Seth Bailey, the U.S. State Department's Special Representative for North Korea, delivered opening remarks at the "U.S.-South Korea Joint Public-Private Symposium on Blocking North Korean Virtual Asset Laundering," held on August 27 at the Hilton Midtown in New York City. The event was hosted by the Department of State and the U.S. Department of State.

Seth Bailey, the U.S. State Department's Special Representative for North Korea, stated on the 27th (local time) at the ‘Korea-U.S. Joint Public-Private Symposium on Blocking North Korean Virtual Asset Laundering,’ held at the Hilton Midtown in New York City, that “North Korea is funding programs that destabilize global security through virtual asset theft, and this year, the amount of theft is projected to increase.” He cited a January report from blockchain research firm TRM Labs, which estimated that one-third of last year’s global virtual asset theft was carried out by North Korean hackers. TRM Labs’ report for the first half of this year noted that the value of stolen virtual assets from hacking is estimated to be $1.38 billion, doubling from $657 million in the same period last year. It is also suspected that North Korea’s share of the stolen assets has significantly increased.

Seth Bailey, the U.S. State Department's Special Representative for North Korea, delivered opening remarks on the 27th (local time) at the ‘Korea-U.S. Joint Public-Private Symposium on Blocking North Korean Virtual Asset Laundering,’ held at the Hilton Midtown in New York City. Bailey stated, “Virtual asset theft is a relatively new revenue stream for North Korea,” adding that “it is estimated that over 40% of North Korea’s funding for weapons of mass destruction (WMD) and ballistic missile development programs comes from virtual assets.” As the current senior official handling North Korea issues at the State Department following the resignation of Special Representative for North Korea, Sung Kim, Bailey also serves as the Director for Korea and Mongolia.

Lee Jun-il, Director General for Korean Peninsula Affairs at the Ministry of Foreign Affairs, emphasized that “North Korea is the world’s leading perpetrator of virtual asset theft, and a significant portion of these stolen funds is used for nuclear and missile development.” He also noted that “as North Korea’s methods for virtual asset theft become more sophisticated, close collaboration between the public and private sectors is more crucial than ever.” The symposium was organized to discuss the current state of North Korean virtual asset theft and strategies for joint public-private responses. It was hosted by the Ministry of Foreign Affairs and the U.S. State Department, with participation from anti-money laundering authorities and virtual asset and payment industry representatives from approximately 40 countries.

(Hankyoreh, 2024.08.28)