The US and South Korea are joining forces to fight back against crypto theft, particularly targeting North Korean hackers.
A Joint Effort Against Crypto Crime
The US Department of Homeland Security and the South Korean government have teamed up on a research project. The goal? To develop new tech to stop attacks on crypto platforms and track stolen cryptocurrency. Researchers will also investigate how stolen money is laundered and turned into crypto using ransomware and other illegal methods.
Why South Korea?
South Korea was chosen for this partnership because its neighbor, North Korea, is a major suspect in many crypto heists. Reports show North Korean hackers, possibly groups like Lazarus Group, have stolen billions of dollars worth of cryptocurrency from DeFi (decentralized finance) platforms.
North Korea’s Crypto Activities
One report from 2022 estimated that North Korea-linked groups stole around $1 billion in crypto from DeFi alone. It’s also been reported that North Korea uses tools like Tornado Cash to hide the origins of stolen crypto. The regime allegedly uses the money to fund its weapons programs.
