U.S. and South Korea launch joint effort to combat crypto cybercrime
Cryptocurrency thefts fuel North Koreas nuclear program
The United States and South Korea will work together to strengthen security measures for protecting digital assets and develop more effective methods for tracking stolen funds.
According to Yonhap News Agency, the US and South Korea have officially signed an agreement to create advanced tools aimed at preventing cyberattacks on crypto systems and exposing methods used by criminals to launder stolen funds.
In addition to these areas, the partnership will extend to combating ransomware programs and other illegal methods used to convert traditional financial assets into cryptocurrency.
It is important to note that this agreement was signed at a time when North Korea has intensified its efforts in cybercrime and has become a key player in global cryptocurrency thefts, prompting the US to seek South Korea's expertise.
Cryptocurrencies fueling nuclear and missile programs
Previously, analytics company Chainalysis reported that North Korean hackers, including the notorious Lazarus Group, were responsible for a significant portion of decentralized finance (DeFi) protocol breaches, accumulating nearly $1 billion in stolen assets.
Additionally, North Korea has used cryptocurrency mixing platforms, such as Tornado Cash, to conceal the origins of the stolen funds. Experts believe these illicit proceeds are fueling the country’s missile and nuclear programs, making the development of countermeasures a top priority for both South Korea and the United States.
North Korean hackers have been identified as the culprits behind the $308 million hack of the Japanese cryptocurrency exchange DMM in May. This revelation came in a joint statement by law enforcement agencies from the United States and Japan.
