Dear Colleague:
The DPRK continues to support the development of its WMD and missile programs byobfuscating the movement of hundreds of millions of dollars of stolen cryptocurrency
through virtual asset service providers (VASPs) such as cryptocurrency exchanges,bridges, mixers and other related blockchain-enabled platforms around the world. In
2023 alone, according to blockchain analysis firm Chainalysis, the DPRK stole anestimated 1 billion USD in virtual assets to fund its weapons of mass destruction andmissile programs. DPRK actors are increasingly reliant on exploitation of VASPs,
including mixers, bridges, centralized exchanges, and decentralized platforms to steal
and launder funds for these illicit programs. Significant effort and coordination on behalfof the blockchain industry and government regulators is needed to further hinder DPRK
revenue generation involving virtual assets while preserving legitimate industry
operations.
The United States Department of State and the Republic of Korea’s Ministry of Foreign
Affairs are pleased to invite you to participate in a symposium hosted in New York City
on August 27, 2024, from 09:00 – 16:30 (UTC-04:00). The event, which is titled“Protecting the Virtual Asset Industry from DPRK Exploitation and Disrupting DPRK
Revenue Generation: A Joint U.S.-ROK Symposium,” will include presentations aimed atstrengthening the ability of VASPs and regulators to identify, disrupt, and report entities
and transactions with potential links to DPRK actors, improving VA theft incident
response through industry and law enforcement coordination, and enhancing publicprivate information sharing on DPRK proliferation finance typologies.
The events will be conducted in English, however interpretation into other languages
may be available depending on participant need. For attendees unable to travel, a virtual
attendance option will be available. If you or your colleagues are interested in attending
this event in person or virtually, please sign up using the following link:
https://insights.crdfglobal.org/symposium-in-nyc
We kindly request that you register by July 31, 2024. Thank you for your consideration.
Sincerely,

Lee Jun-il

Jung Pak

Lee Jun-il
Director-General for Korean Peninsula Policy
ROK Ministry of Foreign Affairs

Dr. Jung PakSenior Official for the DPRKU.S. Department of StateProtecting the Virtual Asset Industry from DPRK Exploitation andDisrupting DPRK Revenue Generation: A Joint U.S.-ROK Symposium
Proposed Date: August 27, 2024
Location: New York City, USA

DRAFT AGENDA

0830-0900: Registration and Coffee

0900-0915: Opening Remarks

0915-0935: DPRK Virtual Asset (VA) Thefts: Funding the Development of WMD
Objective: Build the connection between DPRK VA theft/laundering and its development ofWMD and ballistic missiles. Reinforce the severity of the DPRK threat facing VA industry
stakeholders.
0935-1035: Analytic Panel on Case Studies of DPRK Cryptocurrency Heists, Laundering,and Liquidation
Objective: Provide overview through illustrative case studies of the tactics, techniques, andprocedures (TTPs) the DPRK uses during each phase of a VA heist: 1) cyber intrusion/initialtheft, 2) laundering, and 3) cashout.
Private Sector Blockchain Tracing Expert

1035-1045: Coffee Break
1045-1115: DPRK Virtual Asset Cashout Tactics and Risks to VASPs and FinancialInstitutions
Objective: Detail how DPRK actors exchange laundered VA for fiat currency and the related
sanction/reputational risks DPRK VA cashout presents to centralized VASPs and financialinstitutions.
Global Centralized Exchange Representative
U.S. or ROK Government Representative1

1115-1145: Strengthening Cyber Defenses Against DPRK Intrusions and Thefts
Objective: Provide an update on the TTPs DPRK cyber actors use to compromise VASPs,
discuss recent DPRK cyber operations targeting VASPs, and reiterate the importance ofblockchain companies 1) integrating cybersecurity principles into their platforms from thebeginning, 2) practicing good cyber hygiene, and 3) developing cyber incident response plans.
U.S. / ROK Government Cyber Expert
Global DeFi Platform Representative

1145-1300: Lunch

1300-1345: Law Enforcement Panel and Q+A on Disrupting DPRK VA Laundering
Objective: Explain how law enforcement approaches DPRK VA theft/laundering cases (generalfocus on the use of civil seizure/forfeiture actions vs. criminal indictments) and encourage
private sector cooperation with law enforcement requests.
U.S. Law Enforcement Representative
ROK Law Enforcement Representative
Global Virtual Asset Industry Representative

1345-1430: Regulatory Panel and Q+A on Sanctions and DPRK VA Revenue Generation
Objective: Explain the role supervision/financial sector regulation can play in incentivizing
industry to implement strong AML/CFT/CPF protocols; reinforce the importance of transaction
monitoring; highlight consequences of non-compliance.
U.S. Regulatory Representative
ROK Regulatory Representative
Global Virtual Asset Industry Representative

1430-1445: Coffee Break
1445 -1600: Industry Panel and Q+A on Successes, Challenges, and Innovations inIdentifying and Preventing DPRK VA Laundering

2

Objective: Provide industry leaders with a platform to describe 1) the challenges they face inidentifying and mitigating DPRK VA heists, 2) successful collaborations with others in industry
and governments in disrupting VA laundering, and 3) how industry and government can work
more effectively together moving forward.
U.S. Virtual Asset Industry Representatives
ROK Virtual Asset Industry Representatives
Global Virtual Asset Industry Representatives

1600-1615: Opportunities for Future Engagement and Assistance
U.S. Government Representative
ROK Government Representative

Objective: Explain capacity building and other resources that are available to support industry
and government stakeholders in confronting DPRK VA heists and laundering activities.

1615-1630: Closing Remarks

3INVITATION TO JOINT U.S.-ROK INDUSTRY/GOVERNMENT OUTREACH EVENT ONDPRK CRYPTOCURRENCY LAUNDERING
Potential Invitation List:
G7+: UK, Australia, Canada, New Zealand, Japan, Italy, France, Germany, Switzerland,
European Union
ASEAN: Singapore, Vietnam, Cambodia, Philippines, Indonesia, Malaysia, Thailand, LaosU.S. and ROK Counter-DPRK VA Laundering Priority Jurisdictions for Engagement:
Seychelles, British Virgin Islands
FATF List of Jurisdictions with Materially Significant VASP Sectors: Argentina, Austria,Bahamas, Belgium, Brazil, Cayman Islands, Cyprus, Denmark, Estonia, Finland, Gibraltar,Greece, Iceland, India, Ireland, Kazakhstan, Lithuania, Luxembourg, Malta, Mexico,Netherlands, Nigeria, Norway, Poland, Portugal, South Africa, Spain, Sweden, Switzerland,Türkiye, Ukraine, UAE
Demarche Text:-- The United States and the Republic of Korea (ROK) are pleased to invite your government andrelevant private sector representatives from your jurisdiction to attend a symposium on
preventing DPRK revenue generation involving virtual assets and protecting the virtual asset
industry from DPRK exploitation. The DPRK continues to support the development of its WMDand missile programs by obfuscating the movement of hundreds of millions of dollars of stolen
cryptocurrency through virtual asset service providers (VASPs) such as cryptocurrency
exchanges, bridges, mixers and other related blockchain-enabled platforms around the world.
-- The DPRK is increasingly reliant on virtual assets to support its WMD and ballistic missileprograms. In 2023, DPRK stole over 1 billion USD in virtual assets, according to blockchain
analysis firm Chainalysis. The blockchain ecosystem provides the DPRK with significant
opportunities to evade international sanctions in which the regime hides the proceeds fromcyber-enabled thefts of cryptocurrency through complex blockchain laundering processes,
complicating efforts by law enforcement to recover stolen funds for return to victims.
-- Given growing concerns about the revenue generated by the DPRK’s cryptocurrency heists,
the Governments of the United States and the Republic of Korea have released several publicalerts about the DPRK cyber threats to the cryptocurrency industry, including in July 2023
(https://www.mofa.go.kr/eng/brd/m_25525/view.do?seq=3&page=1), in April 2022
(https://www.cisa.gov/uscert/ncas/alerts/aa22-108a), and in February 2021
(https://www.cisa.gov/uscert/ncas/alerts/aa21-048a). The Financial Action Task Force (FATF)
has published material on red flag indicators of money laundering using virtual assets

SENSITIVE BUT UNCLASSIFIED

(https://www.fatf-gafi.org/en/publications/Methodsandtrends/Virtual-assets-red-flagindicators.html).
-- The private sector has a vital role to play in improving cybersecurity, customer due diligence,and transaction monitoring processes to ensure their services are not exploited by DPRK actors
to steal and launder cryptocurrency. Due to the speed with which the DPRK often moves virtualassets under its control and the complexity of DPRK laundering tactics, effective cooperation
between industry and law enforcement is critical to tracing and seizing stolen funds for return tovictims.
-- In addition to the challenges faced by the private sector, many governments do not yet havethe authorities, regulations, or capacity to effectively monitor, regulate, and prevent VASPs
operating in their jurisdictions from facilitating DPRK laundering activities. Regulators and law
enforcement need the capacity to identify, disrupt, and report entities and transactions withpotential links to DPRK actors, invest in public-private information sharing on proliferation
finance typologies, and responsibly respond to virtual asset heists impacting their jurisdiction.
-- To improve governmental and private sector capabilities to protect VASPs from andeffectively mitigate DPRK virtual asset exploitation, we are planning to hold a symposium on
August 27, 2024 , in New York City. This event, which is titled “Protecting the Virtual Asset
Industry from DPRK Exploitation and Disrupting DPRK Revenue Generation: A Joint U.S.-ROKSymposium” will provide an overview of the threat posed by DPRK illicit cryptocurrency
activities, case studies on recent DPRK cryptocurrency heists, and guidance on implementing
due diligence and virtual asset recovery. The event will be convened in New York City from09:00 – 16:30 UTC+09:00. (Note: the event will be conducted in English, howeverinterpretation may be available depending on participant needs.)-- Venue space is limited so we may not be able to accommodate every request to attend theevent in-person. For attendees unable to participate in-person, a virtual attendance option will beavailable, with details forthcoming.
-- If you or your colleagues are interested in attending this event, in-person or remotely, pleasesign up by accessing the following link:
https://insights.crdfglobal.org/symposium-in-nyc-- In order to raise awareness of this issue and the potential risks involved – and further restrict
the DPRK’s capabilities to exploit the cryptocurrency industry – we would be grateful if you
could share this invitation letter with relevant stakeholders in your jurisdiction. Ideal private
sector participants could include representatives of cryptocurrency exchanges, blockchainenabled gaming companies, bridges, mixers, tumblers, and decentralized finance platforms.
-- We thank you for your continued cooperation on this important matter and we appreciate yourthoughts on ways to complement or build on this effort.

SENSITIVE BUT UNCLASSIFIED