South Korean authorities have unveiled plans to submit a bill to closely scrutinize and, if necessary, halt North Korea's cryptocurrency activities.

The initial version of this bill was introduced by the National Intelligence Service (NIS) in November.

It has undergone 10 months of revisions since.

The move comes in response to growing concerns about North Korea's alleged use of digital currencies for illicit purposes, including funding its military operations.

Intelligence agencies in South Korea have reported that the North stole $1.28 billion worth of cryptocurrencies in 2022 alone.

South Korea's strategy revolves around tracing cryptocurrency transactions back to their source, with a particular focus on identifying any links to North Korea.

To achieve this goal, the country intends to collaborate with prominent cryptocurrency exchanges and other relevant entities.

The primary objective here is to gain the ability to monitor and, when required, seize North Korea's cryptocurrency assets.

If successful, this approach could significantly impede North Korea's efforts to employ cryptocurrencies as a means to evade international sanctions.

North Korea's Crypto Gambit

Facing heightened scrutiny in traditional financial channels, North Korea has increasingly turned to cryptocurrencies to fund its operations.

The Lazarus Group, widely believed to be backed by the North Korean government, has emerged as a key player in these cyber exploits.

This group is strongly suspected of orchestrating some of the most substantial cryptocurrency hacks to date.

Coinlive previously reported on the Lazarus Group and how they have stolen over $180 million during the first half of this year.