Seven Arrested for Cryptocurrency-Based Drug Dealing in South Korea

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Uncovering the Scheme
  2. Operation Details
  3. Consequences and Context


    4. South Korean police have arrested seven individuals involved in a drug dealing operation utilizing cryptocurrency. The bust took place in South Jeolla Province, with suspects using cryptocurrency to distribute methamphetamine nationwide.

    Uncovering the Scheme

    According to police, the main suspect, a 33-year-old man, hid drugs in 118 locations in Gwangju’s West and North districts. The operation took place between March and April this year, with each transaction paid for in cryptocurrency. During the sting operation, law enforcement utilized social media and messaging apps like Telegram to track the dealer. Posing as buyers, police paid with cryptocurrency and eventually identified the suspect and discovered his drug den.

    Operation Details

    Police seized over 103 grams of methamphetamine hidden in the mountains of Yeonggwang and 83 grams in various spots around Gwangju. The street value of the seized drugs is approximately $465,000. Earlier this year, customs officials reported an 18% increase in drug smuggling cases, attributing the rise to the use of cryptocurrency. According to a police officer, ‘Drug crimes are serious offenses that devastate the body and mind of users and even threaten social safety.’

    Consequences and Context

    This news comes amid rising scrutiny over politicians' involvement with cryptocurrency, especially after the 'Coin Gate' scandal where former lawmaker Kim Nam-guk was accused of insider trading. South Korean lawmakers are now distancing themselves from cryptocurrency after a series of scandals, claiming their wallets now only hold 'crypto dust'—small, untradeable amounts left after selling off assets. One lawmaker reportedly sold $85,200 worth of Bitcoin after declaring his assets, and many others have liquidated their crypto to avoid criticism.

    South Korean authorities continue to combat the use of cryptocurrency in illegal drug trading amid increasing scrutiny and criticism from both the public and politicians. Stricter control measures are expected to be implemented to prevent similar crimes in the future.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Optimism Releases Required Batcher Update v1170

Optimism has announced the release of opbatcher v1170, which is mandatory for operators using the batching infrastructure for OP Stack chains.

user avatarAndrew Smith

NEAR Developers Release First Candidate for nearcore 2140

The NEAR developers have published the first release candidate for nearcore 2140, introducing significant protocol and database changes.

user avatarJacob Williams

Lido Completes Winddown of Regular Simple DVT Clusters

Lido has successfully completed the winddown of its regular Simple DVT clusters, marking a significant step in the decentralization of its validator operations.

user avatarZainab Kamara

Avalanche Schedules Helicon Network Upgrade for September 22

Avalanche has announced the Helicon network upgrade for its mainnet, set to activate on September 22 at 1500 UTC.

user avatarSon Min-ho

Uniswap Proposes Protocol Fee Rollout to Circles Arc Blockchain

Uniswap Labs has introduced a proposal to extend its protocol fee collection and UNI burn infrastructure to the Arc blockchain.

user avatarAyman Ben Youssef

Aave V4 Now Live on Circle's Arc Blockchain

Aave V4 has officially launched on Circle's newly established Arc blockchain, featuring key assets such as USDC, EURC, cirBTC, and WETH.

user avatarTando Nkube

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.