South Korea, US team up to craft new strategies against North Korean crypto heists: report

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As an analyst with extensive experience in cybersecurity and geopolitics, I find this collaboration between the U.S. and South Korea to be a significant move in addressing the growing threat of North Korean crypto thefts. With my background in tracking and analyzing such activities, it’s clear that this joint effort is crucial given the staggering amount of stolen digital assets nearing $1.6 billion this year alone.

It appears that the U.S. and South Korea are working together on creating tools to combat cryptocurrency thefts linked to North Korea, as well as tracing billions of dollars’ worth of stolen digital assets.

According to a report by South Korea’s Yonhap News Agency, the U.S. and South Korea appear to be collaborating on developing strategies to deter crypto-related crimes that are suspected of being orchestrated by North Korea.

It appears that two nations have apparently come to terms on a deal to collectively develop technology aimed at preventing cryptocurrency thefts. As specifics are still vague, South Korea’s science department will back the endeavor until 2026. This cooperation arises as cybercriminals from North Korea have allegedly swindled approximately $1.6 billion in digital currency this year, according to Chainalysis’ earlier report.

The report notes that researchers from both countries, including experts from Korea University and RAND Corp., will focus on tracking stolen crypto and preventing attacks. They will also investigate how criminals launder stolen funds into crypto using methods like ransomware.

Presently, the U.S. is intensifying efforts to control North Korean crypto activities. Previously reported by crypto.news, the U.S. Treasury’s Office of Foreign Assets Control has penalized two individuals and a company based in the United Arab Emirates for laundering funds from cybercrimes, which were used to back North Korea.

According to the regulator, these two people used a firm based in the United Arab Emirates as a front to transform illegally obtained money into cryptocurrency. This digital currency was subsequently transferred to North Korea.

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2024-12-23 12:06