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South Korea appears to be taking driver’s seat in finalizing pro-Cryptocurrency legislations.
Despite Covid-19 apprehensions, their government has recently finalized revisions to a bill that reinforces constructive sentiments towards the nation’s burgeoning cryptocurrency sector.
On the back of this, a South Korean intelligence start-up, ‘S2W Lab’ has announced its partnership with the Interpol (International Criminal Police Organization) for now, to track the dark web transactions including cryptocurrencies.
S2W Lab, the firm has entered into a pact with Interpol to analyse and observe if there are any dark web activities. The inadequate resources for tracking has caused dark web portals to transpire a breeding groundfor cybercrimes, such as illegitimate trade of credit card and passport information, as per the report.
The S2W was incepted in 2018 collate and analysing data of the dark web using an unique, AI-based “multi-domain analytic engine.” They are in the process of establishing a database that will find links between multiple domains across multiple timeframes.
After one year, the company has demonstrated its technologies by publishing papers and authorizing a number of international patents from authoritative societies such as the Network and Distribution System Security Symposium (NDSS) and the Web Conference (WWW) on the subject of Dark Web and cryptocurrency analysis. Recently, it attracted 3.5 million USD worth of Series A investment.
The CEO of S2W lab, Suh Sangduk, said of the new partnership, “Responding to the cybercrime on the Dark Web is very difficult due to its characteristics and wide usage of cryptocurrencies.”
S2W LAB was invited to participate in the "Interpol World" event last year. CTO of the company, KAIST professor Shin Seung-won, has been appointed and is a member of Interpol's "Global Cryptographic Bank Crime Prevention Subcommittee."