Uppsala Security helps enable another victim of crypto crime catch the bad actor and recover the lost funds
Singapore, 18th November 2021 — Uppsala Security, a state-of-the-art provider of award-winning security tools and services for Crypto AML/CTF, Transaction Risk Management, Regulatory Compliance, Transaction Tracking, and Cyber Security announced today that they had successfully helped a victim to recover approximately 5 Million KRW (over $4,000 USD) by helping to identify the suspect of virtual asset fraud and by tracking the lost cryptocurrencies.
According to the Crypto Incident Response Center (CIRC), the fraud case was reported by the victim in early November 2021. Uppsala Security’s 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’.
Promptly, Uppsala Security’s investigators provided a virtual asset tracking report to the victim in order to help prevent the possibility that the suspect may have moved the stolen funds to an overseas exchange. The victim then submitted the tracking report to the police showing who was then holding the lost cryptocurrencies, and the cybersecurity team at the local Police Station then conducted a full-fledged investigation and successfully identified the incident’s suspect.
As a result, the police were able to quickly arrest the malicious actor and help the victim recover the lost funds. According to Uppsala Security, the full recovery of the funds is still in progress, but a part of the assets (around 5 Million KRW), have already been recovered.
The Crypto Incident Response Center (CIRC) utilizes CATV, a Crypto Analysis Transaction Visualization tool, and CARA, an Artificial Intelligence and Machine Learning based Crypto Analysis Risk Assessment tool, to track the stolen crypto tokens and understand how the stolen funds were laundered. Min Woo Ku, Uppsala Security’s Country Manager for South Korea said, “Due to the nature of the blockchain technology, it is very difficult to recover lost/stolen assets in cases related to fraud or hacking. Nonetheless, our CIRC team successfully realized a third case of recovering stolen virtual assets in South Korea, and this is extremely significant in the virtual asset industry as it shows that technology can be successfully utilized to address some of the complex problems we are facing today. We hope that these successful cases will provide an opportunity to move away from the misconception that virtual assets cannot be recovered once lost.”
In addition, Uppsala Security along with Bithumb — South Korea’s leading virtual asset exchange, contributed to the full recovery of the asset amounts damaged during two different cases, once in April and another during August 2021, including the identification of the incident’s suspects by utilizing an Uppsala Security tracking report.
About Uppsala Security
Uppsala Security built Sentinel Protocol, the first crowdsourced Threat Intelligence Platform powered by artificial intelligence, blockchain technology, and machine learning. Supporting the framework is a team of experienced cyber security professionals who have developed an award-winning suite of advanced tools and services for Crypto AML/CFT, Transaction Risk Management (KYC/KYT), Transaction Tracking, Regulatory Compliance, and Cybersecurity enabling organizations of every type and size to protect their crypto assets from malicious attacks and scams while meeting stringent regulatory compliance standards. Today Uppsala Security has over two thousand (2K+) users including government agencies, financial institutions, and leading enterprises providing crypto exchanges, payment services, wallets, custodial services, gaming, and fintech solutions.