Bitcoin
$47,916.19+0.03%
Ethereum
$3,443.12-3.34%
XRP
$1.08-1.42%
Cardano
$2.37-1.87%
Polkadot
$34.07-7.30%
Stellar
$0.322269-2.31%
Dogecoin
$0.242721-2.18%
Chainlink
$28.23-4.97%
Uniswap
$24.68-3.92%
Polygon
$1.40+1.88%
Litecoin
$182.20-1.89%
Bitcoin Cash
$628.16-1.72%
Algorand
$1.95-6.52%
Wrapped Bitcoin
$47,944.45+0.12%
Filecoin
$85.70+2.48%
Cosmos
$33.97-8.59%
The Graph
$0.833599-2.66%
Tron
$0.107011-10.46%
Ethereum Classic
$57.08-1.56%
Aave
$360.36-6.41%
Tezos
$6.20-9.13%
EOS
$5.23+3.87%
NEO
$49.27-2.32%
Monero
$265.22-0.12%
IOTA
$1.66+10.15%
BitTorrent
$0.003953-2.45%
Bitcoin SV
$157.92+0.69%
Waves
$29.05-4.84%
Maker
$2,817.05-2.77%
Dash
$202.67-1.80%
Decred
$147.18+1.69%
Decentraland
$0.824747-2.37%
ICON
$1.94-3.34%
NEM
$0.184301-2.44%
Zcash
$136.84-0.78%
Qtum
$12.56-0.37%
NuCypher
$0.332035+0.71%
Bitcoin Gold
$66.05-1.18%
Yearn Finance
$33,610.54-2.78%
OmiseGO
$8.55-1.56%
Basic Attention Token
$0.755535-2.30%
0x
$1.10-1.55%
Ren
$1.06+6.45%
Paxos Standard
$1.00+0.00%
Fetch.ai
$0.854671-4.43%
Bancor
$4.08-2.36%
Band Protocol
$9.18-5.13%
Siacoin
$0.018410-0.62%
Kava.io
$6.19-1.63%
Nano
$5.53-2.23%
Loopring
$0.460816-1.86%
Storj
$1.38-1.74%
Civic
$0.538605+1.69%
Lisk
$3.54-2.25%
Numeraire
$45.23+2.82%
Orchid
$0.364805-3.16%
PAX Gold
$1,764.87-0.05%
Augur
$26.12-1.34%
Aragon
$5.87-2.02%
Enzyme
$115.00-2.27%
district0x
$0.174159-0.98%
Kyber Network
$1.83-5.72%
SingularDTV
$0.001476+22.39%
Tether
$1.00-0.01%
USD Coin
$1.00+0.01%
Dai
$1.00+0.03%

Korean Authorities Investigate 33 People for $1.48B in Illicit Crypto Transactions

Fourteen were referred for prosecution, 15 were fined and four remain under investigation.

Jul 8, 2021 at 11:30 a.m. UTC
Updated Sep 14, 2021 at 1:22 p.m. UTC

Thirty-three people were investigated in South Korea for engaging in illicit crypto transactions worth 1.69 trillion won (US$1.48 billion).

  • Fourteen of the people were referred for prosecution, 15 were fined and four remain under investigation, Korea Times reported Wednesday, citing Seoul Central Customs.
  • The investigation was conducted between April and September last year into crimes related to digital currencies for the purposes of fraud and money laundering.
  • About half the money, just over $700 million, concerned illegal foreign exchange, with a third party being paid to transfer a large amount of funds withdrawn after trading the currency on a crypto exchange.
  • Around $680 million concerned falsified remittance records for overseas purchases of crypto and some $83 million concerned making cash withdrawals abroad using Korean credit cards to make crypto purchases.
  • "Virtual asset transfers under the guise of trade, travel or study expenses are strictly prohibited," a Seoul customs office official said. "Violators will be subject to criminal prosecution or fines."

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Loading...