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South Korea Sanctions 15 North Koreans for Crypto Theft and Cyber Crimes. South Korea has imposed sanctions on 15 North Koreans due to crypto theft and cybercrime offenses.
The sanctioned agents are alleged to have generated funds for North Korea’s nuclear weapons development program.
North Korean hackers are among the most sought-after individuals by governments worldwide, being linked to more than half of the cryptocurrency value stolen in 2024.
Notorious hackers like the Lazarus Group are prime suspects in some of the most infamous cyber thefts in Web3, including the $600 million Ronin network hack.
South Korea has become the latest country to impose sanctions against 15 members of North Korean IT organizations and one associated entity.
Nuclear Program Connection
According to a December 26 press release from South Korea’s Ministry of Foreign Affairs, the sanctioned agents are accused of procuring funds for North Korea’s nuclear missile development program and the DPRK’s Munitions Industry Department through “overseas foreign currency-earning activities.”
Kim Cheol-min from the 313th General Bureau is among those sanctioned, with allegations that he earned “a large amount of foreign currency” by working undercover for U.S. and Canadian companies before funneling the funds to Pyongyang’s nuclear weapons program.
Another sanctioned individual, Kim Ryu Song, was indicted by U.S. lawmakers on December 11 for violating sanctions, money laundering, and identity theft, reportedly generating more than $88 million in revenue over six years, according to South Korean media reports.
Total Annual Funds Loss
The sanctions came after another big year for crypto hackers, who stole $2.3 billion worth of crypto in 2024, a 40% increase over the value stolen in 2023.
North Korean Hackers Stole $1.3 Billion Worth of Crypto in 2024: Chainalysis
North Korean-affiliated hackers have become a major threat to the security of the crypto world.
According to Chainalysis data, in 2024, North Korean hackers stole $1.34 billion worth of digital assets across 47 different incidents, marking a 102% increase compared to the $660 million stolen in 2023.
DPRK (North Korea) Hacking Activities
$1.34 billion represents more than 61% of the total cryptocurrency value stolen during 2024 and more than 20% of the total hacking incidents. According to Chainalysis, a worrying sign for 2025 is that the frequency of attacks by North Korean agents is increasing.
“Notably, attacks between $50 million and $100 million, and those above $100 million, occurred far more frequently in 2024 than in 2023, suggesting that the DPRK is getting better and faster at executing large-scale exploits.”
In contrast, most North Korean hacks only netted attackers an average of $50 million worth of stolen funds, indicating that the scale of the attacks is growing.
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