South Korea

Yonhap | English | News | Nov. 21, 2025 | UndeterminedMergers & Acquisitions

Naver Corp. is expected to confirm its plan to acquire Dunamu Inc., the operator of South Korea's largest cryptocurrency exchange, Upbit, at a board meeting scheduled for next week. Dunamu is also set to hold a board meeting on November 26 to finalize the acquisition details. Naver aims to complete the deal through a comprehensive stock swap via its fintech subsidiary, Naver Financial, making Dunamu a wholly owned subsidiary.

The acquisition is part of Naver's strategy to expand its digital finance business. The two companies plan to launch a won-backed stablecoin project and other digital finance initiatives that could significantly impact South Korea's digital finance market once integrated. After board approvals, the acquisition must pass a shareholders' meeting before formal integration begins.

Post-acquisition, Dunamu Chairman Song Chi-hyung is expected to become the largest shareholder in Naver Financial, with Naver as the second-largest shareholder. Industry insiders estimate the share swap ratio between Naver and Dunamu to be approximately 1 to 3 or 1 to 4. Naver operates South Korea’s leading internet portal, while Upbit ranks as the country’s top and the world’s fourth-largest crypto exchange by trading volume.

Hankyoreh - E | English | News | Nov. 21, 2025 | North Korea

North Korea has strongly condemned the recent security agreements between the US and South Korea, criticizing the explicit mention of denuclearization of North Korea as evidence of a hostile and confrontational policy by Washington and Seoul. The state-run Korean Central News Agency (KCNA) accused the US-ROK alliance of increasing regional instability and declared that North Korea would adopt “more justified and realistic countermeasures.”

Pyongyang objected to the use of the phrase “complete denuclearization of the Democratic People’s Republic of Korea,” interpreting it as a denial of North Korea’s sovereignty. They also rejected references to the 2018 US-North Korea summit agreement, which North Korea claims was nullified by the US. Furthermore, North Korea condemned South Korea's approval to build nuclear-powered submarines, warning it would destabilize military security in the Asia-Pacific, encourage nuclear proliferation, and trigger an arms race.

In response, South Korea’s presidential office reaffirmed its stance of having no hostile intentions and expressed commitment to restoring mutual trust and easing inter-Korean tensions. Analysts noted that North Korea’s reaction, delivered through a state media commentary rather than high-level official statements, indicated a calibrated and cautious response. Experts suggest North Korea remains open to talks but insists that US policy on denuclearization must be revised before dialogue can resume.

FBI 떠나도 북한 해커 추적한 美 요원…"1급 군사비밀만큼 중요"

Hankyung | Local Language | News | Nov. 21, 2025 | North Korea

Former FBI agent Eric Keo pursued North Korean hackers for four years, focusing on a hacker known as "Hades," affiliated with the North Korean group Andariel under the Reconnaissance General Bureau. Despite leaving the FBI in 2023, Keo continued the investigation due to the serious threat posed by these hackers to hospital security systems, which he viewed as critically important, likening them to "top military secrets."

On May 4, 2021, Hades launched a ransomware attack on a hospital in Kansas, paralyzing its networks and diagnostic equipment, including a sleep lab. The attackers demanded two bitcoins, worth approximately $100,000, threatening to increase the ransom to $200,000 if unpaid within 48 hours. The hospital complied, transferring the bitcoins, which were subsequently withdrawn from ATMs near Dandong, China. Although Rim Jong-hyuk was identified as the group leader and publicly named, Hades remained known only as "Co-conspirator 1."

Keo adopted a covert approach by posing as an operator of a "cryptocurrency casino" to engage with North Korean hackers and gather intelligence. He identified a suspect he believes to be Hades, based on social media usage, phone number links, and the suspect’s own claims of developing ransomware and significant illicit earnings. Experts warn that North Korean hackers often disguise themselves as IT personnel within U.S. companies to gain access for criminal activities beyond simple intrusions.

Keo plans to present the evidence he has collected at a conference in Washington D.C. on November 20, highlighting the ongoing risks posed by North Korean cyber operations targeting critical infrastructure.