- Australia sanctioned four North Korean cyber units, including Lazarus Group, over an estimated A$1.9 billion crypto theft spree in 2024 to disrupt weapons funding.
- The sanctions target groups linked to the Reconnaissance General Bureau, noting that the value stolen this year is 50% higher than in 2023.
- Separately, ASIC expanded oversight of “digital assets,” and new legislation was proposed for tighter regulation of crypto ATMs under AUSTRAC.
The Australian government has sanctioned four North Korean cyber units, including Lazarus Group, over what it says is an A$1.9 billion crypto theft spree in 2024.
Foreign Minister Penny Wong said the measures target Pyongyang’s funding pipelines for weapons programs through hacks, illicit IT work, and espionage.
The designations name Lazarus, Kimsuky, Andariel, and Chosun Expo, all tied to the Reconnaissance General Bureau, plus individual hacker Park Jin-hyok of Chosun Expo, who is already sanctioned by the US and South Korea.
A Multilateral Sanctions Monitoring Team report cited by the Australian government estimates the value stolen in 2024 was about 50% higher than in 2023.
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Roughly $3 Billion Stolen So Far This Year
Crypto News Australia reported that North Korean hackers have stolen nearly $3 billion (AU$4.5 billion) so far this year, at least between January and September, and much of it tied to Bybit’s breach in February, also attributed to DPRK operators.
The action follows Pyongyang’s warnings that similar US steps could “antagonise” its leadership. Wong framed the move as part of broader coordination to cut off revenue streams.
We encourage all Australians to be vigilant about their cyber security, and be aware that payments to entities and individuals listed under Australia’s autonomous sanctions framework could result in action by law enforcement agencies.
Penny Wong, Minister for Foreign Affairs.Separately, Australia’s financial regulator, the Australian Securities and Investments Commission (ASIC), expanded oversight of the sector by updating Information Sheet 225 and broadening “crypto-assets” to “digital assets.”
The guidance now includes 18 worked examples spanning staking, yield-bearing tokens, DeFi protocols, and asset-referenced stablecoins.
The parliament also proposed tighter controls on crypto cash-out points under AUSTRAC supervision. The draft bill would require crypto ATM operators to register, verify users, file transaction reports, and install real-time monitoring systems.
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