South Korea, US team up to craft new strategies against North Korean crypto heists: report

The United States and South Korea are reportedly partnering to develop tools aimed at countering North Korean-linked crypto thefts and tracking billions of dollars in stolen digital assets.

The United States and South Korea are said to be working together to create new mechanisms to prevent crypto thefts linked to North Korea, South Korea’s news agency Yonhap News reported.

The two countries have reportedly signed an agreement to create joint technologies to stop crypto thefts. While details remain unclear, South Korea’s science ministry will also support the initiative until 2026. The collaboration comes as the total amount of crypto stolen by hackers from North Korea approaches $1.6 billion this year, Chainaliz previously reported.

The report states that researchers from both countries, including experts from Korea University and RAND Corp., will focus on tracking stolen crypto and preventing attacks. They will also investigate how criminals transfer stolen funds into crypto using methods such as ransomware.

Meanwhile, the United States is taking further steps to address North Korea’s activities in the crypto space. As crypto.news previously reported, the U.S. Treasury Department’s Office of Foreign Assets Control has sanctioned two individuals and a company in the United Arab Emirates for their involvement in cybercrime money laundering activities in support of North Korea.

The regulator said the two men worked through a UAE-based company to convert stolen funds into crypto, which were then sent to North Korea.