Cryptocurrency Analysis Firm TRM Labs Partners with SaferLink... "Targeting Services for Korean Investigation Agencies"

Global cryptocurrency analysis firm TRM Labs announced on the 10th that it has formed a professional partnership with digital solution specialist SaferLink to provide services to domestic investigation agencies in Korea.

The partnership involves TRM Labs collaborating with SaferLink to enter the Korean law enforcement agency market. This is a proactive response to the increasing interest from major Korean law enforcement agencies in tracking the flow of cryptocurrencies that could be illegally stolen or used for money laundering.

TRM Labs plans to provide products along with technical support through this professional partnership. When domestic law enforcement and investigation agencies utilize these services, they will be able to more quickly and effectively track illegal funds used in drug trafficking, ransomware, and other cybercrime areas, and subsequently freeze and recover criminal proceeds.

TRM Labs is the company that provided solutions to the FBI to track the Bybit hacking incident on the 21st of last month. At that time, cryptocurrency exchange Bybit's wallet was hacked, and approximately $1.5 billion worth of Ethereum (ETH) was stolen. TRM Labs reported that the funds stolen from Bybit were being laundered at a rapid pace, and the thieves had moved more than $400 million into various digital assets as of the 26th of the same month.

The cryptocurrency accounts of North Korean hackers, who are considered prime suspects in this case, moved the stolen cryptocurrency to mixer accounts for money laundering. TRM Labs believes that the theft strategy used in this case is an enhanced version of North Korea's 'Flood the Zone' technique.

Fendy Chandra, TRM Labs' APAC Customer Management Director, said, "TRM Labs will provide cutting-edge solutions that allow law enforcement and related agencies to analyze cryptocurrency flows quickly and efficiently when investigating cases," adding, "Together with SaferLink, we will lead innovation and work to connect traditional financial markets with blockchain technology to foster digital economic prosperity."

Reporter Kim So-hyun alpha@hankyung.com