South Korean ministry releases crypto-related crime assessment

Posted 22 July, 2019

On July 21, the Justice Ministry released its statistics, covering the period from July 2017 to June 2019 and including such types of crimes as fraudulent schemes, Ponzi, illegal appropriation of funds and unauthorized transactions.

According to the ministry, 420 people were convicted of crimes related to cryptocurrency over the period under review with 132 of them were detained.

South Korea’s Minister of Justice Park SangKi issued a decree last month to tighten persecution of criminals in the field of cryptocurrency and strengthen measures aimed at returning illegally appropriated funds.

In addition to hacking, which local cryptocurrency trading sites have been subjected to several times, the reason for such large losses lies in the opaque nature of cryptocurrency trading. To solve this problem, South Korean lawmakers in January introduced a requirement to identify users of cryptocurrency exchanges using bank accounts registered in their real names.

Democratic Party member Je YounKyung proposed to tighten cybersecurity-related measures for cryptocurrency platforms. The proposal is currently awaiting consideration by the National Assembly of South Korea.

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