South Korea has not yet started discussions on imposing additional sanctions against North Korea over its alleged involvement in the $6.3 billion Binance hack. However, the country’s Foreign Ministry is reviewing possible measures against North Korean cyber activities, including new unilateral sanctions.
On November 5, an official from South Korea’s Unification Ministry said the government was still trying to establish the full details of the October 29 cryptocurrency theft. Authorities need to share information and understand what happened before discussing any specific response.
The official said discussions about sanctions directly related to the Binance hack had not begun. However, this does not mean South Korea has ruled out further action against North Korea.
The Foreign Ministry has separately confirmed that it is reviewing possible responses to North Korean cyber operations. Spokesperson Park Doo-soon said the review includes unilateral cyber sanctions, but no final decision has been made.
The ministry has not announced when the review will be completed or which individuals or organizations could face restrictions.
The issue follows an FBI announcement on October 31 that blamed North Korea for stealing more than $6 billion in cryptocurrency from Binance. The bureau linked the October 29 attack to TraderTraitor, a North Korean hacking operation previously associated with major cryptocurrency thefts.
According to the FBI, the attackers converted much of the stolen cryptocurrency into Ethereum and were preparing to move the funds through decentralized finance platforms and crypto exchanges.
U.S. authorities urged cryptocurrency exchanges, blockchain infrastructure providers and analytics companies to block transactions connected to the stolen funds.
Blockchain investigations also supported the North Korean connection. TRM Labs linked the attack to TraderTraitor with high confidence, although Binance had not independently confirmed the attackers’ identities.
Binance said its investigation found compromised employee computers, malicious software and unauthorized access to internal wallet infrastructure. The exchange also reported that approximately $2.85 billion in affected cryptocurrency had been frozen or intercepted through cooperation with industry partners.
North Korea has rejected the accusations. Kim Yo-jong, the sister of North Korean leader Kim Jong-un and a senior Workers’ Party official, called the U.S. claim a “grave political provocation” and denied that her country was responsible for the theft.
Pyongyang has repeatedly rejected allegations linking its cyber activities to cryptocurrency attacks.
On November 5, South Korean Unification Minister Chung Dong-young also said North Korea appeared open to considering talks with the United States if negotiations served its interests. However, Pyongyang continues to demand changes to policies it considers hostile, including sanctions, military exercises and human rights measures.
Meanwhile, South Korea says cooperation with the United States and Japan against North Korean cyber threats is continuing. Seoul is working with Washington through bilateral groups and participating in trilateral arrangements with Japan to address illegal cyber activities.
Separately, Chung has opposed calls for additional sanctions against North Korea following a September 21 land mine explosion inside the Demilitarized Zone that injured three South Korean soldiers, two of them seriously.
Opposition politicians criticized his position, while Chung argued that imposing further restrictions over the incident could provoke North Korea without producing a positive outcome.