South Korea sanctions 15 North Koreans over crypto heists and cyber theft
North Korean hackers are being tracked by governments around the world for more than half the value of cryptocurrency stolen by 2024.
Hackers like the infamous Lazarus Group are prime suspects in some of Web3's most notorious cyber heists, including the $600 million hack of the Ronin network.
South Korea is the latest country to impose sanctions on 15 members of a North Korean IT organization and one related group.
Sanctioned agents procured funds for North Korea's nuclear missile development program and the DPRK's munitions industry department through “foreign exchange-earning activities abroad,” according to a Dec. 26 news release by South Korea's foreign ministry.
Kim Chelmin of the 313th General Bureau is among the individuals sanctioned for allegedly working undercover for US and Canadian companies before funneling the money to Pyongyang's nuclear weapons program.
Another sanctioned person, Kim Ryu Song, was indicted by US lawmakers on December 11 for violating sanctions by generating more than $88 million in income over six years, South Korean media reported.
Total annual financial loss. Source: Syvers
The sanctions come after another big year for crypto hackers, who stole $2.3 billion worth of crypto in 2024, a 40% increase from the value stolen in 2023.
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North Korean hackers 1.3 billion dollars in value by 2024: Chinalysis
Hackers linked to North Korea have become a major threat to the security of the crypto space.
In the year In 2024, North Korean hackers stole more than $1.34 billion worth of digital assets on 47 occasions, a 102 percent increase from the $660 million stolen in 2023, according to Chainalysis data.
DPRK hacking activity. Source: Chain analysis
$1.34 billion represents more than 61% of the total crypto value stolen by 2024 and more than 20% of hacking incidents.
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And in a worrisome sign for 2025, sophisticated attacks by North Korean agents are increasing even as the overall number of attacks declines, writes Chainalysis.
“In particular, attacks between $50 million and $100 million and over $100 million occurred more frequently in 2023 than in 2024, suggesting that the DPRK is getting better and faster at large-scale exploits.
Time between successful DPRK attacks. Source: Chain analysis
The increase in the frequency of attacks, which have yielded high profits of $50-100 million, allows the DPRK to improve its hacking methods and conduct more profitable exploits.
In contrast, the DPRK's exploitation yielded profits of less than $50 million by 2022.
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