South Korea and EU Form Crypto Task Force to Counter North Korea’s $3B Digital Heists

Pyongyang’s Lazarus Group just got a new headache—Seoul and Brussels are teaming up to freeze stolen crypto mid-flight. The alliance aims to crack down on North Korea’s $3 billion digital asset laundering spree funding its missile program.

Blockchain Forensics Meet Geopolitics

Expect tighter KYC rules, exchange blacklists, and chainalysis-powered tracking. The EU’s anti-money laundering framework now treats crypto like fiat—because nothing says ‘progress’ like regulators playing whack-a-mole with decentralized tech.

The Irony of ‘Secure’ Systems

While banks get hacked daily, it’s crypto that takes the blame for enabling rogue states. Never mind that Pyongyang’s cyber army mostly targets centralized exchanges—the same ones begging for more regulation. Finance’s oldest rule applies: follow the money, until you can’t.

South Korea, EU Vow Closer Cybersecurity Ties

The two sides “analyzed the growing cyberthreat landscape, identified the types of cyberthreats posed by key actors, including North Korea’s cryptocurrency theft,” and agreed to deepen collaboration, South Korea’s Foreign Ministry said in a statement.

The dialogue covered strategies for improving cybercrime investigations, cross-border intelligence sharing, and coordinated responses to attacks targeting financial infrastructure.

Officials also discussed aligning their positions in multilateral forums such as the United Nations to reinforce global cyber norms.

The EU and South Korea highlighted the need to support developing countries in building cyber defense capabilities and pledged to maintain an open, secure, and resilient cyberspace.

Tuesday’s meeting included representatives from South Korea’s National Intelligence Service, Supreme Prosecutors’ Office, and National Police Agency, along with officials from the European Commission’s cybersecurity division.

With North Korean-backed groups such as Lazarus continuing to target crypto platforms, the issue has gained renewed urgency.

The two parties emphasized that their regular cyberpolicy consultations WOULD serve as a key platform to address not only crypto theft but a broader range of digital threats.

Last week, South Korean police arrested 25 individuals tied to a major crypto scam ring that defrauded at least 48 victims out of ₩734 million ($540,000) by posing as crypto advisors.

The groups operated fake call centers and counterfeit crypto exchanges, showing false profits to lure victims into larger investments.

North Has Stolen $310M in Crypto Since 2019

South Korean lawmaker Ha Tae-keung, a member of the main opposition People Power Party, criticized the current administration’s cybersecurity response.

He claimed that North Korean hackers have stolen an additional $310 million in crypto assets from South Korean wallets since the $2 billion cyber thefts reported by the UN in 2019.

Ha alleged that the Korea Internet & Security Agency (KISA), the country’s main cyber defense body, has also been compromised and called for a complete overhaul.

He proposed turning KISA into a centralized agency under presidential control, aimed at bolstering national defenses against cyber threats.

Security experts note that crypto platforms have improved defenses, but hackers increasingly use social engineering tactics to target individuals.