The United States and South Korea have teamed up to develop new strategies to combat North Korea-linked crypto thefts and track billions of dollars in stolen digital assets, according to reports. Yonhap News reported that the two countries have signed an agreement to jointly create technologies for preventing such thefts. Although specific details are yet to be disclosed, South Korea’s science ministry will support the initiative until 2026.
This collaboration follows Chainalysis’ report that the total amount of crypto stolen by hackers linked to North Korea has approached $1.6 billion this year. Researchers from both countries, including those from Korea University and RAND Corp., will concentrate on tracking stolen crypto and preventing attacks. They will also look into how criminals launder stolen funds into crypto via methods like ransomware.
Moreover, the U.S. is taking additional measures regarding North Korea’s activities in the crypto space. As previously reported by crypto.news, the U.S. Treasury’s Office of Foreign Assets Control has imposed sanctions on two individuals and a company in the United Arab Emirates for their role in laundering money from cybercrimes to support North Korea. The regulator stated that the two individuals used a UAE-based company to convert stolen funds into crypto and then send it to North Korea.
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