South Korea proposes bill to track and freeze crypto used by North Korea
South Korea is looking to submit a bill to track and freeze cryptocurrencies used by North Korea.
According to a report by the Korea JoongAng Daily, the bill is aimed at cutting the funding of North Korea’s weapons programs. The bill is the result of 10 months of consultations among various South Korean government agencies.
The report added that the bill is expected to add to South Korea’s existing sanctions against North Korea and that the South Korean President thought the country’s cybersecurity framework “urgently needs repair.”
The bill details measures to “track and neutralize virtual coins and other cryptocurrency assets stolen by the North through hacking.”
South Korea’s National Intelligence Service claim that North Korea’s hackers illegally amassed $180 million in cryptocurrency exploits in the first half of this year and $1.28 billion worth of bitcoin and ether through hacks last year alone.
