Seoul Considers Sanctions on North Korea Following US Crypto Crackdown

South Korea is reconsidering its sanctions framework on North Korea in light of recent U.S. actions addressing the North's cryptocurrency theft aimed at financing its weapons programs. Vice Foreign Minister Kim Ji-na stated the importance of U.S.-Korea coordination in combating North Korean cyber threats, which have been linked to their nuclear and missile programs. The U.S. Treasury recently sanctioned eight North Korean individuals and two entities for their involvement in laundering cryptocurrency obtained through cyberattacks. The new sanctions follow a report indicating that North Korea has stolen approximately $2.84 billion in cryptocurrency since January 2024, with significant amounts tied to various hacks. Analysts suggest that while the potential for more sanctions exists, their impact may be limited due to the ongoing nature of such enforcement measures against North Korea over the years.

Source 🔗