The United States and South Korea will cooperate to create stronger defenses against cryptocurrency thefts. Joint research efforts aim to prevent attacks on crypto platforms and develop tracking technologies for stolen cryptocurrencies.
Joint Studies of the USA and South Korea
The USA and South Korea signed an important agreement at the beginning of this year. The two countries will focus on preventing the illegal processing of stolen cryptocurrencies through methods such as money laundering and ransomware. Experts expect these studies to detect criminal activities more effectively.
Cryptocurrency thefts are especially organized by state-sponsored groups. The most important reason why the USA chose South Korea in its cooperation efforts in this field is that their neighbor North Korea is involved in such crimes. According to Chainalysis’ report, North Korea stole approximately $1 billion worth of cryptocurrencies from DeFi protocols in 2022.
North Korea’s Role and Cryptocurrency Heists
South Korea stands out as an important strategic partner for monitoring North Korea’s criminal activities. An expert affiliated with the United Nations announced that North Korea laundered stolen cryptocurrencies through platforms such as Tornado Cash. It is also stated that North Korea uses the cryptocurrencies it obtains to finance its nuclear and missile programs.
This cooperation between the USA and South Korea aims to increase the security of not only these two countries but also the global cryptocurrency market. Technologies to be developed to prevent attacks on cryptocurrency platforms and monitor criminal activities aim to create a stronger defense on a global scale. This initiative is seen as one of the steps that will ensure safer use of cryptocurrencies in the future.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
