South Korea is preparing to fight against its neighbor's illegal crypto-related activity.
South Korea is reportedly drafting legislation to monitor and freeze cryptocurrency connected to North Korean illicit activities. The move comes as part of an intensified effort to counter threats on national and global levels.
On August 3rd, confidential government sources indicated that a bill aimed at curbing North Korean crypto activities is being developed.
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The bill is reportedly shaped by the President's stance that the national cybersecurity infrastructure requires immediate fortification.
A separate anonymous official from the administration elaborated that the updated draft includes provisions for identifying and neutralizing cryptocurrency assets illicitly acquired by North Korea through hacking exploits. This is a significant addition to the initial bill proposed by the National Intelligence Service (NIS) in November 2022.
The South Korean government isn't just stopping at legislation. It is also said to be in the planning stages for a national cybersecurity committee, falling under the direct purview of the President.
The cybersecurity body would be tasked with enforcing a range of protective measures against cyberattacks from abroad. The chief of the National Security Office is expected to head this committee.
The need for such actions is underscored by data showing the extent of North Korean hacking activities. A recent study by blockchain intelligence firm TRM Labs revealed that North Korea has been responsible for stealing approximately $2 billion in digital assets since 2018. The report also indicates that in 2023 alone, North Korean hackers stole $200 million in cryptocurrencies, making up 20% of all crypto thefts this year.
South Korea is taking decisive steps, both legislative and organizational, to counter North Korean cyber activities involving cryptocurrencies. As this unfolds, it highlights the critical role of digital assets in national security agendas.
