South Korea launches official crypto crime prosecution unit

The Office of Prosecutors of the Southern District of Seoul launched an official joint investigation unit which exclusively approaches crimes linked to the crypto and cases of fraud.

According to a report By AJU News, the ministry is appointed joint investigation unit of the office of the office of the southern district of Seoul or the JIU for virtual asset crimes.

The unit will include 35 full -time employees with experience by treating cryptographic crimes in South Koreamainly composed of prosecutors and financial regulators of the Financial Services Commission and the financial supervision service. The unit will be led by the chief prosecutor Park Geon-Wook and two deputy chief prosecutors.

The body was initially formed as a temporary working group in 2023, intended to manage the tip in cases of fraud linked to the crypto. However, as the number of cases has only increased significantly in South Korea in the past two years, in parallel with the rise of the adoption of cryptography in the country, the District Prosecutors Office has decided to transform the working group into an official joint investigation service.

Since its training in July 2023, the South Korean crypto crime The working group charged 74 people and arrested 25 people related to unfair commercial practices such as coin fraud, market manipulation and other illicit activities related to crypto.

“While crime methods linked to virtual assets become more sophisticated, intelligent and international, we will establish an effective crime response system with close cooperation with the organizations concerned,” said the accusation manager during the launch ceremony.

Last December, the working group arrested the CEO of a parts management company which carried out 7 billion wons ($ 4.8 million) in illicit profits thanks to the manipulation of crypto prices. The unit also arrested a famous shaman named Jeon Seong-Bae and followed the funds of a swindle currency called “Queen B.”

As before reported By crypto.News, a Chinese was killed during a cryptocurrency transaction in Jeju, South Korea. The Jeju West police station announced that the suspects would have fled with 85 million won ($ 63,500) belonging to the victim.