33 People Arrested in $1.69 Trillion Won Illegal Crypto Transactions.
2021-07-08 | Mike Hallen
33 individuals were investigated in
South Korea for engaging in illegal crypto transactions worth 1.69 trillion won [US$1.48 Bln].
About 14 of the people were referred for prosecution, 15 were fined
and 4 remains under investigation, Korea Times
reported Wednesday, citing Seoul Central Customs.
The investigation was conducted between April as well as September last year into crimes
associated with cryptocurrencies for
frauds and money laundering.
Around half
the money, just over $700 Mln, concerning illicit foreign
exchange, with
a 3rd party being paid to transfer
an outsized amount of funds withdrawn after trading the currency on a
cryptocurrency exchange.
About $680 Mln concerned falsified remittance records for overseas purchases of crypto
and around $83 Mln concerned making cash withdrawals abroad using Korean credit cards
to form crypto purchases.
"Virtual asset transfers beneath the guise of trade, travel or study expenses are strictly prohibited," a Seoul customs office official outlined. "Violators
are going to be subjected to
prosecution or fines."
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