News
S. Korea sanctions 15 N. Korean workers, entity for illicit cyber acts
Yonhap, Philippine News Agency
North Korea stole around USD1.3 billion in cryptocurrency in 2024, accounting for 61 percent of the global crypto theft for that year, according to an analysis by the global blockchain analytics firm Chainalysis.
(Pexels Photo)
SEOUL – South Korea said Thursday it will impose independent sanctions on 15 North Korean information technology (IT) workers and an entity over their roles in the illicit cyber activities to fund the country’s nuclear and missile development.
Fourteen of the individuals, including Pak Hung-ryong, Yun Jong-sik and Ri Il-jin, are suspected of working overseas to earn foreign currencies through illegal cyber activities, such as crypto theft, to fund the North’s nuclear and missile development banned under multiple U.N. Security Council resolutions, Seoul’s foreign ministry said.
All of them belong to the General Bureau 313 of the North’s Munitions Industry Department, in charge of weapons production and related research and development. The department is also subject to the U.
N. sanctions.
The General Bureau 313 is alleged to be involved in the dispatch of North Korean IT experts to China, Russia and countries in Southeast Asia and Africa to fund the weapons programs and develop military software.
Kim Chol-min of the same bureau is alleged to have worked for IT companies in the United States and Canada under false identities, sending large sums of foreign currency to Pyongyang.
Kim Ryu-song was indicted in the U.S. earlier this month for years of violating U.S. sanctions.
South Korea will also add the Chosun Kum Jong Economics Information Technology Exchange Co. to its sanctions list, the ministry said.
The entity is suspected of engaging in the dispatch of IT workers overseas and funneling the money they earn into the North Korean regime.
Sin Jong-ho, an employee of the company, is also allegedly involved in the earning of hard currency.
North Korea stole around USD1.3 billion in cryptocurrency in 2024, accounting for 61 percent of the global crypto theft for that year, according to an analysis by the global blockchain analytics firm Chainalysis.
The amount marked the largest figure for North Korea’s suspected crypto theft so far.
The 2024 U.N. Panel of Experts report assessed that North Korea spent 40 percent of the money earned from the crypto theft on its programs for weapons of mass destruction.
The sanctions will take effect Monday. (Yonhap)
