There was a heated political debate about who should take responsibility for fighting North Korean attacks on South Korean crypto exchanges.. Recently, the South Korean financial watchdog made it clear that they do not see this matter as their concern.
According to Fn News, the Financial Services Commission (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 cryptocurrencies stolen in attacks by hackers sponsored by the Kim Jong-un regime such as the Lazarus Group for crypto exchanges.
According to the news, the watchdog argued that the exchange of cryptocurrencies does not come under its jurisdiction without providing further details. They transferred responsibility to the State Department and the Korean Communications Commission (KCC).
However, both the ministry and the KCC believe that the FSC remains responsible for the damage that cryptocurrency companies are suffering.as they relate to financial matters. The couple cited the position of FSC “which is responsible for managing and monitoring providers of virtual assets such as cryptocurrency exchanges”.
Representative Seong Il-jong, secretary of the opposition party in the National Assembly’s Political Affairs Committee, disagreed with the FSC’s position. Reminded her of it “With the passing of the revised cryptocurrency law in South Korea, all issues related to cryptocurrencies became the responsibility of the Financial Services Commission.”
In February it was reported that the Lazarus group had attacked several cryptocurrency exchanges in 2019. One of the attacks involved the creation of a very realistic looking trade bot offered to DragonEx employees.
Even in August According to a report by the US military, North Korea now has more than 6,000 hackers in countries such as Belarus, China, India, Malaysia and Russia.