South Korea's New Special Unit: Tackling Crypto Crimes

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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.

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