Lambda256 & Government Agency Collaborate To Curb Crypto Abuse Cases

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Lambda256 (Labmbda Blockchain), which is a subsidiary of Dunamu providing a cloud-based blockchain platform named “Luniverse”, is about to participate in the National Research and Development Project (R&D) on the cybercrime activity. The basic aim of the collaboration is to track the technology like the various illicit transactions on the virtual assets or cryptocurrencies as a joint research institute up until the 31st of December, 2023.

The Ministry of Science and ICT, IITP (Institute for Information & communication Technology Planning & evaluation along with the Korea Internet & Security Agency (KISA) has pushed for the cybercrime activity tracker R&D. This initiative is the joint venture of Joint Research of Supreme Prosecutors’ Office, Lambda256, Chung-Nam National University, NSHC and Korean National Police University.

The project mainly focuses on the prevention of the exploitation of the cryptocurrencies or virtual assets in several crimes (like the recent ones – telegram nth room scandal) while detecting the cybercriminals as soon as possible on utilising the blockchain technologies.

Apart from this, the Ministry of Science and ICT, Information and Communication Planning and Evaluation Institute (IITP), in support with the Korea Internet & Security Agency (KISA) will be building and supporting an AI-based virtual asset (machine learning) fraud flow tracing platform. This is believed to aid the virtual asset service providers as the exchanges comply with the laws, which is the Special Act effective from March 2021, concerning the financial transaction information and as well as the anti-money laundering prevention on reporting and usage.

Cybercrime Prevention Via Virtual Asset & Blockchain Technology

On the 23rd of June, the KISA Information Protection R&D Technology centre has informed that NSHC, Chung-Nam National University, Lambda256, Supreme Prosecutors’ Office and Korean National Police University will be joining the research at a press conference held online. It would lift the issues and talk on the current status of Cyber Crime R&D that was held on the said date.

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Image: South China Morning Post

Not similar to the general websites like World Wide Web (WWW), there are even more cases where the virtual assets are widely abused for conducting sex crimes, firearm transactions and drug purchases. All of these are done through the dark web, accessed through a unique browser offering anonymisation through encryption. A blockchain technology service company has commenced developing technology to prevent cryptocurrency exploitation.

“Social and economic damages are rapidly increasing as virtual assets are abused on the domestic dark web where roughly 15,000 people visited a day last year, said KISA Soon-Tai Park, a head of security threat response R&D team who leads the R&D. The research on identification and fraud tracking is still in its infancy, so we decided to develop a technology to detect and track fraudulent transactions that can be applied in practice”.

The Collaboration of Anti-Money Laundering Cooperation & Virtual Asset Exchanges Like Upbit

As per the information, the joint research institutes like the Korean National Police University, Prosecutors’ Office, Chungnam National University, Lambda256 and NSHC is about to develop the core element technologies that are related to the cybercriminal activity information. They would be tracking systems like fraudulent transactions via the initial phase of the research till December. After this, during the commercialisation, the core functions along with the advancement, will be levied to an exchange.

During this process, Lambda256 will analyse the wallet address issuance system of the cryptocurrency asset exchanges like Bithumb, CoinOne, Corbit, Gofax and Upbit. Apart from analysing, it would track the flow of the technical demonstration and fraudulent transactions.

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Image: Trade Santa

“In 2023, we will move to the commercialisation stage, such as the application of a virtual asset exchange flow tracking platform that is applied to virtual asset exchanges in 2023,” he said. “We will use domestic technology to help operators utilise cyber-crime detection solutions to prevent illegal money laundering”.

Source: The News (.Asia)


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