Criminal Acts Regarding Cryptocurrency In Korea Will Be Faced With Severe Consequences
A current case held at the South Korean Supreme Court has resulted in the penalty of 191 bitcoins, valued at approximately $1.43 million. The alleged defendant will also be sentenced jail time.
Many countries are weary of cryptocurrencies due to its potential use in money laundering and other illegal activities. A similar case had flourished in Korea back in May 2014, where the defendant, an unnamed individual of 33 years of age, was operating a child pornography website.
He was first rid of his Bitcoin holdings at the time of arrest. Similarly, the notion of confiscating virtual currencies did not make sense to the lower court, as it is not physical money. Today, the Supreme Court annulled the requests of the lower court, as they view cryptocurrencies as a “profit-earning” good.
As for the charges facing the defendant, he will have to serve 18 months of jail time and will be ordered to pay $696 million, excluding the already confiscated coins.
The decision made on behalf of the Supreme Court could mean that more consequences will be considered for varying criminal activities. With more and more crypto-related illegal activities taking place, Korea finds itself in a position to execute raids. Since cryptocurrencies are virtual, anyone who gets caught will have their computer hardware taken away.
This is not the first case to have resulted in this hearing, as a $250 million Ethereum mining scam was another Korea had to face. As a result, individuals having been part of the US based crypto firm have been charged because of their alleged attempt in stealing from Korean investors.
While the news of confiscating the Bitcoins have had many awed, how the court is going to go about taking the necessary action is still unclear. Will this help to put an end to cryptocurrency associated crimes?