South Korea aims to freeze North Korea’s crypto assets: Report

The government of South Korea is planning to submit a bill to track and freeze crypto stolen by North Korea.

Sanctions against North Korea due to its nuclear programs have led to the country engaging in crypto theft.

The South Korean government is planning to submit a bill that will track and freeze crypto assets stolen by North Korea to further its illicit weapons program, a local news publication JoongAng DailyThe National Intelligence Service had announced an earlier version of the bill in November 2022. President Yoon Suk Yeol however directed that the bill be returned for further revision.

The Yoon administration also intends to establish a national cyber security committee under the direct control of the President to implement measures to bolster the country’s defenses against foreign hacking attempts. The chief of the National Security Office will head the committee, with the NIS director as a member.a report last month that in 2023, North Korean hackers stole around $200 million in crypto year-to-date.

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