In 2023, the Republic of Korea will introduce a tracking system for cryptocurrencies to combat crimes connected to blockchain technology.
As the number of blockchain-related crimes continues to rise, the Ministry of Justice in South Korea has revealed that it intends to roll out a tracking system for crypto currencies to assist in the battle against these crimes.
According to a story published (1) by a local media site called khgames, the government of South Korea is reportedly on the verge of implementing a tracking system for crypto currencies during the first half of the year.
In the future, the government of South Korea plans to develop a criminal law system that is up to international standards to prosecute cybercriminals involved in the incident.
System for Monitoring Crypto Currencies
South Korea is neighbour to one of the most infamous hacking gangs to originate from North Korea. This group, known as Lazarus, is responsible for stealing $100 million from Harmony One.
As a consequence, South Korea, under the guidance of President Yoon Suk-year, has been eager to combat crimes connected to internet use. In addition, the money taken through hacking is then "washed" through complex financial transactions involving cryptocurrency mixers such as tornado cash.
According to reports, South Korea plans to implement the 'virtual currency tracking system' will assist the Ministry of Justice in checking transaction data, extracting linked information throughout transactions, and verifying the funds' sources before and after the transfer.
For other organizations to use scientific study and forensic expertise, the Ministry of Justice in South Korea announced that it would construct a cloud system that would be fashioned after the prosecution's digital forensic system.
Battling Crypto Theft
To counteract crimes committed using blockchain technology, the South Korean police agency has signed several contracts with local crypto currency exchanges.
The Cyber Investigation Bureau of the National Police Agency of this nation announced that it would prohibit the unlawful use of crypto currencies and create a secure trading environment by entering into commercial agreements with the five largest exchanges in this country.
The nation's police agency has dramatically boosted the number of blockchain security specialists to assist with its investigations and enhance its overall capabilities.
Because more people are paying attention to cryptography on a worldwide scale, hackers have come up with additional strategies to penetrate target systems. As an illustration, the government of the United States recently observed that hackers from North Korea are targeting the Web3 job recruiting industry.
As a result, the hackers have immediate access to the DeFi protocol they are targeting, allowing them to upload malicious software whenever they choose quickly.
As a result, the government of South Korea may be forced to broaden the scope of its probe since avoiding an attack is preferable to responding to one that has already occurred. To add insult to injury, recovering lost digital assets is a laborious procedure that can take years to complete and offers no assurance of success.
A South Korean court found earlier this month that a group of 132 crypto currency investors is entitled to around $200,000 in damages from Bithumb due to a service outage that occurred on November 12, 2017, and lasted approximately 1.5 hours.