The government of South Korea is reportedly planning to submit a bill that will track and freeze North Korean crypto and virtual assets that are used to fund illicit weapons programs.
According to a report by a local media outlet, the Korea JoongAng Daily, multiple anonymous government sources confirmed on Aug. 3 that the bill is in the works. A government official who remained anonymous reportedly said that the bill would reflect the president’s belief that the country’s cybersecurity framework needs to be repaired, the report said.
Another unnamed source who works in the administration said that the bill’s latest version contains ways to “track and neutralize” crypto and other virtual assets stolen by North Korea through hacks and exploits. According to the report, this was not included in the initial bill proposed by the National Intelligence Service (NIS) in November 2022.
Apart from the new cybersecurity bill, the administration is also reportedly planning on creating a national cybersecurity committee under the direct control of the president. The committee enforces various measures to enhance the country’s defenses against hacking attempts by foreign entities.
According to the report, this committee will be headed by the National Security Office’s chief and will include the NIS director.
North Korean hackers have stolen a large amount of digital assets from numerous victims through different exploits. On Aug. 18, blockchain intelligence firm TRM Labs estimated that around $2 billion was lost to North Korean cyberattacks since 2018. The data shows that in 2023 alone, North Korea was responsible for the theft of $200 million worth of crypto, which is 20% of all the stolen funds this year.
Meanwhile, the United States Federal Bureau of Investigation (FBI) is also making an effort to track North Korean state-backed hackers. On Aug. 23, the FBI flagged six Bitcoin wallets connected to the North Korean hacking group Lazarus. The wallets had 1,580 Bitcoin (BTC), worth roughly $40 million, which is believed to be the spoils of various hacks.
Canterbury MP Rosie Duffield has resigned from the Labour Party.
The 53-year-old MP is the first to jump ship since the general election and in her resignation letter criticised the prime minister for accepting thousands of pounds worth of gifts.
She told Sir Keir Starmer the reason for leaving now is “the programme of policies you seem determined to stick to”, despite their unpopularity with the electorate and MPs.
In her letter she accused the prime minister and his top team of “sleaze, nepotism and apparent avarice” which are “off the scale”.
“I’m so ashamed of what you and your inner circle have done to tarnish and humiliate our once proud party,” she said.
Since December 2019, the prime minister received £107,145 in gifts, benefits, and hospitality – a specific category in parliament’s register of MPs’ interests.
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Ms Duffield, who has previously clashed with the prime minister on gender issues, attacked the government for pursuing “cruel and unnecessary” policies as she resigned the Labour whip.
She criticised the decision to keep the two-child benefit cap and means-test the winter fuel payment, and accused the prime minister of “hypocrisy” over his acceptance of free gifts from donors.
“Since the change of government in July, the revelations of hypocrisy have been staggering and increasingly outrageous,” she said.
“I cannot put into words how angry I and my colleagues are at your total lack of understanding about how you have made us all appear.”
Ms Duffield also mentioned the recent “treatment of Diane Abbott”, who said she thought she had been barred from standing by Labour ahead of the general election, before Sir Keir said she would be allowed to defend her Hackney North and Stoke Newington seat for the party.
Her relationship with the Labour leadership has long been strained and her decision to quit the party comes after seven other Labour MPs were suspended for rebelling by voting for a motion calling for the two-child benefit cap to be abolished.
“Someone with far-above-average wealth choosing to keep the Conservatives’ two-child limit to benefit payments which entrenches children in poverty, while inexplicably accepting expensive personal gifts of designer suits and glasses costing more than most of those people can grasp – this is entirely undeserving of holding the title of Labour prime minister,” she said.
Ms Duffield said she will continue to represent her constituents as an independent MP, “guided by my core Labour values”.