SME Times is powered by   
Search News
Just in:   • India’s data centre capacity to more than double by 2027  • US, South Korea conducting joint research to block North Korean crypto heists  • India’s savings rate shoots past global average: SBI report  • FDI flow into India from Gulf countries surges to $24.54 bn in 12 years  • PLI scheme has attracted Rs 1.46 lakh crore investment, created 9.5 lakh jobs 
Last updated: 23 Dec, 2024  

crypto.jpg US, South Korea conducting joint research to block North Korean crypto heists

crypto.jpg
   Top Stories
» India’s data centre capacity to more than double by 2027
» India’s savings rate shoots past global average: SBI report
» PLI scheme has attracted Rs 1.46 lakh crore investment, created 9.5 lakh jobs
» Centre pays Rs 4,820 crore to 2.75 lakh farmers for pulses under MSP scheme
» India's private sector growth surges to 4-month high in Dec: Report
IANS | 23 Dec, 2024

South Korea and the United States are conducting joint research to strengthen protection against cryptocurrency heist attempts amid growing concerns of such attacks by North Korea-linked hackers, officials said on Sunday.

Based on a recently signed technical annex between the South Korean government and the U.S. Department of Homeland Security, the two sides will jointly develop technologies to prevent cryptocurrency-targeted attacks and to track stolen assets, according to authorities and cybersecurity industry officials.

The science ministry plans to support such research through the Institute of Information and Communications Technology Planning & Evaluation until 2026, reports Yonhap news agency.

The move comes as the price of bitcoin recently surged to $100,000 after the U.S. presidential election last month, raising concerns of increased attempts by hackers to steal virtual assets.

While the United States collaborates with other countries for cybersecurity research, it is known to have chosen South Korea for research on digital asset tracking technology as North Korea is seen as a key culprit behind cryptocurrency heists.

Under the programme, South Korean and U.S. researchers, including those from Korea University and the RAND Corp. research institute, will focus on technologies to prevent and track hackers when they steal assets from a cryptocurrency exchange.

They will also focus on understanding how they convert or launder other financial assets they obtain into virtual assets through illegal ransomeware or other methods.

North Korea is known as a major player in cryptocurrency heists, with hackers linked to the country estimated to have stolen $1.34 billion worth of cryptocurrency across 47 incidents this year, according to Chainalysis, a leading blockchain analysis firm.

Meanwhile, the Financial Services Commission (FSC) chief said last month that the government needs to closely monitor unfair transactions in the cryptocurrency market.

"The price of virtual assets has recently been shooting up in a very short period of time, and with heavy volatility of the market itself, the government needs to closely monitor possible unfair transactions," FSC Chairman Kim Byoung-hwan told public broadcaster KBS.

 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
84.35
82.60
UK Pound
106.35
102.90
Euro
92.50
89.35
Japanese Yen 55.05 53.40
As on 12 Oct, 2024
  Daily Poll
Will the new MSME credit assessment model simplify financing?
 Yes
 No
 Can't say
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter