The United States and South Korea are reportedly collaborating on developing advanced mechanisms to combat cryptocurrency thefts allegedly tied to North Korea.
According to South Korea’s Yonhap News Agency, the two nations have signed an agreement to jointly develop technologies to prevent cryptocurrency thefts, with plans extending through 2026.
The report highlights that researchers from South Korea and the United States, including experts from Korea University and RAND Corp., will collaborate on developing advanced technologies to track stolen cryptocurrency and prevent future attacks. The researchers will also examine how criminals launder stolen funds into cryptocurrency through tactics such as ransomware attacks.
The collaboration comes amid alarming reports of North Korea-linked hackers stealing nearly $1.6 billion in cryptocurrency this year, according to Chainalysis. Overall, crypto theft surged to $2.2 billion in 2024, a sharp increase from $660.5 million in 2023.
North Korea accounted for 61% of the stolen assets through 47 separate attacks, doubling the number of incidents attributed to the nation last year per Chainalysis report. These attacks primarily targeted cryptocurrency platforms and decentralized finance systems. The report noted that the stolen funds are funnelled into North Korea’s weapons development and ballistic missile programs, highlighting the central role of cybercrime in funding Pyongyang’s regime.
This isn’t the first time the two nations have collaborated to combat crypto crimes. In October 2024, the United States and Nigeria established a Bilateral Liaison Group to tackle illicit finance and cryptocurrency-related crimes. Announced by the U.S. Department of State, the initiative aims to enhance joint efforts in investigating and prosecuting cybercrimes tied to digital assets. The U.S. pledged to strengthen Nigeria’s ability to address these threats as the country continues to combat crypto misuse. Notably, in August 2023, Nigeria froze over $37 million in cryptocurrency linked to organizers of the #EndBadGovernance protests.
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