South Korean Crypto Fraud Unit Has Seized $107M in Assets in Past Year
Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...
South Korea’s dedicated crypto fraud unit has seized some $107 million worth of assets from criminal suspects in the past 12 months.
Per NoCut News, the unit has indicted 41 people since its launch last year and arrested 18 suspected crypto fraud masterminds.
The unit, known as the Joint Virtual Asset Investigation Team, operates out of the Seoul Southern District Prosecutors’ Office.
However, its members comprise not only prosecution officials, but also staff from the Financial Supervisory Service, the Korea Exchange, and the National Tax Service.
The unit has had its hands full with high-profile cases since its inception. Complex cases of suspected crypto fraud have seen officers seize a collection of over a dozen supercars.
They have also impounded a building in the exclusive neighborhood of Cheongdam, in the Gangnam District of Seoul.
However, their activities have also taken them elsewhere. Officers have impounded suspects’ residences in Jeju Island and Gangwon Province in the past 12 months.
In many cases, suspects were allegedly living a life of luxury with funds the unit thinks they embezzled from innocent victims.
A walk through the crypto jungle at Korea Blockchain Week https://t.co/fhahtLv1NC
Nocut News said that it spoke to several “victims” of coin fraud cases under investigation by the unit.
One, a man in his 50s, said that he had invested $38,000 in a coin that later turned out to be fake.
The man said that he had hoped to use the money to buy a house. And he added that he could no longer sleep well due to the scale of
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