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

Grayscale Appoints BitGo as Custodian for Hyperliquid Staking ETF

Grayscale has appointed BitGo Bank Trust as an additional custodian for its Hyperliquid Staking ETF to enhance custody services and operational flexibility.

user avatarAndrew Smith

Avalanche Sees Surge in Tokenized US Treasury Assets

The value of tokenized US Treasury assets on the Avalanche network has surged to approximately $545 million, marking a fourfold increase over the past year.

user avatarJacob Williams

Metaplanet Shows Liquidity Management with Strategic Bitcoin Transactions

Metaplanet sold 10,000 BTC for approximately $790 million and bought back 11,000 BTC for around $950 million, demonstrating its ability to manage liquidity effectively.

user avatarSon Min-ho

Navra Secures $19 Million in Series A Funding to Bridge Traditional Finance and Blockchain

Navra, a startup led by Mike Cagney, has successfully raised $19 million in Series A funding to enhance access to blockchain-based financial markets for traditional investors.

user avatarZainab Kamara

Arbitrum Proposes Strategic Initiative for USDG Stablecoin

Arbitrum has proposed a governance initiative to back USDG as a core strategic stablecoin within its ecosystem, including adding 100 million ARB to enhance liquidity and adoption.

user avatarTando Nkube

BitGo and HashKey Cloud Expand Partnership in Asia-Pacific

BitGo and HashKey Cloud have expanded their partnership to cover multiple areas of institutional crypto infrastructure, including staking, trading, custody, and asset tokenization in Singapore.

user avatarAyman Ben Youssef

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.