South Korean Prosecutors Say They Want to Buy New Crypto-tracking Tools
Prosecutors in South Korea say they will spend money on crypto tracking tools – and have claimed that they will use these innovative solutions to crack down on money-laundering, crypto-powered drug deals, and kimchi premium trading.
According to Kookmin Ilbo, the Supreme Prosecutors’ Office of the Republic of Korea (SPO) said it was ready to buy “tracking” software that would let it monitor crypto transactions to “investigate cases involving cryptocurrencies.”
The media outlet explained that one of its new “trackers” is “capable of the real-time monitoring of transactions for cryptocurrencies such as bitcoin (BTC).” Prosecutors also stated that tools they would buy could help them “extract correlation data in multiple transactions,” and let them look at wallet and exchange-related transaction histories.
Prosecutors explained that the tools would let them “check when, to whom, and to where cryptocurrency is being sent.”
Prosecutors are currently investigating about $7 billion worth of what they suspect to be illegally remitted, crypto-linked foreign exchange transactions. Much of this, they believe, was sent abroad by illegal kimchi premium traders who bought low-price BTC from over-the-counter traders in Japan and China before “dumping” the coins on domestic exchanges for gains of 30% or more.
Using “shell companies” as a front, the traders have then allegedly used funds to buy semiconductors and precious metals from overseas vendors.
The prosecution is also keen to close down networks of drug traders who make use of darkweb portals and the Telegram chat app to buy and sell narcotics.
Probes into both kimchi premium traders and drug rings are sill ongoing in conjunction with the regulatory the Financial Supervisory Service and
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