers who exploit crypto initiatives to finance their weapons program from the United Nations and different Western superpowers.
For context, the U.S. has traced again a number of crypto breaches to North Korea-affiliated hacker-controlled wallets, such because the Ronin bridge exploit, which noticed the theft of over $600 million in belongings.
Chainalysis, a blockchain analytics agency, estimates North Korean hackers have stolen over $3 billion prior to now 5 years. South Korean intelligence experiences a staggering $1.2 billion in BTC and ETH stolen by North Korea in 2022 alone. A CryptoSlate report revealed that North Korean-backed hackers had stolen $497 million in cryptocurrencies from U.S. companies since 2017.
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