Uppsala Security Agency Security tool and service provider for cryptocurrency AML/CTF, Transaction tracking, risk management, regulatory compliance and cybersecurity announced today that they have successfully helped victims recover approximately 5 million won (more than US$4,000).
According to the Crypto Incident Response Center (CIRC), the victim reported a fraud case in early November 2021. Investigators from the Uppsala Security Company then tracked and analyzed the flow of digital assets reported by the victims and confirmed that the stolen funds had reached the “exchange” wallet’.
Investigators from Uppsala Security immediately provided the victim with a virtual asset tracking report to help prevent the suspect from transferring the stolen funds to foreign exchanges. The victim then submitted a tracking report to the police, showing who held the lost cryptocurrency at the time. The network security team of the local police department then conducted a comprehensive investigation and successfully identified the suspect in the incident.
As a result, the police can quickly arrest malicious actors and help victims recover lost funds. According to Uppsala Securities, the full recovery of funds is still in progress, but some assets (approximately 5 million won) have been recovered.
Encrypted Incident Response Center (CIRC) Utilization Cable TV, A cryptographic analysis transaction visualization tool, and method, A cryptographic analysis risk assessment tool based on artificial intelligence and machine learning, used to track stolen crypto tokens and understand how stolen funds are laundered.
“Due to the nature of blockchain technology, it is difficult to recover lost/stolen assets in situations related to fraud or hacking. Nevertheless, our Insurance Regulatory Commission team successfully implemented the third case of recovering stolen virtual assets in South Korea. This is of great significance in the virtual asset industry because it shows that technology can be successfully used to solve some of the complex problems we face today. . We hope that these successful cases will provide an opportunity for people to get rid of the misunderstanding that virtual assets cannot be recovered once they are lost. “
– Min Woo Ku, Korea Regional Manager, Uppsala Security Department
In addition, Uppsala Security and Bithumb, a virtual asset exchange based in South Korea, helped to fully recover the assets lost in two cases, one in April and the other in August 2021, including the use of Uppsala identification Security follow-up report of the suspect in the incident.