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2020-10-26

Attacks on crypto by North Korea

There is a heated political debate about who should take responsibility for countering North Korean crypto hooks. Recently, a South Korean financial warden made it clear that he did not see the issue as any of his interests.

According to Fn News, the Financial Services Commission, or FSC, responded to a written request from the National Assembly's Political Affairs Committee on October 23rd. The FSC claims that it is not responsible for the crypto stolen during hacker attacks sponsored by Kim Jong-un's regime, such as the Lazarus Group, on crypto exchanges.

According to the report, the warden argued that the crypto exchanges do not fall under their jurisdiction without providing more details. They delegated responsibility to the Ministry of Foreign Affairs and the Korean Communications Commission, the KCC.

However, both the Ministry and the KCC believe that the Financial Supervision Authority is still responsible for any damage suffered by companies producing crypto materials because they are related to financial matters. The couple cites the position of the Financial Supervision Authority "responsible for the management and supervision of suppliers of virtual assets, such as crypto currency exchanges.

Representative Seong Il-jong, secretary of the opposition party in the Political Affairs Committee of the National Assembly, disagrees with the FSC position. He reminded them that "with the adoption of the revised South Korean crypto law, all cryptography issues became the responsibility of the Financial Services Commission.