The US and South Korea have reportedly worked together to develop tools aimed at combating North Korea-linked crypto thefts and tracking down billions of dollars worth of stolen digital assets.
According to reports from South Korean news agency Yonhap News, the United States and South Korea are set to work together to create new mechanisms to prevent crypto thefts linked to North Korea.
The two countries have reportedly signed an agreement to jointly develop technology to prevent crypto theft. While details are still unclear, South Korea’s Ministry of Science will also support the initiative until 2026. The collaboration comes as the total amount of cryptocurrencies stolen by North Korean hackers this year reaches nearly $1.6 billion, Chainalysis previously reported.
The report notes that researchers from both countries, including experts from Korea University and RAND Corp., will focus on tracking stolen cryptocurrencies and preventing attacks. You will also examine how criminals launder stolen funds into cryptocurrencies using methods such as ransomware.
Meanwhile, the US is taking further steps to combat North Korean activities in the crypto space. As crypto.news previously reported, the US Treasury Department’s Office of Foreign Assets Control imposed sanctions on two individuals and a company in the United Arab Emirates for their involvement in laundering cybercrime money in support of North Korea.
The regulator said the two individuals worked with a UAE-based company to convert stolen funds into crypto, which were then sent to North Korea.
