According to a report by Korea JoongAng Daily, in a bid to further strengthen global cybersecurity, South Korea and the European Union (EU) have agreed to raise the level of collaboration in the management of the growing menace of cryptocurrency thefts by North Korean hackers. This was the outcome of a bilateral cybersecurity policy meeting that took place in Seoul on May 20, 2025, where representatives from both sides underscored the need for a concerted approach to cyber threats that threaten global economic stability.
Mounting Cyber Threats From North Korea
The cyber operations of North Korea have more and more focused on the cryptocurrency industry, causing huge financial losses globally. According to the Center for Strategic and International Studies (CSIS) in a report, in 2024 alone, North Korean hackers, among them the infamous Lazarus Group, stole close to $1.34 billion in cryptocurrency. These cyberattacks are thought to support the country’s weapons research programs while evading global sanctions.
Among the most notable attacks leveled by North Korean cyber actors was the $1.5 billion theft of Ethereum from the Dubai cryptocurrency exchange Bybit in February 2025. The FBI attributed this heist to North Korean-supported hackers, pointing to the intricate strategies used by the groups to target and take advantage of weaknesses in the cryptocurrency system.
Strategic Cooperation between South Korea and the EU
This recent exchange between the EU and South Korea is a forward-looking initiative towards a unified global response against cyber threats. The talks, organized by Youn Jong-kwon, Director-General of International Security in the Ministry of Foreign Affairs of South Korea, and Maciej Stadejek, Director of Security and Defense Policy in the European External Action Service, were dedicated to the examination of the ever-changing cyber threat picture and finding successful countermeasures.
Both sides recognized the necessity of exchanging intelligence, coordinating cybersecurity policies, and conducting combined efforts to increase resilience against cyber threats. The cooperation is meant to not only counter current threats but also to create a framework for sustained cooperation to secure the digital financial network.
International Implications and the Imperative for Collective Action
The memorandum of understanding between South Korea and the EU highlights the international character of cybersecurity threats and the need for a collaborative response. As cyber threats continue to cross borders, global partnerships become essential to crafting holistic strategies that safeguard critical infrastructure and financial networks.
This partnership establishes the tone for other countries to undertake similar cooperative ventures, reinforcing that cybersecurity is a collective responsibility that needs unified efforts from governments, industries, and global institutions.
The greater cooperation between the EU and South Korea is a major step forward in the international battle against cybercrime, specifically the protection of the cryptocurrency sector from state-sponsored hackings. By combining capabilities and resources, the alliance should work to strengthen protection against cyberattacks and the integrity of the financial digital domain.
Also read: Binance and Kraken Thwart Sophisticated Social Engineering Attacks
