Crypto Crimes Amount to 2.7 Trillion Won in Damage in Two-Year Timeframe Reveals South Korea
Crypto crimes, in the form of hacks, scams and money laundering, have become increasingly popular, ever since the market picked up.
Crypto traders of today have heard of every possible way their assets can be compromised, whether this implies straight out of one’s personal wallets, crypto exchanges or falsified initial coin offerings.
According to the South Korean Justice Ministry, the country has incurred a loss of nearly 2.67 trillion WONs (USD$2.28 billion) within a two-year time span beginning and ending 2017 and 2019 respectively reports Coin Telegraph.
News platform, The Korean Herald, was the one to have initially reported on this matter, indicating that roughly 132 criminals have since been imprisoned, with another 288 who have been “indicted without physical detention over the cited period.”
As per the claims made, Justice Minister, Park Sang-ki, ordered stricter consequences for criminals taking part in illegal crypto activities, stressing the need to regain lost funds via prosecution. This supposedly hasn’t stopped the number of crypto exchanges from increasing, especially those that have yet to be regulated.
In order to prevent money-laundering in South Korea, the country has since merged a “real-name trading system for cryptocurrencies,” which prevents potential traders from using “anonymous bank accounts,” reports The Korean Herald.
Government officials initially tried to shutdown crypto activities, however, the court was against it, as it was argued that the former cannot make crypto exchanges close their corporate accounts.
Democrat, Representative. Je Youn-kyung has supposedly proposed a bill that would implement stricter guidelines, however, this still awaits approval of the National Assembly.