The South Korean government is reportedly preparing to introduce a bill aimed at monitoring and freezing North Korean cryptocurrency and virtual assets utilized for funding illicit weapons programs.
As reported by the Korea JoongAng Daily, local media sources have confirmed that the bill is currently in development, with insights provided by multiple unnamed government officials on August 3rd.
The proposed legislation is said to align with the president’s belief that the nation’s cybersecurity infrastructure requires refurbishment.
A government insider, preferring anonymity, indicated that the bill’s revised version includes provisions for the tracking and neutralization of cryptocurrency and virtual assets pilfered by North Korea through hacking and exploitative activities.
This addition had not been present in the initial bill put forward by the National Intelligence Service (NIS) in November 2022.
Beyond the scope of the new cybersecurity legislation, there are purported plans to establish a national cybersecurity committee that would operate directly under the president’s oversight.
This committee is intended to enforce a range of measures aimed at bolstering the country’s defenses against hacking attempts originating from foreign entities.
The National Security Office’s chief is slated to head the committee, with the participation of the NIS director.
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The concerning trend of North Korean hackers targeting victims and amassing digital assets through various exploits has raised alarm.
According to data from blockchain intelligence firm TRM Labs on August 18th, it is estimated that North Korean cyberattacks have resulted in a staggering loss of approximately $2 billion since 2018.
Furthermore, statistics from 2023 alone suggest that North Korea was responsible for the theft of $200 million worth of cryptocurrency, constituting 20% of the total stolen funds for the year.
Parallelly, the United States Federal Bureau of Investigation (FBI) is actively engaged in efforts to monitor North Korean state-sponsored hackers.
On August 23rd, the FBI issued alerts regarding six Bitcoin wallets linked to the North Korean hacking group Lazarus.
These wallets were found to contain 1,580 Bitcoin (BTC), equivalent to around $40 million, believed to be the proceeds of various hacking operations.
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