Uppsala Security solves yet another theft case, helping the victim through the Virtual Asset Tracking Report to recover lost virtual assets
Singapore, August 11th, 2021 — Uppsala Security, a state-of-the-art provider of award-winning tools for Crypto AML, Risk Management, Regulatory Compliance, and Cybersecurity announced today that it has helped a victim to recover the financial asset damage in a timely manner by identifying the suspect of the presumable fraud.
According to the Crypto Incident Response Center (CIRC), a service recently launched by Uppsala Security, the fraud case was reported by the victim in late February 2021. Uppsala Security’s investigators tracked and analyzed the flow of the victim’s reported virtual assets in real-time and confirmed that the wallet address was classified as suspicious within Uppsala Security’s Threat Reputation Database (TRDB). Also, through the process, the professional investigators noticed that the assets were sent to a domestic exchange wallet address.
In response, Uppsala Security started a tracing process of the wallet address where the damaged virtual assets were deposited and confirmed that it was deposited into the user wallet of a local exchange. Based on this information, the virtual asset tracking report could be timely prepared and provided to the victim.
The victim reported the damage to the police office using the tracking report generated by Uppsala Security as evidence, and the local police identified the suspect expeditiously. Since the police identified the suspect, the victim was able to recover the assets through a settlement with the suspect.
Uppsala Security’s Virtual Asset Tracking Report is designed to provide a tracking/analysis report of the victims’ wallet addresses in real time by using tools like the Crypto Analysis Transaction Visualization (CATV), a virtual asset tracking solution and Crypto Analysis Risk Assessment (CARA), a Artificial Intelligence (AI) and Machine Learning (ML) powered threat assessment tool.
According to Uppsala Security, the victim shared “In my situation, we managed to reach the suspect thanks to the decisive information generated with Uppsala Security’s tracking tools, process which was crucial to successfully catch the suspect and recover the lost virtual assets.”
Patrick Kim, Founder & CEO of Uppsala Security, said „This case is the second case that ended in the successful recovery of the stolen funds, with the help of Uppsala Security’s Crypto Incident Response Center (CIRC) service. In this case as well, the virtual asset tracking report was the key to quickly identify the wallet address of the suspect, but it would have been difficult to solve this incident without the rapid investigation and involvement of the Local Police Station.” He also added “This case has yet again demonstrated the results and influence of Uppsala Security’s virtual asset tracking report on a virtual asset damage case, and we will continuously focus on helping victims as a social enterprise.”
Likewise, Uppsala Security and Bithumb, South Korea’s leading virtual asset exchange, have helped a victim to recover the entire virtual assets lost and arrest the suspect of the fraud earlier this year.
