The United States and South Korea are reportedly collaborating on a joint research initiative aimed at strengthening protections against crypto asset theft.
According to a report by Yonhap news agency, the US Department of Homeland Security and the government of South Korea have signed an agreement to jointly develop technologies aimed at curbing attacks on crypto platforms and infrastructure and tracking stolen crypto assets.
US and South Korean researchers will also focus on how stolen financial assets are laundered or converted into crypto assets using illegal ransomware or other techniques.
According to Yonhap news agency, the US has chosen South Korea for cooperation on crypto assets as the country’s neighbor and geopolitical rival, North Korea, is considered a major perpetrator of crypto heists. For example, in August 2022, blockchain analytics platform Chainalysis stated that North Korea was responsible for most crypto heists on decentralized finance (DeFi) protocols.
“Much of the value stolen from decentralized finance (DeFi) protocols can be attributed to bad actors linked to North Korea, particularly the elite…
