The International Criminal Police Organisation (Interpol) signed a contribution agreement with the South Korean startup “S2W LAB” in order to monitor cybercrime, including illicit use of cryptocurrencies.
The dark web is portion of the world wide web (www) that runs on darknets and overlay networks that requires special protocols to access. In other words, it cannot be accessed via normal browsers or typical search engines and it is a highly unregulated and anonymised space where illicit activities tend to take place.
The latter include credit card fraud, illegal product sales, identity theft and many more unfortunate crimes. For all of these, the currency of choice tends to be Bitcoin or one of the alternative assets due to their anonymity.
One of the most famous stories, especially in the cryptocurrency sphere, is the closure of Silk Road and imprisonment of its founder Ross Ulbricht.
The Korean start-up was launched in late 2018 and is currently headed by Sang Duk (CEO). Their main focus is to protect the public from cybercrime caused by the anonymity of criminals on the dark web, which extends to cryptocurrencies as well.
Partnership with Interpol
Through this contribution agreement, Interpol will be able to leverage the technology provided by the start-up to catch and prevent cybercrime. On the same note, Interpol will also need to provide investigative data to the cybercrime start-up in order to create better and more efficient investigative processes; more adapted to modern times.
Word from the company president
Ssangduk Seo, President of S2D U-Lab, stated: “It is very difficult to respond to cybercrime due to the dark web, which is extremely difficult to track criminals, and the cryptocurrency transactions that are used here. We will contribute so that technology can be used for good purposes”.