The South Korean government has taken a strong stance against North Korean individuals involved in illicit cyber activities to fund their totalitarian state. In a recent announcement, the Ministry of Foreign Affairs in South Korea revealed that sanctions have been imposed on 15 individuals who have been aiding in financing North Korea’s weapons of mass destruction (WMD) program.
The sanctioned individuals, including Park Heung-ryong, Yoon Jung-sik, Lee Il-jin, and others, are said to be working as IT personnel overseas, particularly in countries like China, Russia, Southeast Asia, and Africa. These individuals allegedly conceal their identities while working for IT companies or carrying out information theft and cyber attacks. It is believed that they operate under the 313 General Bureau, a division of the Ministry of Military and Industry responsible for overseeing North Korea’s weapons production and research.
Additionally, the Chosun Geumjeong Economic Information Technology Exchange Company has also been sanctioned for its involvement in sending North Korean IT personnel abroad to contribute funds to the regime’s military activities. According to a report from blockchain analytics firm Chainalysis, North Korean hackers managed to steal a staggering $1.34 billion in 2024. The United Nations Panel of Experts further highlighted that cyber plundering accounts for approximately 40% of the expenses related to North Korea’s WMD development.
The South Korean government’s decision to impose sanctions on these individuals and entities underscores the country’s commitment to curbing illicit activities that could potentially threaten regional security. The move also serves as a warning to those involved in cybercrime that there will be consequences for supporting regimes engaged in illicit activities.
For the latest updates on this ongoing situation and other news in the cryptocurrency and cybersecurity realms, be sure to subscribe to receive email alerts directly to your inbox. Stay informed and stay ahead of the curve.