US and South Korea Team Up to Counter North Korea's $3 Billion Crypto Heist

More than 40 countries stood with the United States and South Korea at the symposium in New York City to address the continually escalating cyberattack

A symposium was held in New York City by more than 40 countries, including the United States and South Korea, to address the escalating cyberattack threat posed by North Korea, especially in the realm of cryptocurrency theft and laundering.

The event, organized by the U.S. Department of State Bureau of Democracy, Human Rights and Labor and Korea’s Ministry of Foreign Affairs, aimed to counter North Korea’s monetary flows from virtual assets, which are used to fund the country’s WMDs and ballistic missiles.

Participants discussed how North Korean cyber actors stole approximately $3 billion in virtual assets from 2017 to 2023, which was used to support the country's illicit activities. The symposium highlighted these thefts and the techniques used by North Korea to target virtual asset service providers (VASPs) and mixing services, which are used to conceal the movement of stolen funds.

Government representatives, cryptologists, and members of the blockchain industry collaborated at the symposium to devise strategies for combating these cyber threats. Key topics and frameworks centered on enhancing international cooperation, exchanging critical information, and fostering public-private partnerships to counter North Korea’s evolving tactics.

Officials highlighted the need for the private sector to contribute to sharing information on North Korea’s tactics, emphasizing that the country remains the world leader in crypto crimes.

This symposium marks the third installment of joint U.S.-South Korea events held in 2022 and 2023. As North Korea poses increasingly advanced cyber threats, the two countries are ramping up suppression measures, including sanctions, advisories, and closer cooperation with countries like Japan.

While the fight against North Korea’s crypto crime operations continues, the united front showcased at this symposium offers a glimmer of hope in combating this pressing threat.

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