The South Korean government is reportedly preparing to introduce legislation aimed at tracking and freezing North Korean cryptocurrency.
South Korea Plans To Strengthen Its Cybersecurity System
The South Korean government is reportedly preparing to introduce legislation aimed at tracking and freezing North Korean cryptocurrency and virtual assets used to finance illicit weapons programs.
Multiple anonymous government sources revealed this development, emphasizing the need to bolster the country's cybersecurity framework.
According to an unnamed government official, the bill would coincide with the president's stance that cybersecurity measures need to be improved.
The proposed legislation will most likely include provisions for tracking and neutralizing cryptocurrency and virtual assets stolen by North Korea via hacking and exploits.
In addition to the cybersecurity bill, the government intends to form a national cybersecurity committee that will report directly to the president. This committee, led by the National Security Office's chief and included the NIS director, would implement different measures to bolster the country's defenses against hacking attempts by foreign entities.
North Korean hackers have been involved in a number of cyberattacks, resulting in the loss of substantial digital assets. TRM Labs, a blockchain intelligence startup, claimed in August that North Korean cyberattacks have cost victims over $2 billion since 2018. North Korea stole $200 million in crypto in 2023 alone, accounting for 20% of the total stolen assets for the year.
