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Seoul Police Uncover $30 Million Hack Linked to International Cybercrime Group

Authorities identified 258 victims and seized around 14 billion KRW through blockchain tracing and international cooperation after a two-year investigation.

Summary

Seoul police concluded a two-year probe into an international hacking group, identifying 258 victims and approximately 39 billion KRW ($30 million) in illicit funds. Authorities used cross-border cooperation and blockchain tracing to recover about 14 billion KRW. The group illegally accessed systems and transferred funds.

Terms & Concepts
  • Blockchain Tracing: A forensic method that tracks cryptocurrency transactions across distributed ledgers to identify illicit fund flows.
  • Cross-Border Cooperation: Collaborative efforts between law enforcement agencies from multiple countries to investigate and address international crimes.
  • Illicit Fund Transfers: Unauthorized movement of money, often through hacking or fraud, intended to conceal origins and evade detection.