September 5, 2023 at 06:44 AM GST 2 mins read News
  • South Korea aims to submit a bill to track and freeze North Korean cryptocurrencies involved in illegal weapons programs.
  • North Korean hackers have siphoned more than $3 billion in cryptocurrencies over the last five years.
  • The proposed bill will bolster existing sanctions against North Korea, targeting its digital assets.

The South Korean government is gearing up to escalate its efforts against North Korea’s illicit activities. In a recently announced plan, the government aims to submit a bill that would enable them to track and freeze cryptocurrencies used by North Korea in its illegal weapons program.

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This move comes as a reaction to North Korean hackers reportedly stealing more than $3 billion in cryptocurrency over the past five years. The scale and audacity of these hacks have put the international community on high alert and led to calls for more stringent measures.

The bill aims to tighten the noose around North Korea by targeting the financial lifelines that enable its illegal weapons programs. “Strengthening existing sanctions against North Korea by going after its digital assets can serve as a significant blow to the regime,” said an official involved in the legislative process.

For investors and the crypto community at large, these developments may raise concerns over security and the potential for increased regulation. The spotlight on cryptocurrency’s role in illegal activities could potentially affect market sentiment, but it also underscores the urgent need for more robust security measures within the crypto ecosystem.

In summary, the South Korean government’s proposed bill could be a watershed moment in international efforts to curb North Korea’s illegal activities. If passed, this legislation will not only strengthen existing sanctions but also pave the way for more focused international cooperation against North Korea.

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