According to the latest reports, the South Korean government agency aims to track down crypto transactions that were conducted on the dark web. These transactions were initiated by developing an (artificial intelligence) AI-based software.
The Korea Internet and Security Agency, or KISA, wants to develop an AI-based software. This software will be used to trace crypto transactions on the dark web responding to the Telegram Nth Room sexual ring case.
Based on New Daily, the South Korean government has been working on various solutions since January. They have faced many challenges amid the investigation of the child porn case in the country. That platform is where people could buy access to videos with sexually explicit content containing minor.
The KISA says that software relies on machine-learning technology that automatically traces inside South Korean’s dark websites that process multiple crypto transactions. Reports reveal that the authority mandated with overseeing operations is the Virtual Asset Handling Office, or VASP.
This government agency is set to enter a pilot phase to test the software and running by 2022.
Challenges During The Investigation
The supposed ring’s mastermind is known as Cho Joo-bin. He is currently in police custody but is refusing to cooperate with the investigators. Thus, the work of these authorities involved in the case is now made quite challenging. The challenges increase since most of the transactions executed via the ring were in Monero (XMR) to strengthen anonymity.
Investigators are also worried about the increase in crypto-related dark web deals that happened within the country. Trading volumes increased by 1.5% compared to the 2018 figures.
Funding Offered By Private Companies And Government
Based on the figures revealed by the agency, 1,981 billion won ($1.64 million) of private money and .9 billion won ($6.5 million) —6 billion won ($ 4.9 million) in government contributions will get invested in the creation of virtual asset fraud tracking technologies and platforms by 2023.
A South Korean court ordered a freeze on every crypto wallet on June 2. The court also ordered the freezing of securities deposits and stocks accounts that have any links with Cho Joo-bin. All the funds within the confiscated accounts are suspected of clarifying the profits that the defendant would have acquired as the mastermind behind the Telegram Nth Room.