Based on the reports, the South Korean government agency is targeting to keep track of crypto transactions that were executed on the dark web. Those transactions were done by building up an AI-based (Artificial Intelligence) software.

KISA or the Korea Internet and Security Agency shows interest in developing AI-based software. It will be used to track down crypto transactions on the dark web answering to the Telegram Nth Room sexual ring case.

The New Daily Report

The South Korean government is working on several solutions from January this year. They have confronted many hurdles while the investigation on the child porn case was going on. That platform is where anyone would be able to gain access with money to the videos with sexually explicit content having minor.

The KISA also said that a software application depends on machine-learning technology. It automatically monitors inside South Korea’s dark websites that operate various crypto transactions.

Reports have also uncovered that the authority was instructed to supervise operations in the VASP or the Virtual Asset Handling Office. In order to test the software, the government is all ready to get into a pilot phase and running by 2022.

Challenges Faced by the Authorities while Continuing the Investigation

An unsure prediction is made, and that is the mastermind behind all of these muddles is Cho Joo-bin. At present, he is in police custody.

  • The first big problem is he is not ready to accept a single charge. He denies cooperating with the police and the investigators in this case. This is one of the main reasons why this case is facing so many difficulties in getting solved.
  • Then, the challenges again became harder as the maximum number of transactions done through the ring were in Monero (XMR) to reinforce the invisibility.
  • The investigators are also panicked about the rise in crypto-related dark web trades that took place within the century. Marketing volumes increased by 1.5% in comparison to the 2018 figures.

Funding by Private Organisations and the Govt.

  • On the basis of the figures disclosed by the agency, 1981 billion Won, that is around 1.64 million USD, of money and 0.9 billion Won, that is 6.5 million USD – 6 billion Won, that is 4.9 million USD, in government contributions will be invested in the making of virtual asset scam monitoring technologies and platforms by 2023.
  • A court in South Korea passed an order. The order was a freeze on each and every crypto wallet on the 2nd of June 2020.
  • The court also put an order for the freezing of all the securities deposits and stock accounts that somehow have any link with Cho Joo-bin.

Each and every fund within the seized accounts is in the list of suspects of clearing the profits that the defendant would have captured as the planner behind the Telegram Nth Room.

Closing

That was all the details about the crypto transactions in South Korea highly connected with the dark web. Hopefully, you got all the info you were looking for regarding this menacing event.

The good thing is that the world became much aware of these unlawful acts, and people would be very careful using crypto transactions from now on.

 

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