In response to cryptocurrency thefts and cyberattacks against well-known North Korean hacking groups, individuals, and organizations South Korea has imposed its first round of independent sanctions.
Four North Korean people and seven firms have reportedly been added to a blacklist for allegedly participating in cyberattacks and cryptocurrency theft, according to Seoul’s Ministry of Foreign Affairs. The notorious Park Jin-hyok, Jo Myong-rae, Song Rim, and Oh Chung-Seong are among those on the blacklist.
The most infamous of the four hackers, Park, works in IT for the Chosun Expo Joint Venture, a sham organization associated with the Lazarus Group in North Korea.
He gained notoriety for taking part in the Sony Pictures Entertainment breach in November 2014 and the WannaCry ransomware campaign in 2017. In 2018, the US Treasury added him to a list of people to avoid.
The foreign ministry’s evidence indicates that hackers from North Korea have stolen virtual assets totaling more than $1.2 billion since 2017, including $626 million in 2022.
According to a private United Nations assessment, 2022 was the year when North Korean hackers stole most cryptocurrency assets. The heist cost was estimated by the U.N. report to be between $650 million and $1 billion.
Just a few hours ago, South Korea and the US launched a collaborative cybersecurity initiative to combat ransomware attacks. Now, separate sanctions have been imposed against North Korean hackers and hacking organizations.
A coordinated cybersecurity advisory on the dangers of North Korean ransomware was published by the National Intelligence Service of South Korea, the National Security Agency, and other U.S. intelligence agencies.
Despite being subject to harsh international sanctions, North Korea is believed to use these cyber operations, which are commonly linked to the Reconnaissance General Bureau, as one of its key sources of revenue for its nuclear and missile programs.
