U.S. and South Korea collaborate to prevent crypto thefts. They will focus on tracking stolen assets and enhancing cybersecurity against North Korean hackers.
The United States and South Korea are collaborating to create new measures to stop cryptocurrency thefts linked to North Korea. The partnership comes as virtual assets become a concern as North Korea–linked hackers target the portal. Both countries are performing joint research to bolster protection against these cyberattacks, according to Yonhap News.
The U.S. Department of Homeland Security and the South Korean government signed a recent technical agreement. As part of the agreement, two countries are allowed to jointly develop technologies that could prevent cryptocurrency theft. They will also track stolen assets. Until 2026, the Institute of Information & Communications Technology Planning & Evaluation, South Korea will support this research.
The fact that Bitcoin price surged just recently makes this partnership especially timely. Just a few days ago, Bitcoin broke out to $100,000 and led some to fear cybercriminals attacking cryptocurrency exchanges and other platforms. Digital assets are more attractive to cybercriminals because the price of Bitcoin is high. Therefore, there is an immediate demand for stronger cybersecurity.
U.S. and South Korea Develop Tools to Track Stolen Digital Assets
The U.S. has partnered with other countries on cybersecurity issues, but South Korea seemed specially chosen for this project. Cryptocurrency thefts by North Korea are not something unknown, so South Korea is the country to collaborate with on digital asset tracking research. The work of Korea University and RAND Corporation researchers will focus on tool development to prevent and track stolen funds.
The research will also delve into how hackers launder stolen cryptocurrency. The stolen assets are commonly converted into different virtual currencies or used to perform other illegal activities as ransomware attacks. But both countries are learning from these methods in hopes of preventing future thefts, and halting the flow of stolen funds.
This is not the first time North Korea has been responsible for several cryptocurrency heists. This year alone, North Korea-linked hackers have stolen $1.34 billion worth of cryptocurrency across 47 incidents, according to Chainalysis. It also underscores the scale of this problem and the need to act.
Finally, the collaboration between U.S. and South Korea is a very crucial step to secure the cryptocurrency market. Through research and new technology both nations wish to prevent thefts and improve how digital assets are secure. With cryptocurrency continually on the rise, the demand for greater cybersecurity will only be stronger.
