"35% of Global Virtual Asset Hacks Attributed to North Korea… Importance of Human Defense"

Angela Ang, Head of TRM Labs APAC

Tracking Major Hacks with the US FBI

"Demand for Virtual Asset Regulation Response Grows"

"Open blockchains like Bitcoin and Ethereum are like satellite images. Everything is visible, but meaningless without interpretation. It's important to overlay a 'map' on that satellite image."

Angela Ang, Head of Strategic Partnerships and Public Policy for Asia-Pacific (APAC) at global blockchain analytics company TRM Labs, explained their blockchain analytics service in this way. TRM Labs is a 'blockchain intelligence' platform that helps global government agencies, financial institutions, and virtual asset companies detect and investigate virtual asset-based financial crimes.

TRM Labs gained attention in the global blockchain market last month by tracking a $1.5 billion hacking incident by North Korean hackers at Bybit with the US FBI. According to TRM Labs' analysis, approximately 35% of last year's global virtual asset hacking losses, amounting to $800 million out of $2.2 billion, were attributed to North Korea. Ang emphasized, "North Korean hackers steal codes based on sophisticated social engineering approaches," and stressed the need for both technical and human defense. Human defense refers to security education and training to prevent hacking that exploits human errors or vulnerabilities, such as phishing emails.

Having worked at the Monetary Authority of Singapore (MAS) for over 10 years and leading the enactment of the Payment Services Act, Ang has strengths in bridging the gap between government and industry. She said, "Because I had to consider both regulatory and industry perspectives at MAS, it has been very helpful in connecting both sides at TRM."

TRM Labs recently expanded its market presence in Korea by forming a local partnership with cybersecurity company SaferLink. Ang stated, "There are increasing cases of adopting virtual assets as an investment means in the APAC region, with Korea at the center," and emphasized, "As the market grows rapidly, the demand for regulatory response and investigation is also increasing."

Reporter Kim So-hyun alpha@hankyung.com