June 19, 2021

Uppsala help Bithumb exchange fraud victim in complete recovery of taken crypto

3 min read

CryptoNinjas” Uppsala help Bithumb exchange fraud victim in total healing of taken crypto

Uppsala Security, a provider of tools for crypto AML, risk management, regulatory compliance, and cybersecurity, has announced that in cooperation with Bithumb– a South Korea based bitcoin and cryptocurrency exchange, it has assisted a victim to recover roughly 20 million KRW (around USD $18,000) by prompt determining the suspect of a virtual possession scams.

According to the Crypto Incident Response Center (CIRC), a service just recently launched by Uppsala Security, a fraud case was reported by the victim in late February 2021. Uppsala Security’s detectives tracked and evaluated the circulation of the victim’s reported digital properties in real-time and validated that the stolen funds reached a Bithumb Exchange wallet.

In response, Uppsala Security notified the compliance department of Bithumb, its virtual property AML partner, and the workers in charge immediately verified the suspicious funds and related details so that a virtual possession tracking report could be prompt supplied to the victim.

“We were able to protect the customer properties through a quick and proactive cooperation with the blockchain security business Uppsala Security. We will continue to do our best to prevent this kind of incidents and safely safeguard the customer possessions through equivalent collaborations.”
– – An official of the Bithumb team

The victim reported the damage to the authorities using the tracking report jointly verified by the two parties as proof, and the cybersecurity team at the Daegu Bukbu Police Station, which got the case demand, provided a search warrant to Bithumb to conduct a full-fledged examination.

Bithumb completed the Know Your Customer (KYC) process for the thought wallet address, which had actually been observed ahead of time in close cooperation with Uppsala Security, and provided the information of the suspect’s account to the police. By doing so, the authorities quickly jailed the harmful star and helped the victim recover all the initially lost funds.

According to Uppsala, the victim stated, “I wish to reveal my appreciation to the cybersecurity team of the Daegu Bukbu Police Station for proactively carrying out the examination and to Bithumb exchange and Uppsala Security for the close cooperation in helping me to quickly examine the alleged wallet.”

“This specific case is really significant, as it is the very first case that ended in the successful recovery of the taken funds, with the help of Uppsala Security’s Crypto Incident Response Center (CIRC) service. It is our objective to quickly identify the wallet address of the suspects, fund circulation and deals along with the targeted exchanges, but in this circumstance, it would not have actually been possible to resolve this case without the quick cooperation and reaction of Bithumb and Daegu Bukbu Police Station. As during April-June is the government’s unique overall crackdown on virtual possession fraud and criminal offense in South Korea, I look forward to shaping a more detailed cooperative line in between police, exchanges, and Uppsala Security in the future.”
– – Patrick Kim, Founder & & CEO of Uppsala Security

Uppsala Security (UPP) uses virtual asset AML options to Samsung Blockchain Wallet users in 19 nations along with to Bithumb, Coin&& Coin Exchange, Danal Fintech, and Hexlant and has actually just recently introduced MCIS, an expert security control service for virtual asset companies.

CryptoNinjas” Uppsala aids Bithumb exchange fraud victim in complete healing of taken crypto