South Korea Sanctions North Korean Hackers Over Crypto Heists
South Korea has imposed sanctions on 15 North Korean IT agents and one organization accused of illicit activities, including funding the Democratic People’s Republic of Korea (DPRK)’s nuclear weapons program. The sanctioned individuals reportedly engaged in “overseas foreign currency-earning activities”, funneling proceeds to Pyongyang’s missile development projects.
These include Kim Cheol-min, accused of going undercover for companies in the United States and Canada to make lucrative foreign currency for North Korea. Another, Kim Ryu Song, was recently indicted by U.S. lawmakers on charges of breaching sanctions, money laundering, and identity theft, allegedly raking in more than $88 million in six years.
North Korean Hackers and Global Crypto Thefts
North Korean hackers have emerged as some of the most dangerous elements when it comes to global cryptocurrency security. The infamous groups like Lazarus Group were implicated in some major cyberattacks, such as a $600 million breach against Ronin. These were responsible for more than 61% of all cryptocurrencies stolen worldwide in 2024.
The group said that DPRK-affiliated hackers stole $1.34 billion in digital assets across 47 incidents in 2024-up 102% from $660 million in 2023. While there is a decline in attacks, the value stolen is on the rise, depicting an improvement in hacking techniques.
South Korea’s Response Amid Growing Global Threat
New sanctions reflect the growing unease that North Korea inspires across the globe because of the country’s cyber activities. The stolen funds support its munitions and nuclear programs, creating a dual threat of financial and geopolitical instability.
The South Korean Ministry of Foreign Affairs has reiterated its commitment to putting a halt to such activities through international cooperation. It also pointed out the increased sophistication of the DPRK in targeting larger digital assets, with attacks often yielding profits between $50 and $100 million.
2025 Outlook: Threat on the Rise
Meanwhile, as North Korea gets better at hacking, more and more major, multimillion-dollar hacks are in store for 2025. Chainalysis warned that while the number of attacks may be lower, their scale and impact would grow.
Governments and blockchain platforms are urged to apply stronger cybersecurity measures against this growing threat in order to protect the integrity of the crypto ecosystem.
