Uppsala Security Signs MOU with Bitcmon Exchange for Rapid Damage Response and Investor Protection Center Support
Singapore, July 31st 2023 — Uppsala Security, a pioneering digital asset cybersecurity and regulation technology (Reg-tech) project, recently announced a significant milestone in its mission to protect virtual asset investors. The company signed a momentous “MOU” with Bitcmon, a leading virtual asset exchange, to enhance response capabilities for virtual investors and support the operation of the investor protection center.
Under this collaboration, Bitcmon Exchange plans to establish the “Virtual Asset Investor Rapid Damage Response Center” as an online service within its investor protection center, utilizing Uppsala Security’s esteemed “Crypto Incident Response Center (CIRC)” service.
Through this partnership, Bitcmon Exchange will receive various damage reports from its members, including cases of multi-level illegal investment fraud, ICO investment fraud, voice phishing, and hacking incidents. Each damage report will be meticulously analyzed by Uppsala Security’s CIRC team of expert researchers, who will then provide detailed follow-up reports to the victims for a fee.
Notably, Uppsala Security’s tracking reports hold legal validity and can be submitted as evidence to law enforcement agencies. They provide precise information on the extent of the damage, the affected funds, and the involved cryptocurrency exchanges.
Furthermore, both parties plan to collaborate on Bitcmon’s virtual asset AML system introduction and operation, fostering a holistic approach to investor protection.
Koo Min-woo, Uppsala Security’s South Korea Country Manager, expressed his commitment to this partnership, stating, “With the recent passage of the ‘Virtual Asset User Protection Act,’ there is a growing demand for enhanced asset protection and responsibility among Virtual Asset Service Providers. We are determined to leverage our expertise and experience to make our collaboration with Bitcmon Exchange an exemplary case in the market.”
Cha Jun-hwa, director of Bitcmon’s customer protection department, echoed the commitment to investor protection, stating, “Through this collaboration with Uppsala Security, we will strive to offer our investors services such as rapid response, detailed tracking, and thorough investigation of virtual asset damage incidents.”
Founded in April 2020, Uppsala Security’s CIRC has been operating for four years, diligently safeguarding companies and individual investors from virtual asset fraud crimes. Collaborating with prominent media outlets and esteemed companies, including Seoul Newspaper, CoinDesk Korea, and Samsung Blockchain Wallet, the cumulative total number of reports has surpassed 1,750, with the total reported virtual asset damage reaching an approximate value of 500 billion KRW ($390 Million) as of July 2023.
About Bitcmon
Committed to operating within the framework of blockchain laws and policies, Bitcmon is a virtual asset exchange that prioritizes security and transparency. The exchange strictly adheres to KYC (Customer Verification) and Anti-Money Laundering (AML) regulations, ensuring a safe and compliant environment for their users.
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 end-users and organizations of every type and size to protect their crypto assets from malicious attacks and scams while meeting stringent regulatory compliance standards.
