South Korea to Ready a System to Track Crypto Thefts!

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In 2023, the Republic of Korea will introduce a surveillance system for cryptocurrencies to combat crimes linked to blockchain technology.

As the number of blockchain-related crimes continues to rise, South Korea’s Ministry of Justice has announced that it wants to create a monitoring system for cryptocurrencies to help in the fight against these crimes.

According to a published story (1According to a local media site called khgames, South Korea’s government is reportedly on the verge of implementing a monitoring system for crypto-currencies in the first half of the year.

In the future, the South Korean government plans to develop a criminal justice system that meets international standards to punish cybercriminals involved in this incident.

A system for tracking crypto currencies

South Korea neighbors one of the most infamous hacking gangs that originated from North Korea. The group, known as Lazarus, is responsible for stealing $100 million from Harmony One.

As a result, South Korea, under the leadership of President Yoon Suk-year, is eager to combat crimes related to Internet use. In addition, money taken through hacking is “laundered” through complex financial transactions involving cryptocurrency mixers such as Tornado Cash.

According to reports, South Korea is planning a ‘virtual currency tracking system’ that will help the Ministry of Justice to verify transaction data, extract linked information across transactions, and verify sources of funds before and after exchange.

To help other companies use scientific analysis and forensics expertise, the Ministry of Justice in South Korea announced the creation of a cloud system modeled after a prosecutor’s digital forensics system.

Combating Crypto Theft

The South Korean police agency has signed several agreements with local cryptocurrency exchanges to combat crimes committed using blockchain technology.

The Cyber ​​Investigation Bureau of the country’s National Police Agency has announced that it will ban the illegal use of cryptocurrencies and create a safer trading environment by entering into business agreements with five major exchanges in the country.

The country’s police agency has dramatically increased the number of blockchain security experts to help with its investigations and improve its overall capabilities.

Sophisticated thieves

As more people pay attention to encryption globally, hackers have come up with more strategies to infiltrate target systems. As an example, the US government recently noticed that hackers from North Korea were targeting the Web3 job recruitment industry.

As a result, hackers have instant access to the DeFi protocol they target, allowing them to quickly upload malicious software whenever they choose.

As a result, the South Korean government has been forced to broaden the scope of its investigation, as avoiding an attack is better than responding to what has already occurred. To add insult to injury, recovering lost digital assets is an arduous process that can take years to complete and offers no guarantee of success.

Earlier this month, a South Korean court found that a group of 132 cryptocurrency investors should be awarded approximately $200,000 in damages for a service outage that occurred on November 12, 2017.


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