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Governments around the world have escalated efforts to hold hackers accountable for cryptocurrency thefts, with North Korea at the center of attention.
In 2024, hackers linked to the country were blamed for stealing more than half of the total value of cryptocurrencies globally.
South Korea has recently demanded sanctions on 15 individuals and one organization connected to North Korea.
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According to a December 26 announcement by the Ministry of Foreign Affairs, these individuals are accused of generating funds to support North Korea’s nuclear missile program and its Munitions Industry Department. These funds were allegedly collected through “overseas foreign currency-earning activities” conducted overseas.
One of the sanctioned individuals, Kim Cheol-min of the 313th General Bureau, reportedly earned large amounts of money by working for companies in the United States and Canada. This money was then funneled to North Korea’s nuclear weapons development efforts.
Additionally, one of the most infamous groups, the Lazarus Group, has been connected to some of the largest cyber heists in the Web3 space. This includes the $600 million breach of the Ronin network.
As South Korea imposes its sanctions, international allies are also stepping up efforts to combat North Korea’s crypto schemes. The US Treasury and United Arab Emirates (UAE) recently joined forces to target networks laundering crypto for North Korea. Did they successfully shut down the criminal network? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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