South Korea hopes to track and freeze North Korean hackers' cryptocurrencies and other virtual assets in the new legislation

ChainCatcher news, according to a report by the Korea JoongAng Daily on Monday, South Korea plans to submit a bill to track and freeze cryptocurrencies and other virtual assets used by North Korea. Government insiders stated that South Korean President Yoon Suk-yeol instructed modifications to the bill before submission to include "practical measures to strengthen national security," adding that the bill is expected to enhance South Korea's existing sanctions against North Korea. The latest bill outlines measures to "track and eliminate virtual currencies and other cryptocurrency assets stolen by North Korea through hacking."

It was reported that the National Intelligence Service of South Korea stated last month that North Korean hackers illegally accumulated $180 million in cryptocurrency in the first half of this year, having stolen $1.28 billion worth of Bitcoin and Ethereum through hacking last year alone.