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 <p class="is-style-lead">South Korea is getting ready to upgrade its <a rel="noopener noreferrer nofollow" title="cyber" href="https://thebittimes.com/tag/cyber.html">cyber</a>security to stop North Korean <a rel="noopener noreferrer nofollow" title="cyber" href="https://thebittimes.com/tag/cyber.html">cyber</a>attacks, especially those involving <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies.</p> 
 <p>Local reports indicate that high-ranking government officials view crypto as a crucial facilitator of Pyongyang’s illicit weapons programs, highlighting a perceived lack of vigilance in this regard during the previous administration.</p> 
 <p>The forthcoming legislation seeks to counteract the exploitation of digital <a rel="noopener noreferrer nofollow" title="assets" href="https://thebittimes.com/tag/assets.html">assets</a> acquired by North Korean hackers. </p> 
 <p>This is an addition that was absent from the draft initially proposed by the National Intelligence Service (NIS) in the previous year. </p> 
 <p>Intelligence reports reveal that North Korean hackers managed to pilfer $1.28 billion worth of coins in 2022, employing tactics such as ransomware, scams, fraud, and various cyberattacks. </p> 
 <p>This underscores the critical urgency for implementing robust countermeasures.</p> 
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 <p>Yoon Han-hong, a People Power Party representative serving on the National Policy Committee, pointed out that <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="assets" href="https://thebittimes.com/tag/assets.html">assets</a> approximating $52.46 million have likely been funneled through South Korean exchanges by North Korean hackers in the last four years.</p> 
 <figure class="wp-block-image size-large is-resized"> 
  <img decoding="async" src="https://cdn.thebittimes.com/images/2023/09/05/6ca2695f22142984d6ff4bf93ce6d22f.webp" alt="North Korea Crypto" class="wp-image-14191532" style="width: 100%;height:431px" width="889" height="431"> 
 </figure> 
 <p>According to Anne Neuberger, US Deputy National Security Advisor for Cyber and Emerging Technology, about half of North Korea’s missile program financing is from digital theft and <a rel="noopener noreferrer nofollow" title="cyber" href="https://thebittimes.com/tag/cyber.html">cyber</a>attacks. </p> 
 <p>This information aligns with the increase in the country’s missile tests, marking a surge in both cyber and military activities.</p> 
 <p>Chainalysis, a blockchain analytics firm, has substantiated these claims, revealing that North Korea has illicitly obtained over $3 billion through cybercrime in the last five years. </p> 
 <p>Additionally, United Nations sanctions experts have linked North Korea to using stolen funds to support its prohibited nuclear and missile programs.</p> 
 <p>South Korea’s move is when the US Federal Bureau of Investigation (FBI) is intensifying its scrutiny of North Korean hackers. </p> 
 <p>In August, the bureau identified six Bitcoin wallets connected to the Lazarus Group, a North Korean hacking syndicate, with roughly $40 million worth of Bitcoin (BTC). </p> 
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> FBI identifies six Bitcoin addresses controlled by North Korean hackers 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/seoul-to-target-north-korea-s-illicit-crypto-assets-with-a-new-cyber-bill-tbt61507.html">https://thebittimes.com/seoul-to-target-north-korea-s-illicit-crypto-assets-with-a-new-cyber-bill-tbt61507.html</a></p>

Seoul to target North Korea’s illicit crypto assets with a new cyber bill

TheBitTimes

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