Chainalysis is expanding its collaboration with South Korea’s National Police Agency to bolster crypto-crime investigations, including cases tied to North Korea. The security firm announced on Wednesday that it signed a memorandum of understanding to help build investigative capability within South Korea’s law enforcement apparatus.

The agreement is framed as a broader move to strengthen institutional capability, not solely to confront North Korea–linked attacks, though those threats remain a major focus given recent activity in the region. Chainalysis’ Korea country director, Ryan Kwon, stressed that the collaboration is designed to tackle a wide spectrum of illicit activity, with North Korea as a principal concern but not the only one.

“While North Korean-driven attacks are understandably a national security focus, this partnership isn’t designed around a single threat. It’s fundamentally about building institutional capability,”

Kwon told Cointelegraph.

The memorandum of understanding will equip the KNPA with personalized training content from Chainalysis, along with professional certification programs and practical training to sharpen capabilities in tracing illicit crypto flows and conducting digital-forensics examinations. Chainalysis said the objective is to give Korean investigators a holistic view of global illicit fund movements that can improve investigative outcomes.

In explaining the rationale behind the move, Chainalysis emphasized the need for investigators to have global visibility into illicit fund flows to effectively pursue cases that cross borders and jurisdictions. The company noted that its support extends beyond a single threat landscape, aligning with a broader mission to strengthen law-enforcement infrastructure for a rapidly evolving crypto environment.

The agreement arrives amid heightened attention to North Korea–linked crypto activity. In April, authorities reported that North Korea–linked crypto thefts topped $578 million, with many of the attacks attributed to high-profile incidents involving platforms and protocols such as Kelp DAO and the Drift Protocol. Separately, research from CrowdStrike found that North Korea–affiliated hackers were responsible for about $2 billion in crypto losses in 2025, marking a 51% year-on-year increase in the threat landscape.

The MoU comes at a time when South Korea’s police are intensifying their focus on crypto-enabled crime. Earlier this year, Seoul’s authorities announced the launch of a dedicated multi-agency task force—the Money Laundering Eradication Task Force—led by the Economic Crime Investigation Division. The initiative signals a broader, cross-cutting approach to combating crypto-based money laundering and related illicit finance activities.

Chainalysis has a history of cooperation with Korean investigators. The company has provided support for years and played a role in recent high-profile investigations—most notably in September when Seoul authorities dismantled an international hacking ring that had stolen roughly $30 million. The operation began in South Korea and eventually traced the criminals to Thailand, illustrating the kind of cross-border collaboration that the new MoU seeks to institutionalize rather than merely supplement.

For South Korea, the partnership fits into a longer-term effort to align public enforcement with private-sector intelligence and analytics capabilities. By granting KNPA access to Chainalysis’ training curricula and certification paths, the collaboration aims to raise the baseline of investigative skills across the force and accelerate technical proficiency in tracing complex crypto transactions and money flows.

As policymakers and enforcement agencies weigh the next steps in crypto regulation and oversight, the Chainalysis–KNPA agreement highlights a growing willingness to formalize public-private partnerships as a core part of national security and financial-crime strategy. The effectiveness of such collaborations will hinge on program implementation, the speed with which investigators can translate training into actionable cases, and the capacity to sustain cross-border intelligence-sharing in an increasingly borderless fraud and theft landscape.

Key takeaways

• Chainalysis signs a memorandum of understanding with the Korean National Police Agency to strengthen investigative capability, including training, certification, and practical instruction for KNPA personnel.
• The partnership emphasizes a comprehensive approach to crypto crime, with North Korea–linked attacks cited as a major driver but not the sole focus of the collaboration.
• April saw North Korea–linked crypto thefts top $578 million, while CrowdStrike reports North Korea–affiliated hackers were responsible for about $2 billion in crypto losses in 2025, up 51% year over year.
• The MoU follows South Korea’s launch of the Money Laundering Eradication Task Force, signaling a broad, multi-agency push against crypto-based money laundering.
• Chainalysis has a history of aiding Korean investigators and positions this agreement as a move to formalize and scale institutional capabilities rather than provide ad hoc support.

Institutional capability building in a borderless crime landscape

The new MoU represents more than a single training program. By providing KNPA investigators with tailored content, professional certifications, and hands-on training, Chainalysis seeks to embed analytic methods and evidence-driven practices into everyday investigative workflows. The emphasis on global visibility into illicit fund flows underscores a shift toward more proactive and globally coordinated enforcement, where on-chain analytics play a central role in identifying patterns, tracing funds, and attributing wrongdoing across jurisdictions.

From an investor and user perspective, the move reflects a tightening of, or at least a clearer path toward, accountability in the crypto ecosystem. As exchanges, custody providers, and other actors increasingly rely on on-chain intelligence to assess risk, partnerships that elevate investigative capacity can influence how compliance programs are designed and how quickly investigations can be pursued when anomalies surface. In regulatory terms, the collaboration aligns with a trend toward more formalized cooperation between private analytics firms and public law enforcement to address cross-border crypto crime in a rapidly evolving policy environment.

Context and momentum in South Korea’s crypto-crime crackdown

The Chainalysis–KNPA MoU sits within a broader ripple of enforcement activity in South Korea. The government and law-enforcement agencies have signaled a sustained focus on illicit finance in the crypto space, including the creation of specialized task forces meant to coordinate across agencies and jurisdictions. The Money Laundering Eradication Task Force, led by the Economic Crime Investigation Division, is emblematic of this approach and may influence how cases are pursued, how assets are traced, and how cooperation with foreign partners is structured in the months ahead.

For now, the partnership with Chainalysis adds a practical capability boost—giving KNPA personnel access to advanced tooling, training, and a structured path to professional certification. It also highlights a growing recognition among authorities that blockchain analytics and institutional training are essential components of an effective response to crypto-enabled crime, including theft, fraud, and illicit financing tied to state-backed adversaries.

Readers should watch how the KNPA translates this training into on-the-ground results and whether the collaboration expands to additional agencies or regions. The next datapoints to monitor include any measurable improvements in case resolution times, cross-border investigations, and the integration of Chainalysis’ analytics into routine investigative workflows.

In the evolving landscape of crypto enforcement, the Chainalysis–KNPA MoU marks a notable shift toward structured, capability-building partnerships that could shape how crypto crime is investigated and deterred in the region and beyond.

Key Takeaways

• Reports indicate Starbucks is considering strategic alternatives for its Japan operations, potentially including a partial sale
• The Japan business could be valued between ¥400–500 billion (approximately $2.5–3 billion)
• Potential buyers include both strategic industry partners and private equity investors
• This development comes months after Starbucks divested a majority stake in its China operations for $4 billion in April
• Shares of SBUX climbed 2.73% on Tuesday and are trading up 15.7% in 2025

The coffee retail giant Starbucks (SBUX) is reportedly evaluating various strategic alternatives for its Japanese operations, with a potential stake sale being among the options under consideration. Bloomberg broke the news Tuesday, citing sources with knowledge of the deliberations.

Starbucks Corporation, SBUX

According to the report, the Japanese business unit could fetch a valuation ranging from ¥400 billion to ¥500 billion—equivalent to approximately $2.5 billion to $3 billion in U.S. dollars. Sources suggest that interest could emerge from both strategic industry participants and private equity investors.

Shares of SBUX advanced 2.73% following the news.

Starbucks has not issued a statement regarding the reports, and no definitive decisions have been made public at this time.

The Seattle-based coffee chain acquired complete control of its Japan subsidiary in 2014 after purchasing the remaining ownership interest from Sazaby League, its original Japanese partner. The partnership between the two companies had begun in 1995 and operated successfully as a joint venture for nearly two decades.

This potential restructuring echoes a recent strategic move by the company. Just this past April, Starbucks finalized an agreement with Boyu Capital to divest a controlling interest in its Chinese business operations at a $4 billion valuation.

The China transaction was largely motivated by persistent challenges including decelerating growth rates, COVID-19-related disruptions, and intensifying competitive pressure from domestic competitors such as Luckin Coffee.

Japan Strategy May Mirror China Approach

The rationale behind a potential Japan deal could follow similar reasoning. Partnering with a local strategic investor might help mitigate operational challenges while maintaining Starbucks’ market presence in the region.

Additionally, divesting a portion of the Japan business could generate capital during a critical period as CEO Brian Niccol implements his comprehensive turnaround initiative. Operating expenses have been escalating more rapidly than anticipated under the new strategy, making the timeline for margin improvement a focal point for investors.

Starbucks recently reported its most robust quarterly sales performance in over two years this April, suggesting that Niccol’s turnaround efforts are beginning to show positive results on the top line.

Analyst Perspective on SBUX

The investment community maintains a cautiously positive outlook on the stock. TipRanks data shows SBUX has a Moderate Buy consensus rating, derived from 17 Buy recommendations, 10 Hold ratings, and one Sell rating compiled over the last three months.

The consensus price target among analysts stands at $110.88, suggesting approximately 14% potential upside from current trading levels.

Year-to-date, SBUX shares have appreciated 15.7% as of this latest report.

Starbucks has maintained full ownership of its Japanese operations since completing the Sazaby League buyout in 2014. Prior to that acquisition, the two organizations had jointly managed the Japan market presence for almost 20 years.

Reuters has been unable to confirm the Bloomberg report independently, and Starbucks has not publicly acknowledged whether a formal sale process is currently in progress.

TLDR

• UBS projects wafer fab equipment (WFE) sector revenue could reach $250 billion by 2028, signaling a potential supercycle
• Major chipmakers including Micron, Samsung, and SK Hynix are launching new fabrication facilities to address cleanroom capacity constraints
• Mizuho upgraded Sandisk’s price target to $2,200, while also raising projections for Seagate and Western Digital
• DRAM consumption expected to surge 27% year-over-year in 2026, primarily fueled by artificial intelligence workloads
• Google’s TPU deployments projected to surpass 35 million units by 2028, a dramatic increase from approximately 4.3 million in 2026

The memory semiconductor sector is experiencing significant expansion, with major Wall Street analysts attributing the momentum to surging artificial intelligence demand.

Timothy Arcuri, an analyst at UBS, indicated this week that the wafer fab equipment sector — responsible for manufacturing the machinery that produces semiconductors — may be in the initial phases of a supercycle. His analysis suggests total WFE revenue could climb to $250 billion by 2028.

Arcuri’s forecast calls for WFE revenue to expand 27% during the current year, reaching $147 billion. He anticipates an additional 35% increase in 2027, bringing the total to approximately $200 billion.

The expansion is being driven by new fabrication capacity entering production. Micron, Samsung, and SK Hynix are all initiating operations at newly constructed manufacturing facilities. This wave of expansion is alleviating the shortage of cleanroom infrastructure necessary for chip production.

Micron Technology, Inc., MU

Equipment manufacturers are now receiving demand forecasts from customers extending up to eight quarters ahead. According to Arcuri, this unprecedented level of visibility represents something he hasn’t observed in nearly three decades of industry analysis.

Memory Equipment Investment Accelerates Sharply

Revenue from machinery dedicated to DRAM and NAND memory chip manufacturing is anticipated to jump 50% this year. Meanwhile, equipment for logic semiconductors, produced by firms such as Taiwan Semiconductor and Intel, is expected to increase by 12%.

UBS increased its memory WFE revenue projection for the coming year by $10.5 billion. A substantial portion of the new manufacturing capacity focuses on DRAM production, supported by extended supply contracts. NAND capacity expansion is anticipated to accelerate beginning in the latter half of 2028.

Arcuri indicated his preference for Lam Research and Applied Materials among equipment manufacturers. He considers KLA to be trading at elevated valuations that limit potential gains. Shares of both Applied Materials and KLA advanced on Tuesday despite weakness in the broader semiconductor sector.

ASML, the Netherlands-based producer of extreme ultraviolet lithography systems, is expected to generate over $46 billion in systems revenue next year — a figure Arcuri believes validates his broader WFE projections.

Mizuho Elevates Price Targets for Storage Leaders

In a separate development, Mizuho Securities increased its price objective for Sandisk to $2,200 from $1,825, maintaining an Outperform rating. The firm simultaneously raised Seagate’s target to $1,090 from $875 and boosted Western Digital’s objective to $685 from $550.

Mizuho’s Vijay Rakesh forecasts DRAM consumption will expand 27% year-over-year in 2026 and 24% in 2027. NAND consumption is projected to increase 18% in both years.

Shipments of Google’s Tensor Processing Units are anticipated to exceed 35 million units by 2028, rising sharply from around 4.3 million in 2026. Broadcom, serving as a critical design collaborator for Google’s TPU and OpenAI’s forthcoming processor, is projected to generate AI-related revenue of $122 billion in 2027 and $170 billion in 2028.

Sandisk commenced trading Monday at $1,982 and advanced approximately 5.69% in response to the analyst upgrade. The stock currently trades at a price-to-earnings ratio of 58.32 times, significantly exceeding its historical median of 29.61 times.

The PHLX Semiconductor Sector index has climbed 73% year-to-date despite a modest decline on Tuesday.

Three of Japan’s largest banks said they will jointly issue a stablecoin this financial year, which ends in March.

Mitsubishi UFJ Financial Group (MUFG), Sumitomo ⁠Mitsui Financial Group (SMBC) and Mizuho Financial Group will establish a council to explore operational frameworks and prepare for the issuance of stablecoins, according to a statement on MUFG’s website.

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