South Korean authorities seek to procure cryptocurrency transaction tracking software to investigate $7.2 billion in illegal cryptocurrency funds

2022-10-14 18:05:42

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ChainCatcher news, according to reports from South Korean media, the Supreme Prosecutors' Office of South Korea is seeking to purchase a software program to track cryptocurrency transactions and their sources in order to hunt down illegal crypto funds. The tracking program is expected to be used by the Special Investigation Team for Corruption Crimes, which is investigating the illegal transfer of over $7.2 billion in funds to overseas through cryptocurrency exchanges.

Currently, prosecutors have not specified the vendor of the tracking software they plan to procure, but authorities have requested that the software provide real-time monitoring of crypto transactions, information on connections between different transactions, details of transactions between wallets and exchanges, and the sources of illegal funds.

It is reported that other government agencies, such as the FBI and Europol, have collaborated with the U.S. blockchain data analysis company Chainalysis to track illegal blockchain activities, such as those involving North Korean hackers. (source link)

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