South Korea has taken a strong stance against North Korean hackers who have been responsible for stealing over $1 billion in cryptocurrency. The South Korean government announced new sanctions on the 313 Bureau, a North Korean cyber unit that has been involved in widespread crypto theft. These illicit funds have been used to fuel the regime’s weapons programs, including missile and nuclear development initiatives.

According to data from U.S. blockchain analysis firm Chainalysis, North Korea is responsible for more than 60% of global crypto theft in 2024, totaling a record $1.3 billion. The stolen funds are believed to be funneled into North Korea’s weapons programs, posing a significant threat to regional and global security.

In addition to targeting the 313 Bureau, the sanctions also cover 15 North Korean IT personnel and one related institution. These individuals and organizations are accused of engaging in foreign currency-earning activities abroad, which directly contribute to the regime’s nuclear and missile programs. North Korean IT personnel are reportedly dispatched to countries in China, Russia, Southeast Asia, and Africa to carry out these activities.

The move by South Korea to impose sanctions on North Korean hackers comes just days after the United States and South Korea announced plans to work together to prevent crypto thefts linked to North Korea. The two countries have signed an agreement to jointly create technologies to stop crypto thefts, with South Korea’s science ministry providing support through 2026. Researchers from both countries, including experts from Korea University and RAND Corp., will focus on tracking stolen crypto and preventing attacks, as well as investigating how criminals launder stolen funds into crypto using methods like ransomware.

This latest development underscores the growing concern over the use of cryptocurrency by rogue states like North Korea to fund illicit activities and evade international sanctions. South Korea’s actions send a clear message that such behavior will not be tolerated, and that measures will be taken to hold those responsible accountable for their actions.