South Korea now prohibits transactions related to North Korean crypto theft
Key Points: In response to specific North Korean individuals and groups, South Korea imposed separate sanctions against crypto thefts.
For allegedly using illegal cyber operations to finance nuclear and missile development, seven organizations and four North Korean individuals have been placed on the government’s blacklist.
It had been only a few hours since South Korea declared a joint cyber initiative with U.S intelligence agencies to combat ransomware threats.
South Korea has imposed its first round of unilateral sanctions in response to cyberattacks and cryptocurrency thefts against North Korean individuals and organizations.
“This is the first time that the South Korean government has issued cyber sector sanctions against North Korea. It is expected that this will be used to alert the world about the risk of North Korean virtual asset trading. The virtual asset wallet address will be used as the identification information for the subject of the sanctions.
According to Seoul’s Ministry of Foreign Affairs, four North Korean individuals and seven companies have been added to a blacklist. They are accused of participating in cyberattacks or cryptocurrency theft. Park Jin-hyok and Jo Myong-rae are the most well-known of the hackers. Oh Chung-Seong is also on the blacklist. He was well-known for his involvement in the Sony Pictures Entertainment hack in November 2014, and the WannaCry ransomware attack in 2017. He was famous for his involvement in the Sony Pictures Entertainment breach in November 2014 and WannaCry ransomware campaign in 2017. According to the U.S. Federal Bureau of Investigation, the theft of $100 million worth of cryptocurrency from Horizon Bridge was also orchestrated by two North Korean cyber gangs. According to the warning, a $600 million attack was carried out in March using an Ethereum wallet that is US-blacklisted. It is believed to have been orchestrated by two North Korean cyber gangs. Crypto transactions are prohibited by the laws of the country that prohibit funding terrorism. Just hours ago, the US and South Korea launched a joint cybersecurity initiative to combat ransomware. Separate sanctions have been imposed on hackers and hacking groups from North Korea. The National Intelligence Service of South Korea and the National Security Agency published a coordinated cybersecurity advisory about the dangers of North Korean hackers and hacking groups. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuHaroldCoincu NewsTags: Crypto ThefthackLazarus GroupNorth KoreanSouth Korea