Uppsala Security, a provider of security tools and services for crypto AML / CTF, transaction tracking, risk management, regulatory compliance and cybersecurity, announced today that it has successfully helped a victim recover approximately KRW 5 million (over $ 4,000).

According to the Crypto Incident Response Center (CIRC), the victim’s fraud case was reported in early November 2021. Uppsala Security investigators then tracked and analyzed the flow of the victim’s reported digital assets and confirmed that the stolen funds had reached an ‘exchange’ wallet.

Uppsala Security investigators promptly provided the victim with a virtual asset tracking report to prevent the suspect from transferring the stolen funds to a foreign exchange. The victim then submitted the tracking report to police showing who was holding the lost cryptocurrencies at the time, and the local police station’s cybersecurity team then conducted a full investigation and successfully identified the suspect in the incident.

As a result, the police were able to quickly arrest the malicious offender and help the victim recover the lost money. Full recovery of the funds is still pending, according to Uppsala Security, but some of the assets (around KRW 5 million) have already been confiscated.

The Crypto Incident Response Center (CIRC) uses CATV, a cryptanalysis transaction visualization tool, and CARA, an artificial intelligence and machine learning-based cryptanalysis risk assessment tool to track the stolen crypto tokens and understand how the stolen funds were laundered.

Due to the nature of blockchain technology, it is very difficult to recover lost / stolen assets in cases related to fraud or hacking. Nonetheless, our CIRC team has successfully completed a third stolen virtual asset recovery case in South Korea and this is hugely significant in the virtual asset industry as it shows that technology can be successfully used to solve some of the complex problems that exist that we face today. We hope that these successful cases will provide an opportunity to break away from the false assumption that virtual assets cannot be recovered after they have been lost. “
– Min Woo Ku, Uppsala Security Country Manager for South Korea

In addition, Uppsala Security collaborated with Bithumb – a South Korea-based virtual asset exchange company to carry out security tracking reports.

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