South Korean Government Slaps Sanctions on 15 Individuals Allegedly Involved in North Korea’s Crypto Heists

The South Korean authorities says it’s imposing sanctions on 15 North Koreans who interact in unlawful cyber actions to lift cash for his or her totalitarian state.

In a press release, South Korea’s Overseas Ministry mentioned the people – Park Heung-ryong, Yoon Jung-sik, Lee Il-jin, Kim Kyung-il, Kang Hyun-cheol, Kim Cheol-min, Lee Geum-hyung , Kim Ryu-sung, Hwang-cheol, Ahn Il-nam, Seung-cheol-beom, Lee Younger-rim and Park Dong-hyun – have been sanctioned in financing the weapons of mass destruction of North Korea (WMD) program.

The sanctioned people work as IT personnel overseas, primarily in China, Russia, Southeast Asia and Africa, the place they reportedly disguise their identities to work for IT firms or interact in data theft and cyber-attacks.

The IT workers is believed to work below the 313 Normal Bureau, a subsidiary of the Ministry of Army and Business, which oversees North Korea’s weapons manufacturing, analysis and growth.

South Korea additionally imposed sanctions on the Chosun Geumjeong Financial Data Know-how Alternate Firm, which is alleged to be concerned in sending North Korean IT personnel overseas to donate navy funds to the regime.

Blockchain analytics agency Chainalysis says North Korean hackers may have stolen $1.34 billion in 2024. A report by the United Nations (UN) Panel of Specialists additionally says that cyber plunder covers about 40% of the prices of creating weapons of mass destruction in North Korea.

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