BlockNews
FOLLOW ON X
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
Home CRYPTO

South Korea Looks to Freeze North Korea’s Crypto Assets

BlockNews Team by BlockNews Team
September 6, 2023
in CRYPTO, MEDIA, SOCIAL
Reading Time: 4 mins read
1
SHARES
16
VIEWS
Share on XShare in TelegramShare on Reddit
  • South Korea introduces legislation to freeze North Korean cryptocurrency assets used to fund weapons programs.
  • The bill will include measures to “track and neutralize” cryptocurrency and virtual assets stolen by North Korea through hacking and illegal means.
  • South Korea also intends to establish a national cybersecurity committee supervised by the President to enhance defense against foreign hacking attempts.

South Korea is tightening its sanctions against North Korea for using cryptocurrencies to fund its illicit weapons programs. President Yoon Suk Yeol revealed preparations for a new measure targeting North Korean virtual assets on August 29.

The proposed move comes after ten months of intense consideration to reinforce South Korea’s existing sanctions against its northern neighbor.

The Bill Proposes to “Track and Neutralize” Cryptocurrency

The President returned an early draft last year, insisting on “practical measures to bolster national security.” Furthermore, the new bill now includes explicit tactics to “track and neutralize” bitcoins taken by North Korea via hacking.

President Yoon stated he will emphasize “the need to actively deter North Korea from stealing cryptocurrency, dispatching workers overseas, facilitating maritime transshipments, and engaging in other illegal activities.” These are the main funding sources of finance for its nuclear and missile development.”

These additions strengthen the current draft above its predecessor, proposed by the National Intelligence Service (NIS).

North Korea Believed to Have Stolen $1.28 Billion Last Year

The backdrop for this legislative action is Pyongyang’s increased prowess in cyber theft. According to South Korean intelligence estimates, North Korea stole $1.28 billion in Bitcoin and Ethereum in 2022 alone.

According to Yoon Han-hong of the People Power Party, roughly $52.46 million from North Korean crypto hacking groups most likely passed through South Korean bitcoin exchanges. The sheer amount of North Korea’s cyber-criminal actions tied to its missile program adds to the urgency.

Chainalysis states North Korean hackers have amassed over $3 billion in the last five years. Subsequently, the United States deputy national security adviser Anne Neuberger disclosed that cyberattacks and crypto theft fund half of North Korea’s missile program.

These revelations match the worries expressed by experts in reports to the UN Security Council. They accused North Korea of funneling cybercrime proceeds into its nuclear and missile programs.

According to Yoon, “As North Korea opens its border, recently, its workers in China and Russia are sending the money they earned back to the regime…

Also, in many cases, North Korean hackers are using Chinese banks for exchanging cryptocurrency they stole, so there is room for cooperation with China and Russia in terms of the North Korea issue.”

South Korea’s legislative priorities go beyond this single bill. The Yoon administration intends to form a national cyber security committee to report directly to the president. The goal of this committee is to strengthen South Korea’s defenses against foreign hacking attempts.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: Crypto AssetsNorth KoreaSouth Korea
TweetShareShare
BlockNews Team

BlockNews Team

DON'T MISS THESE! HOT OFF THE PRESS

Dogecoin Breakout Alert: Can DOGE Really Soar 111% By September’s End? Here’s What You Need to Know
CRYPTO

Dogecoin Breakout Alert: Can DOGE Really Soar 111% By September’s End? Here’s What You Need to Know

September 18, 2025
Ripple CEO Drops Bombshell: XRP Could Join White House Crypto Stockpile and ETF Approval Soon
CRYPTO

Ripple CEO Drops Bombshell: XRP Could Join White House Crypto Stockpile and ETF Approval Soon

September 18, 2025
Solana Faces “Most Important” Sell Wall Amid Whale Sell-Off Concerns
CRYPTO

Solana Faces “Most Important” Sell Wall Amid Whale Sell-Off Concerns

September 18, 2025
Polygon Takes the Lead in RWA Market With $1.1B Locked, Dune Report Reveals
CRYPTO

Polygon Takes the Lead in RWA Market With $1.1B Locked, Dune Report Reveals

September 18, 2025
Here is What Aave’s CEO Just Revealed About the Q4 2025 Upgrade
CRYPTO

Here is What Aave’s CEO Just Revealed About the Q4 2025 Upgrade

September 17, 2025
How to Go From Zero to Your First Profitable Trade in Crypto (2025)
BITCOIN

How to Go From Zero to Your First Profitable Trade in Crypto (2025)

September 17, 2025
Load More

Related News

Ripple’s RLUSD Explodes 10x as DBS, SBI & Templeton Unveil Tokenized Yield System – Here’s What It Means for Investors

Ripple’s RLUSD Explodes 10x as DBS, SBI & Templeton Unveil Tokenized Yield System – Here’s What It Means for Investors

September 18, 2025
XRP Price Prediction September 2025: Will Ripple’s Token Follow BNB to New Highs? Here’s What You Need to Know

XRP Price Prediction September 2025: Will Ripple’s Token Follow BNB to New Highs? Here’s What You Need to Know

September 18, 2025
Dogecoin Breakout Alert: Can DOGE Really Soar 111% By September’s End? Here’s What You Need to Know

Dogecoin Breakout Alert: Can DOGE Really Soar 111% By September’s End? Here’s What You Need to Know

September 18, 2025
Ripple CEO Drops Bombshell: XRP Could Join White House Crypto Stockpile and ETF Approval Soon

Ripple CEO Drops Bombshell: XRP Could Join White House Crypto Stockpile and ETF Approval Soon

September 18, 2025
Solana Faces “Most Important” Sell Wall Amid Whale Sell-Off Concerns

Solana Faces “Most Important” Sell Wall Amid Whale Sell-Off Concerns

September 18, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews is your premier source for real-time cryptocurrency, blockchain, political and financial market news.

Stay ahead of the herd with BlockNews

RESOURCES

  • About Us
  • Contact Us
  • Editorial Policies
  • Terms and Conditions
  • Privacy Policy
  • Sitemap

DISCLOSURES AND POLICIES

BlockNews provides independent reporting on crypto, blockchain, and digital finance. Content is for informational purposes only and does not constitute financial advice. Sponsored material is always disclosed. By using this site, you agree to our Terms and Conditions and Privacy Policy.

© 2025 BlockNews

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • LITECOIN
    • CHAINLINK
    • SUI
  • MEMECOINS
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2025 BlockNews