Uppsala Security, a global security company, and Bithumb, a domestic cryptocurrency exchange, have teamed up to find a cryptocurrency fraudster worth 20 million won. When the police arrested the criminal, the victim was able to recover all the principal money.
Uppsala Security announced on the 26th that through rapid cooperation with Bithumb, it was able to timely identify the suspects of cryptocurrency fraud and return approximately 20 million won worth of funds to the victims.
Uppsala Security’s Cryptocurrency Damage Response Center (CIRC) received the first report of a cryptocurrency fraud case from a victim in February. The investigator in charge of Uppsala Security tracked and analyzed the flow of reported victim funds in real time to confirm that the victim funds flowed to Bithumb’s specific personal wallet.
Uppsala Security immediately informed the Bithumb Money Laundering Prevention Center of the facts, and Bithumb quickly confirmed the suspicion of the funds and the facts. The victim reported the incident to the police using the cryptocurrency tracking report provided by both companies as evidence.
The cyber team of the Daegu North Police Station, which received the report, began a full-scale investigation by presenting a warrant for seizure and search to Bithumb in relation to the case. Through prior cooperation with Uppsala Security, Bithumb quickly completed the user verification (KYC) process for the suspect account and provided the suspect information to the police. Eventually, the police arrested the criminal and all the victims’ damages were recovered.
An official from Bithumb said, “We were able to protect customer assets through rapid and active cooperation with Uppsala Security. We will do our best to prevent accidents and safeguard customer assets through close collaboration in the future.”
Patrick Kim, CEO of Uppsala Security said, “This case is significant as the first successful case of the recovery of Uppsala Security’s cryptocurrency damage response center service.” As it is a period, I look forward to the formation of a closer cooperative line between law enforcement agencies, exchanges, and Uppsala Security in the future.”
