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BlockBeats: Musk on Art as Money Laundering Tool

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Musk, in response to a recent news story about a banana taped to a wall selling for $6.2 million, tweeted that ar

twork is often used for money laundering and tax evasion, which explains the apparent irrationality of the price.

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“Upbit’s FDS Monitors: Cybercrime Blocker” Upbit, South Korea’s largest cryptocurrency exchange, recently returned stolen funds worth 8.5 billion won ($6.07 million) to 380 victims of voice phishing scams, thanks to its real-time Fraud Detection System (FDS) and collaboration with the Seoul Metropolitan Police. This milestone highlights the exchange’s dedication to protecting user assets in the face of rising crypto scams. In February, Upbit successfully recovered 5 billion won for 246 victims, marking a significant milestone in its efforts to combat fraud. On November 22, an additional 3.5 billion won ($2.7 million) was returned to 134 victims, further emphasizing the exchange’s commitment to safeguarding investor assets. The exchange’s collaboration with the Seoul Metropolitan Police showcases the effectiveness of combining advanced technology with law enforcement to combat the growing threat of crypto-related scams and fraud. Upbit’s efforts serve as an excellent example for other exchanges looking to protect investors from cybercrime. This incident also highlights North Korea’s growing reliance on cryptocurrency theft to fund its activities. In 2019, the Lazarus Group, a notorious North Korean hacking group, stole 342,000 ETH worth 1.4 trillion won from Upbit. Although South Korean authorities recovered only 4.8 Bitcoin from a Swiss exchange, this incident underscores the need for international cooperation to combat crypto crime. The exchange’s proactive measures against scams reflect the increasing need for international cooperation to combat crypto crime. As cyber threats continue to evolve, Upbit’s commitment to protecting user assets and its collaboration with law enforcement agencies set an example for other exchanges and financial institutions worldwide.

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