Seoul Considers Sanctions on North Korea Following US Crypto Crackdown

South Korea is contemplating revising its sanctions against North Korea following recent U.S. sanctions relating to the North's cryptocurrency laundering activities. The U.S. Treasury has targeted eight individuals and two entities linked to North Korean hacks, linking the illicit funds to the country's nuclear weapons program. Vice Foreign Minister Kim Ji-na emphasized the importance of U.S.-Korea coordination in addressing the digital threats posed by North Korea, specifically regarding cryptocurrency theft that could fund missile and nuclear programs. Kim stated that review of sanctions would be context-driven. This move comes after North Korea reportedly stole $2.84 billion in cryptocurrency since January 2024, with significant amounts traced back to hacks and scams. Experts believe the potential for more sanctions exists, indicating that actions against Pyongyang could ramp up as global trends aim to curb its nuclear ambitions. Angela Ang noted that South Korea has previously issued independent sanctions in response to U.S. actions, further reinforcing the joint efforts between the two nations.

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