Crypto Crimes Cost $2.28 Bln In South Korea

  • Crypto Crimes Cost $2.28 Bln In South Korea

Crypto Crimes Cost $2.28 Bln In South Korea

According to the South Korean Justice Ministry, the country has incurred a loss of almost 2.67 trillion WONs (USD$2.28 billion) within a two-year time span beginning and ending 2017 and 2019 respectively reports Coin Telegraph.

Yonhap reports that as per the figures analyzed by the local Ministry of Justice, during the period between 2017 and 2019, the country has lost around $2.3 bln to crypto scammers, pyramid schemes and illegal transactions on exchanges. As per the ministry, in the above mentioned period, around 132 criminals and fraudsters have been accused and detained for cryptocurrency-related felonies, while another 288 were accused of the same without any physical detention. In the continuation of the news, Yohap said that the option of trading and making cryptocurrencies is an increase in crimes, especially without the real name offered by the exchanges.

Crypto crimes, in the form of hacks, scams and money laundering, have become increasingly popular, ever since the market picked up. With the prohibition of anonymity, the exchanges began to use the so-called "beehive accounts" to bypass regulation: they keep users' funds on their corporate bank accounts and keeping the identity of their users private. Reportedly, the government proposed to end such a practice, though the court halted the initiative ruling citing that the government's idea of closing the exchange's corporate bank accounts as inappropriate.

Shinhan Card, South Korea's leading credit card firm granted a patent for a blockchain payments system this month.