Quick access to main page (top) Direct access to main contents Quick access to main page (bottom)

15 North Koreans Sanctioned for Earning Cash Through Cryptocurrency Hacks

Daniel Kim Views  

From the Demilitarized Zone (DMZ) on the western front, viewed from the border area in Paju, Gyeonggi Province, South Korea, the South Korean Taegukgi in Daeseong-dong village faces the North Korean flag in Gijeong-dong village. / Yonhap News
From the Demilitarized Zone (DMZ) on the western front, viewed from the border area in Paju, Gyeonggi Province, South Korea, the South Korean Taegukgi in Daeseong-dong village faces the North Korean flag in Gijeong-dong village. / Yonhap News

The South Korean government has sanctioned 15 North Korean individuals and one related institution for cryptocurrency hacking and earning foreign currency through IT contracting, which has been used to fund nuclear and missile development.

The South Korean Ministry of Foreign Affairs announced on Thursday that 15 individuals, including Park Heung Ryong, Kim Chul Min, and Kim Ryu Sung, who are affiliated with the 313 Bureau under the Munitions Industry Department of the Workers’ Party of Korea, would be sanctioned. These individuals have been residing overseas and conducting foreign currency-earning IT activities. The Munitions Industry Department is an institution that oversees North Korea’s weapons production and research and development, including ballistic missile programs and has been subject to UN Security Council sanctions since March 2, 2016. The 313 Bureau raises funds for nuclear and missile development through foreign currency earned by overseas IT workers and is also involved in developing software for the military sector.

Kim Chul Min reportedly remitted a significant amount of foreign currency to Pyongyang, which he had earned by disguising himself to work for companies in the United States and Canada. Kim Ryu Sung, who violated U.S. unilateral sanctions over several years, was indicted by a U.S. court on December 11, according to the Ministry of Foreign Affairs.

The Chosun Kumjong Economic Information Technology Exchange Company has dispatched numerous North Korean IT workers abroad, contributing a large sum of military funds to the North Korean regime.

These independent sanctions will become effective at midnight on December 30, following publication in the official gazette. Financial and foreign exchange transactions with sanctioned entities will require prior approval from the Financial Services Commission or the Governor of the Bank of Korea.

North Korea continues to earn illegal foreign currency through cryptocurrency theft, IT contract work overseas, hacking, and other malicious cyber activities. According to the global blockchain analysis company Chainalysis, North Korea’s global cryptocurrency theft amounted to approximately $1.3 billion last year.

A South Korean Ministry of Foreign Affairs official stated, “North Korean IT workers are known to be dispatched to China, Russia, Southeast Asia, and Africa, where they disguise their identities and secure contracts from companies worldwide. Some are also involved in information theft and cyberattacks.” The official added, “We will continue efforts to block illegal cyber activities in collaboration with the international community, maintaining a high level of vigilance.”

Daniel Kim
content@viewusglobal.com

Comments0

300

Comments0

[ASIA] Latest Stories

  • Hyundai Ioniq 5 N Time Spec Breaks Tsukuba Circuit Record, Cementing EV Performance Legacy
  • North Korea Sends Young Volunteers to Dangerous Jobs Under the Guise of Voluntary Participation
  • Tension Soars in South Korea’s Presidential Security: Arming Guards with Heavy Weapons After Resignation
  • Democrats Call for Accountability, Push to Investigate Yoon’s ‘Bloodshed’ Tactics
  • Hundreds of Trucks Deliver Scrap Metal Across North Korea for New Year Push
  • 1 Million Chinese Citizens Apply for Asylum During Xi’s Rule, As Repression Increases
//= do_shortcode('[get-ad-best-list slot_number=2725]'); ?>

You May Also Like

  • 1
    Lamborghini's First EV: A 2,000-Horsepower Beast Built for Speed and Emotion

    BUSINESS 

  • 2
    Colon Cancer Risk Soars on Low-Carb, Low-Fiber Diet, Says New Research

    LIFESTYLE 

  • 3
    Ford Revives Classic Design with the 2025 Bronco Heritage Edition

    BUSINESS 

  • 4
    ID.EVERY1: Volkswagen's $21K Electric Vehicle Aims to Make Green Driving Accessible

    BUSINESS 

  • 5
    CagriSema Fails to Meet Expectations in Late-Stage Obesity Trial, but Still Beats Placebo

    LIFESTYLE 

Popular Now

  • 1
    Toyota’s bZ3X SUV Surges with 10,000 Pre-Orders: A New Era in EVs

    BUSINESS&nbsp

  • 2
    Telo Trucks' MT1: A 500-HP Compact Pickup That Packs Big Punch in a Small Frame

    BUSINESS&nbsp

  • 3
    Xiaomi’s Success vs. Apple’s Failure: What’s the Difference?

    DEBATE&nbsp

  • 4
    How to Make the Most of Frozen Bananas for Smoothies, Baking, and More

    LIFESTYLE&nbsp

  • 5
    Mitsubishi Delica D:2 Facelift: New Design, Better Fuel Economy, and Enhanced Safety

    BUSINESS&nbsp

//= do_shortcode('[get-ad-best-list slot_number=2725]'); ?>

Must-Reads

  • 1
    Lamborghini's First EV: A 2,000-Horsepower Beast Built for Speed and Emotion

    BUSINESS 

  • 2
    Colon Cancer Risk Soars on Low-Carb, Low-Fiber Diet, Says New Research

    LIFESTYLE 

  • 3
    Ford Revives Classic Design with the 2025 Bronco Heritage Edition

    BUSINESS 

  • 4
    ID.EVERY1: Volkswagen's $21K Electric Vehicle Aims to Make Green Driving Accessible

    BUSINESS 

  • 5
    CagriSema Fails to Meet Expectations in Late-Stage Obesity Trial, but Still Beats Placebo

    LIFESTYLE 

Popular Now

  • 1
    Toyota’s bZ3X SUV Surges with 10,000 Pre-Orders: A New Era in EVs

    BUSINESS 

  • 2
    Telo Trucks' MT1: A 500-HP Compact Pickup That Packs Big Punch in a Small Frame

    BUSINESS 

  • 3
    Xiaomi’s Success vs. Apple’s Failure: What’s the Difference?

    DEBATE 

  • 4
    How to Make the Most of Frozen Bananas for Smoothies, Baking, and More

    LIFESTYLE 

  • 5
    Mitsubishi Delica D:2 Facelift: New Design, Better Fuel Economy, and Enhanced Safety

    BUSINESS