Korea Customs Uncovers 5.6 Trillion Won in Illicit Crypto Deals by CoinEdition

• Korean customs service has found 5.6 trillion won in cryptocurrencies related to illegitimate foreign transfers.
• The customs service also discovered 8.2 trillion won in commercial and financial offences.
• The seized cryptocurrency is connected to 15 cases of illegal overseas transactions.

As reported by Yonhap, the Korean Customs Service located over 5.6 trillion won in cryptocurrencies associated with unlawful foreign currency transactions concerning virtual asset speculation in the past year. In total, fifteen incidents were identified in connection with this.

The Korean Customs Service captured more than double the number of people involved in trade and financial crimes such as drugs, foreign exchange, and customs violations last year compared to the preceding year. According to the report, the sum of money involved was 8.2 trillion won. In 2021, 1,983 cases of trade and economic fraud were detected.

Although the number of cases dropped compared to the year before, the amount has risen by 154%.

These individuals illegally sent foreign currency disguised as imported funds to purchase virtual assets abroad. The authorities also found a crime that entailed the manipulation of foreign paper companies.

Last year, 129 cases of illegal foreign exchange transactions were discovered, amounting to 6.3 trillion won. This includes the previously mentioned 15 cases related to virtual assets. Although the number of incidents decreased by 17% compared to the preceding year, the amount involved has increased by 369%.

Given the rising acceptance of cryptocurrencies, scammers have been attempting to identify the tiniest of loopholes to deploy their schemes and steal money. Nevertheless, the authorities have increased their scrutiny, and on-chain analysts are also helping to capture these fraudsters, which has caused a new wave of caution.

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