South Korea Seeks Crypto Firms’ Advice To Combat North Korea’s Crimes

• South Korean officials are seeking advice from crypto firms to combat North Korea’s crypto crimes.
• Representatives of the South Korean government have held discussions with crypto firms in the United States.
• South Korean media recently reported that North Korea had stolen crypto worth $700 million in 2022.

South Korean officials are reportedly conducting meetings with American crypto and cybersecurity firms over concerns surrounding the illicit activities of North Korea. Stolen crypto is reportedly being used by the Kim Jong-Un regime to fund its nuclear missile program and other weapons programs in North Korea.

According to a report by Nikkei Asia, South Korea’s special representative for Korean Peninsula Peace and Security Affairs, Kim Gunn, met with Virginia-based cybersecurity firm Mandiant to discuss how to prevent North Korean hackers from stealing crypto assets from individuals and corporate entities. Gunn happens to be South Korea’s point man for affairs related to the hostile northern country.

Kim Gunn also met executives from crypto intelligence firm Chainalysis in South Korea, to discuss the cyber tactics employed by North Korea to steal crypto assets. South Korea’s Ministry of Foreign Affairs highlighted these meetings in public and noted that North Korea’s activities were causing financial damage to individuals and corporations while posing a threat to the global information technology system.

North Korea’s cryptocurrency theft has been identified as one of the most serious challenges for South Korean intelligence agencies. Efforts to combat the North’s illicit activities have gathered individuals from South Korea’s finance and foreign ministries, as well as spy agencies. The officials also tap leading tech firms like Google and EST Security to help with these efforts.

South Korea’s Yonhap News Agency recently reported that North Korea stole $700 million worth of crypto assets in 2022. According to South Korea’s intelligence agency, the stolen cryptocurrencies would be enough to enable 30 intercontinental ballistic missiles. “We’re in talks with international partners to block the funds from flowing to North Korea’s nuclear missile program. Actions on this will be strengthened further,” a South Korean diplomat stated.