• South Korea announced its first independent sanctions related to cryptocurrency thefts and cyberattacks against North Korean groups and individuals.
• The blacklisted individuals include the infamous Park Jin-hyok, who is well-known for participating in the WannaCry ransomware assault in 2017 and the cyberattack on Sony Pictures Entertainment in November 2014.
• According to a United Nations report, North Korean hackers have stolen virtual assets worth over $1.2 billion since 2017, including $626 million in 2022.
Sanctions Against North Korea
South Korea announced its first independent sanctions related to cryptocurrency thefts and cyberattacks against specific North Korean groups and individuals. According to Seoul’s Ministry of Foreign Affairs, four North Korean individuals and seven businesses have been placed on a blacklist for their alleged involvement in cyberattacks and cryptocurrency theft.
Notable Individuals On Blacklist
The blacklisted individuals include the infamous Park Jin-hyok, Jo Myong-rae, Song Rim and Oh Chung-Seong. The most notorious of the four hackers, Park, works in information technology for the Chosun Expo Joint Venture, a front company connected to the Lazarus Group in North Korea. He is well-known for participating in the WannaCry ransomware assault in 2017 and the cyberattack on Sony Pictures Entertainment in November 2014. The United States Treasury placed him on a blacklist in 2018.
North Korean Crypto Thefts
According to information provided by the foreign ministry, North Korean hackers have stolen virtual assets worth over $1.2 billion since 2017, including $626 million in 2022. As Cointelegraph reported, a confidential United Nations report has revealed North Korean hackers stole more crypto assets in 2022 than any other year – with estimates between $650 million and $1 billion being stolen during this time period alone.
Cybersecurity Ventures Against Ransomware Threats
The sanctions against several well-known individuals and hacking groups came just hours after S. Korea announced a joint cyber venture with U.S intelligence agencies against ransomware threats. This partnership aims to prevent further attacks from happening as well as mitigate any damage caused by these attacks if they do occur – while also providing resources such as awareness campaigns about cybersecurity best practices that can help protect users from future malicious activities online .
The independent sanctions are an important measure taken by South Korea towards ensuring security within their digital space – particularly when it comes to protecting citizens from cybercriminals located outside of their jurisdiction who wish to do harm through malicious activities like stealing cryptocurrencies or launching ransomware attacks against unsuspecting individuals or companies around the world .