South Korea's New Special Unit: Tackling Crypto Crimes

user avatar

by Giorgi Kostiuk

2 years ago

South Korea is taking strong actions against crypto crimes with the establishment of a dedicated investigation unit. The new division aims to address fraud and market manipulation in the cryptocurrency sector.

Formation and Structure of the Unit

South Korea has recently introduced a new division to combat crypto crimes, called the Seoul Southern District Prosecutors’s Office-run Joint Investigation Unit for Virtual Asset Crimes. The unit has been in operation since 2023 and includes 34 full-time officials, among whom are 11 financial regulators from the Financial Services Commission and the Financial Supervisory Service.

At the introductory event, the body promised to examine crypto practices including trading and price manipulation cases.

An Effective Crime Response System

Led by Chief Prosecutor Park Geon-wook, the team includes two deputy chief prosecutors. The unit aims to create an effective crime response system as crypto attackers become more skilled and globalized.

The Office of the Southern District Prosecutors revealed that as crypto attackers became more experienced, intelligent, and globalized, it would make an effective crime response system.

Recent Investigations and Arrests

In recent months, the unit's operation became front-page news as it started investigating the suspected scam coin Queenbee. Since its inception, 74 people have been charged, and 25 arrested. High-profile cases such as the shaman Jeon Seong-bae, suspected of illicit political fund activities, have also come under investigation by the unit.

The creation of this new unit in South Korea underscores the country's commitment to combating crypto crimes. This marks a new era in prosecution efforts, based on collaboration between law enforcement and financial agencies.

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

Central Bank of Ireland Imposes Fine on Coinbase Ireland Limited

On October 22, 2023, the Central Bank of Ireland fined Coinbase Ireland Limited 3,252,618 euros for breaches of safeguarding and outsourcing obligations.

user avatarNguyen Van Long

HashKey RWA Introduces First Product in hToken Series

HashKey RWA has launched its first product in the hToken series, aimed at standardizing the issuance of tokenized securities for traditional financial institutions.

user avatarSatoshi Nakamura

Coinbase Announces Discontinuation of GYEN Stablecoin Support

Coinbase has announced the discontinuation of support for the yen-linked GYEN stablecoin as its issuer, GMOZcom Trust Company, retires the product.

user avatarJesper Sørensen

Hong Kong Approves Secondary Trading for Tokenized Money Market Funds

Hong Kong Securities and Futures Commission approves secondary trading for two tokenized money market funds, enhancing trading opportunities and liquidity.

user avatarRajesh Kumar

Bitmine Immersion Technologies Reports Significant Ethereum Holdings

Bitmine Immersion Technologies has filed an update with the SEC revealing significant Ethereum holdings of approximately 605 million ETH and total investments around $15 billion.

user avatarLucas Weissmann

Stellar's Bell Upgrade Introduces Key Infrastructure Enhancements

Stellar's Bell upgrade introduces significant infrastructure improvements, including muxed contract addresses and support for post-quantum signature verification.

user avatarMaya Lundqvist

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.