The South Korean government is planning to submit a bill that will enable it to track and freeze crypto assets used by North Korea for its weapons program. The bill includes provisions for the monitoring and mitigating of cryptocurrency assets stolen by North Korea through hacking activities, and seeks to augment the sanctions against the neighboring nation.North Korea has been accused of sponsoring hackers who exploit crypto projects to finance their weapons program from the United Nations and other Western superpowers. U.S. authorities have traced several crypto breaches to North Korea-affiliated hacker-controlled wallets, such as the Ronin bridge exploit, which saw the theft of over $600 million in assets. According to Chainalysis, a blockchain analytics firm, North Korean hackers have stolen over $3 billion in the past five years, and South Korean intelligence reports a staggering $1.2 billion in BTC and ETH stolen by North Korea in 2022 alone. A report revealed that North Korean-backed hackers had stolen $497 million in cryptocurrencies from U.S. businesses since 2017.

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Information	Details
Geography	Asia
Countries
Sentiment	negative
Relevance Score	10
People	Chainalysis, CryptoSlate, Yoon Suk Yeon
Companies	Ronin bridge, Chainalysis, National Intelligence Service, United Nations, U.S.
Currencies	Ethereum, Bitcoin, South Korean Won, US Dollar
Securities	None