South Korea imposes sanctions on Bitcoin extortionists

South Korea’s authorities have added a number of North Korean hacking groups and individuals linked to cyberattacks and cryptocurrency theft to the sanctions list, the Ministry of Foreign Affairs of Seoul said.

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Specifically, hackers Park Jin-hyok, Cho Min Rae, Son Rim, and Oh Jong Son were placed on the sanctions blacklist.

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The best known among them, Park, works in information technology for the North Korean company Chosun Expo Joint Venture. It is a front company linked to the Lazarus Group.

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Park is known for taking part in the WannaCry ransomware attack in 2017 and the cyberattack on Sony Pictures Entertainment in November 2014. In 2018, OFAC also imposed sanctions on him.

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According to the information provided by the Ministry, since 2017 North Korean hackers have stolen virtual assets totaling more than $1.2 billion, of which $626 million was in 2022.

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The sanctions were announced a few hours after South Korea and the United States announced the creation of a joint venture on cybersecurity to counter ransomware attacks.

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According to a UN statement, in 2022 North Korean hackers stole a record amount of cryptocurrency. South Korea values the damage at $630 million, cybersecurity experts at more than $1 billion, and Chainalysis analysts at nearly $1.7 billion.