The South Korean government is reportedly in the process of crafting a comprehensive bill aimed at tracking and freezing North Korean cryptocurrency and virtual assets. The bill also seeks to strengthen the country’s cybersecurity infrastructure, reflecting the strong belief of South Korea’s President in the need for cybersecurity improvements.
Multiple anonymous government sources revealed that the bill has been under development, with an anonymous government official emphasizing the importance of repairing the nation’s cybersecurity framework. This move comes as part of South Korea’s broader efforts to combat cyber threats, particularly those deriving from North Korea.
One key aspect of the proposed ruling is its ability to “track and neutralize” cryptocurrency and other virtual assets that North Korea acquires through hacks and exploits. This provision was not included in the initial bill proposed by the National Intelligence Service (NIS) back in November 2022, signaling an escalated focus on thwarting North Korean cyberattacks.
Related Article: North Korean hackers transfer $63.5 million in Crypto they stole
In addition to the cybersecurity bill, South Korea’s administration is planning to establish a national cybersecurity committee directly under the president’s control. This committee’s primary mandate will be to implement various measures aimed at strengthening the country’s defenses against hacking attempts by foreign entities. The committee’s leadership will comprise the chief of the National Security Office and the director of the National Intelligence Service.
North Korean hackers have been responsible for stealing a substantial amount of digital assets from numerous victims through various exploits. According to Blockchain intelligence firm TRM Labs, it is estimated that approximately $2 billion has been lost to North Korean cyberattacks since 2018, with a staggering $200 million stolen in 2023 alone. This amounts to 20% of all funds stolen through cyberattacks this year.
Meanwhile, the United States Federal Bureau of Investigation (FBI) is also actively involved in efforts to track North Korean state-backed hackers. In a recent development, the FBI flagged six Bitcoin wallets connected to the notorious North Korean hacking group known as Lazarus. These wallets contained a total of 1,580 Bitcoins, valued at around $40 million, believed to have been amassed from various cyberattacks.
As South Korea continues to fortify its cybersecurity measures and push for legislation targeting North Korean cyber activities, the global community watches closely, with hopes for greater security and stability in cyberspace.
