According to reports, the South Korean government intends to introduce a measure to track and freeze North Korean virtual and crypto assets used to fund illicit weapons programs.
According to a report by a local news outlet, Korea JoongAng Daily, multiple anonymous government sources confirmed on August 3 that the bill is in the works.
According to a report, an unnamed government official stated that the measure would reflect the president’s belief that the nation’s cybersecurity framework requires repair.
According to a second unnamed administration source, the most recent iteration of the bill includes provisions to “track and neutralize” cryptocurrencies and other virtual assets seized by North Korea via hacks and exploits. According to the claim, this was not included in the legislation proposed by the National Intelligence Service (NIS) in November 2022.
In addition to the new cybersecurity law, the administration reportedly plans to create a national cybersecurity committee under the president’s authority. The committee implements measures to strengthen the nation’s defenses against foreign espionage attempts against foreign opportunities.
According to the report, the National Security Information System director will lead this committee.
Using a variety of exploits, hackers from North Korea have stolen a vast quantity of digital assets from many victims. TRM Labs, a blockchain intelligence company, estimated on August 18 that North Korean cyberattacks had caused approximately $2 billion in losses since 2018.
The data suggests that North Korea stole $200 million worth of cryptocurrencies in 2023, which accounts for 20% of all funds seized this year.
In the interim, the United States Federal Bureau of Investigation (FBI) is also endeavoring to monitor North Korean government-supported hackers. On August 23, the FBI identified six Bitcoin addresses associated with the North Korean cybercrime group Lazarus. The accounts contained 1,580 Bitcoin valued at roughly $40 million, believed to be the proceeds of multiple breaches.
