South Korea Teams Up With US To Combat Crypto Heists and Efforts of North Korean-Linked Hackers: Report

The USA and South Korea are reportedly working collectively in a joint analysis initiative geared toward strengthening protections towards the theft of crypto property.

In line with a report from the Yonhap Information Company, the US Division of Homeland Safety and the federal government of South Korea have signed an settlement to collectively develop applied sciences geared toward curbing assaults on crypto platforms and infrastructure and monitoring stolen crypto -assets.

US and South Korean investigators may also concentrate on how stolen monetary property are laundered or transformed into crypto property utilizing unlawful ransomware or different methods.

In line with the Yonhap Information Company, the US singled out South Korea for its joint efforts in crypto property, as neighboring nation and geopolitical rival North Korea is seen as a significant perpetrator of crypto heists. For instance, in August 2022, blockchain analytics platform Chainalysis mentioned that North Korea was accountable for essentially the most crypto heists that occurred through decentralized finance (DeFi) protocols.

“A lot of the worth stolen from decentralized finance (DeFi) protocols might be attributed to dangerous actors linked to North Korea, notably elite hacking models just like the Lazarus Group. We estimate that to date in 2022, North Korea-affiliated teams have stolen roughly $1 billion in cryptocurrency from the DeFi protocols.”

Earlier this yr, a member of a United Nations skilled panel tasked with monitoring sanctions towards North Korea reportedly disclosed that the hermit state is utilizing the crypto mixer Twister Money to launder stolen crypto property. The hermit state is alleged to make use of the proceeds from its crypto heists to fund its nuclear and missile applications.

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