The South Korean authorities have seized approximately $ 3.2 million of cryptocurrency, including ETAREM, in a continuous achievement in a widespread foreign exchange process.
South Korea accounts for $ 3.2 million in a major encryption campaign
According to YonhaP News, the Public Prosecutors Office in West Boussan Province raided a group of suspected money exchange in the field of unauthorized money over six years. It was claimed that the process dealt with approximately 943.4 billion WNA (about 683 million dollars) in illegal currency transactions, and received 25.7 billion winners (about $ 18.6 million) in commissions, according to reports.
On June 26, prosecutors directed the two currency exchange companies and three individuals without detention. The charges include violations of the foreign exchange transactions law and the electronic financial transactions law. The authorities have shared that the suspects have facilitated cash exchanges using platforms such as Nettel Pay, which are widely used in gambling sites abroad and in the trading of foreign exchange margin (FX).
Prosecutors said that the group collected the amount of individuals in South Korea and used online payment systems to recharge the various currency accounts abroad. Through this method, they benefited from transactions by overcoming organizational audit.
More investigations revealed that at least three of the non -registered money changes were involved. It was claimed that these operators used fraudulent exchange methods to conceal the scale and nature of transactions. In an attempt to evade the application of the law, it was reported that the suspects have hidden the assets of encryption in personal digital portfolios under different names.
The authorities managed to track and restore approximately 12.4 billion o’clock in the assets held under the nickname, and confiscated 4.4 billion options (about $ 3.2 million) in Ethereum.
“This process was performed through a comprehensive account and tracking virtual assets, in addition to the targeted research and confiscation efforts,” said an official in the prosecution.
South Korea continues to conflict with an increase in crimes related to encryption. Recently, a local court sentenced three men regarding a 416,000 dollar coding system.
In response to increasing risks in the digital assets sector, South Korea is progressing in organizational reform. The government is currently reviewing “Asset Basic Act”, a proposed bill aimed at creating a legal framework for digital assets, especially the Fiat -related Stablecoins, such as KRW or USD.
According to Korea Bank, the Southern Koreans retained $ 74.5 billion of encryption assets from the end of last year. With the adoption of the huge coding prevailing in the country, the need for organizational measures has become more urgent than ever.
