South Korea has collaborated with the European Union to fight against North Korea’s rising cyber thefts, which they believe fund the country’s weapons program. The joint action of South Korea and the EU aims to prevent illicit financial activities linked to the Northern counterpart.
Recently, the notorious Lazarus Group stole $1.5 billion worth of cryptocurrencies from Bybit, of which they converted at least $300 million to cash. This adds to the $659 million worth of cryptocurrencies stolen from India’s WazirX exchange and Japan’s DMM Bitcoin last year. South Korea’s partnership with the EU will not only enhance cybersecurity measures, but enforce stricter regulations on crypto transactions and share intelligence to apprehend cyber criminals.