South Korea has imposed new sanctions on North Korean hackers responsible for stealing more than $1 billion in cryptocurrencies, as the illicit funds fuel the regime's weapons programs.

the South Korea The government announced sanctions on Office 313, A north korea A cyber unit involved in large-scale cryptocurrency theft. On December 26th General statementThe government noted that the office, which operates under the supervision of North Korea's Ministry of National Defense, has been linked to several cyberattacks aimed at stealing digital assets from around the world.

South Korean officials say Data by US blockchain analysis firm Chainalysis, which claims that North Korea is responsible for more than 60% of global cryptocurrency theft in 2024, totaling a record $1.3 billion. This stolen money is believed to be funneled into North Korea's weapons programs, including its missile and nuclear development initiatives.

In addition to targeting Office 313, the sanctions also include 15 North Korean IT employees and one related organization. The South Korean government says these individuals and organizations are accused of engaging in foreign currency earning activities abroad, directly contributing to the regime's nuclear and missile programs.

“In particular, North Korean IT personnel, working under the Ministry of National Defense and other regime-affiliated organizations, are sent to countries in China, Russia, Southeast Asia and Africa.”

South Korean Ministry of Foreign Affairs

This move comes just three days after the crypto.news bulletin I mentioned that US South Korea and South Korea are working together to create new mechanisms to prevent cryptocurrency thefts linked to North Korea.

The two countries have reportedly signed an agreement to create joint technologies to stop cryptocurrency thefts. While the details are still unclear, South Korea's Ministry of Science will also support the initiative until 2026. It is understood that researchers from both countries, including experts from Korea University and the RAND Corporation, will focus on tracking stolen cryptocurrencies and preventing attacks. They will also investigate how criminals launder stolen funds into cryptocurrencies using methods such as ransomware.