South Korea Imposes Sanctions on 15 North Koreans Over Cryptocurrency Heists and Cyber Crimes
Introduction
The world of cryptocurrency has been plagued by a growing threat from North Korean hackers, who have stolen more than half of the value of digital assets taken in 2024. Governments worldwide are now taking action against these cybercrime suspects, with South Korea being the latest country to impose sanctions on several IT organization members and one related group.
Sanctions Against North Korean IT Organization Members
On December 26, 2024, South Korea’s Ministry of Foreign Affairs announced that 15 North Korean IT organization members and one related group had been sanctioned for their involvement in "overseas foreign currency-earning activities" that allegedly procured funds for North Korea’s nuclear missile development program and the DPRK’s Munitions Industry Department.
The Sanctioned Individuals
Among those sanctioned is Kim Cheol-min, a member of the 313th General Bureau, who allegedly earned a "large amount of foreign currency" by working undercover for United States and Canadian companies before delivering the funds to Pyongyang’s nuclear weapons program. Another sanctioned worker, Kim Ryu Song, was indicted by US lawmakers on December 11 for violating sanctions, money laundering, and identity theft in generating more than $88 million of revenue over six years.
The Growing Threat of North Korean Hackers
According to Chainalysis data, North Korea-affiliated hackers have become a major threat to the security of the crypto space. In 2024, they stole over $1.34 billion worth of digital assets across 47 incidents, marking a 102% increase from the $660 million stolen in 2023.
The Total Annual Funds Loss
| Year | Total Value Stolen |
| — | — |
| 2022 | $660 million |
| 2023 | $1.33 billion |
| 2024 | $2.34 billion |
As you can see from the table above, the total value stolen by North Korean hackers has been steadily increasing over the years, with a significant jump in 2024.
The Increase in Sophisticated Attacks
Despite an overall decrease in the total number of attacks, sophisticated attacks by North Korean agents are increasing. Chainalysis notes that "attacks between $50 and $100 million, and those above $100 million occurred far more frequently in 2024 than they did in 2023, suggesting that the DPRK is getting better and faster at massive exploits."
The Time Between Successful DPRK Attacks
| Year | Average Time Between Successful Attacks (days) |
| — | — |
| 2022 | 123 days |
| 2023 | 91 days |
| 2024 | 61 days |
As you can see from the table above, the time between successful DPRK attacks has been decreasing over the years, indicating that the North Korean hackers are becoming more efficient and effective in their attacks.
Conclusion
The sanctions imposed by South Korea on several North Korean IT organization members and one related group are a clear indication of the growing concern about the threat posed by North Korean hackers. The data from Chainalysis shows that these hackers have stolen over $1.34 billion worth of digital assets in 2024, marking a significant increase from previous years.
As the world continues to grapple with the threat posed by North Korean hackers, it is essential for governments and organizations to work together to prevent further attacks and protect the security of the crypto space.
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