South Korea plans to introduce a new bill to track and freeze North Korea’s crypto assets. The purpose of this bill is to track and secure the crypto assets that North Korea uses to finance its illegal weapons programs. South Korea and the US are collaborating to track and retrieve crypto assets stolen as a result of North Korea’s cyberattacks.

The first step was taken for the Security Committee, the first stage of the bill, and it was confirmed that the draft was prepared. The bill is said to reflect the South Korean President’s belief in strengthening the country’s cybersecurity framework. The latest version of the bill includes ways to track and neutralize crypto assets stolen by North Korea through hacking and exploitation.

Also, with the new cybersecurity bill, the South Korean administration plans to create a national cybersecurity committee under the direct control of the president. This committee will implement various measures to strengthen the country’s defense.

North Korean hackers have stolen large amounts of crypto assets using different methods of exploitation. According to estimates by TRM Labs, approximately $2 billion has been lost in North Korean cyberattacks since 2018. By 2023, it is estimated that North Korea will steal $200 million worth of crypto assets.

The United States Federal Bureau of Investigation (FBI) is also trying to track down North Korean state-sponsored hackers and has flagged some Bitcoin wallets for this purpose. These wallets contained 1,580 Bitcoins, worth an estimated $40 million, seized by various hackers.