Why is that? Right now, North Korea is a nice bargaining chip for China. The US doesn't want a direct conflict with China so cannot directly attack North Korea. When the time is right, China will reign in North Korea (for a time) in exchange for some concessions from the US. It is a poker game with an element of risk, but North Korea is a high face card in China's hand.
China tried reining them in 2 months ago, when they were getting ready to do the missile launch test. They still fired the missile, which is why China voted in favour of the current round of sanctions.
NK knows that China doesn't want US military presence on their borders, and that the US will not leave SK as long as NK is still a threat to the south. Thus, it's in NK's interest to be just annoying enough that SK still considers them a threat, but not annoying enough to trigger an attack. And yes, they are a credible threat to the south, with the amount of artillery they have embedded in the hills. They don't need nuclear weapons to do a lot of damage to the South, and are doing this for the attention.
As long as they don't do anything that would cause China to attack them, they're safe. (personally, I think that's how it's going to play out in the long run, btw... they'll piss China off enough that China attacks them, possibly with UN support, and then the US leaves SK). That means that they can ignore China's warnings and chidings all they want, as long as they don't actually do anything that directly affects China. Sadly, their current administration appears to be aware of this.
Interestingly enough, I was listening to a discussion on the radio this morning about Munchhausen syndrome, and can't help but wonder if NK's behaviour is a form of it.