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South Korea and US collaborate to combat crypto crime

South Korea and US collaborate to combat crypto crime

GrafaGrafa2024/12/26 09:10
By:Mahathir Bayena

South Korea has joined forces with the US in a bid to combat crypto-related crimes, enhance cybersecurity, and tackle ransomware threats, especially from North Korean hackers.

The collaboration involves the US Department of Homeland Security and the South Korean government, who are working on advanced technologies to prevent cyberattacks on cryptocurrency platforms and bolster infrastructure security.

The partnership will also focus on improving tracking of stolen digital assets and investigating methods used for laundering stolen funds, often through cryptocurrencies.

A significant concern for South Korea is its proximity to North Korea, whose Lazarus Group is suspected of stealing $900 million in 2024 alone.

In the most recent incident, decentralised exchange Hyperliquid denied a hack by Lazarus Group despite suspicious ETH transactions worth $476,000, which led to $60 million in user withdrawals.

North Korea reportedly uses privacy tools like Tornado Cash (CRYPTO:TORN) to obscure the origins of stolen funds, which are believed to support the country’s nuclear and missile programs.

Furthermore, a recent ruling by a US federal appeals court mandated the lifting of sanctions on Tornado Cash.

The court’s decision challenges the US Treasury Department’s use of sanctions against the service, which is accused of facilitating illicit activities like money laundering.

The ruling highlights the complexity of crypto security and the ongoing efforts to curb illegal use while protecting technological freedoms.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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