Can anyone hold North Korea responsible for its attacks on the crypto coin industry?
There has been a heated political debate over who should take responsibility for countering North Korea’s attacks on South Korean cryptomint exchanges. Recently, South Korea’s financial watchdog made it clear that they do not see this issue as their concern.
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 23. The FSC says they are not responsible for the crypto-currencies stolen during the attacks by hackers sponsored by the Kim Jong-un regime, such as the Lazarus Group, against crypto-currency exchanges.
According to the news, the watchdog argued that the Bitcoin Method currency exchanges are not under its jurisdiction without providing further details. They transferred the responsibility to the Ministry of Foreign Affairs and the Korean Communications Commission, or KCC.
But both the Ministry and the KCC believe that the FSC is still liable for damages suffered by crypto companies, as they are related to financial matters. The pair cite the FSC’s position „in charge of the management and supervision of providers of virtual assets such as cryptomoney exchanges“.
Representative Seong Il-jong, the opposition party’s secretary in the National Assembly’s Political Affairs Committee, disagrees with the FSC’s position. He reminded them that „with the passage of the revised South Korean Kryptomintang bill, all matters related to Kryptomintang became the task of the Financial Services Commission“.
In February, it was reported that the Lazarus Group had attacked several crypto currency exchanges in 2019. One of the attacks involved the creation of a very realistic looking trading bot which was offered to DragonEx employees.
In addition, in August, a U.S. military report said that North Korea now has more than 6,000 hackers in countries such as Belarus, China, India, Malaysia, Russia, among others.