The Seoul Prosecutors Office has announced the establishment of a new unit dedicated to investigating crimes involving cryptocurrencies.
Establishment of the New Unit
The Seoul Prosecutors Office has launched a new joint investigation unit specializing in virtual asset crimes, consisting of 35 full-time employees including prosecutors and financial regulators.
Reason for Establishment
Originally created as a temporary task force in 2023, the unit was established in response to the rise in crypto-related crimes in South Korea. With the increase in such incidents and the country's growing crypto adoption, the task force was transformed into a permanent department.
Recent High-Profile Cases
Since its formation, the unit has indicted 74 individuals and arrested 25 for unfair trading practices and market manipulation. Notable cases include the arrest of a coin management CEO for price manipulation and a famous shaman involved in a scam.
The formation of this new unit highlights the seriousness of crypto crimes in South Korea, suggesting stricter measures against illegal activities.
