South Korea Sanctions 11 North Korean Parties for Crypto Crimes

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South Korea has announced it will sanction specific individuals and entities in North Korea in retaliation against crypto thefts and cyber crimes.

The country is embracing blockchain technology to build public infrastructures such as the Seoul metaverse, while its neighbor is using the same technology to carry out crimes.

The Federal Bureau of Investigation (FBI) said earlier that North Korea funds ballistic missiles and weapons of mass destruction programs through cryptocurrency thefts. Hence, the South Korean government is taking steps to tackle down illicit activities of North Korea.

Infamous Lazarus Group Among Groups Sanctioned

According to South Korea’s Ministry of Foreign Affairs press release, the government has issued sanctions against four North Korean individuals and seven agencies for illegal cyber activities. The screenshot attached below lists the sanctioned parties.

Source: MOFA Press release

Among the list of sanctioned parties, the government has also included the infamous Lazarus Group. The North Korean government sponsors the cybercrime organization to commit crypto thefts.

Lazarus Group was responsible for the $100 million Harmony Bridge hack and the $620 million Ronin Bridge heist.

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Disclaimer

BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.





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