Share this article
South Korea Blacklists North Korean Crypto Thieves, Flags Wallet Addresses
The government sanctions targeted four individuals and seven institutions – some with alleged ties to the elite North Korean hacking group Lazarus.
Updated Feb 10, 2023, 4:19 p.m. Published Feb 10, 2023, 11:23 a.m.
The South Korean government has blacklisted four North Korean individuals and seven institutions that allegedly financed "nuclear and missile development" with illegal cyber activities, including crypto theft.
"This is the first independent sanctions against North Korea in the cyber sector by the South Korean government," a Ministry of Foreign Affairs notice from Friday said. "It is expected that it will serve as an opportunity to alert the world to the risk of virtual asset trading with North Korea by including the virtual asset wallet address as the identification information of the subject of sanctions."
STORY CONTINUES BELOW
Crypto theft in North Korea hit a record high in 2022. A pair of North Korean hacker groups also orchestrated the theft of $100 million in crypto from Horizon Bridge, the U.S. Federal Bureau of Investigation said in January. A U.S. blacklisted Ethereum wallet allegedly tied to elite North Korean hacker group Lazarus was also involved in a $600 million hack last March.
The South Korean sanctions targeted individuals with suspected ties to Lazarus. The individuals named include Park Jin-hyeok of the Chosun Expo joint venture company, which is an alleged front for Lazarus.
The seven institutions targeted for sanctions allegedly participated in cyberattacks "such as hacking and theft of virtual assets" or training cyber experts, the notice said.
Under regulations, it's forbidden to trade crypto with a blacklisted entity without prior permission from South Korea's Financial Services Commission, the notice added. Crypto transactions are included in the country's regulations prohibiting the financing of terrorism.
Read more: North Korea Crypto Theft Hit Record High Last Year, UN Says: Reuters
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Iran accepts cryptocurrency as payment for advanced weapons
Prospective customers could purchase weapons such as missiles, tanks and drones using crypto, according to a government website.
What to know:
- Iran's Ministry of Defence Export Center is accepting cryptocurrency payments for advanced weapons systems as a means of bypassing international sanctions that the country faces.
- The offer is among the first known instances of a country accepting cryptocurrency as a means of payment for military equipment, according to the Financial Times.
- The facility for using cryptocurrency to pay for transactions involving sanctioned countries is already well established.
Top Stories
