Special Task Force In South Korea To Crackdown On Crypto Crimes

A recent move by the South Korean government is earning praises worldwide. Cryptocurrency related crimes have become a severe concern for the country. This is why, the South Korean Supreme Prosecutors’ Office (SPO) has announced the creation of a special task force to fight cryptocurrency-related fraud and crimes.

After there was a significant rise in crypto crimes and cases of fraud, the government decided to establish this new force which will be expected to conduct a thorough investigation into cases of fraud, illegal transactions, money laundering and other such illegal crimes related to cryptocurrencies. The task force will be under the SPO’s authority.

These crimes have become a severe problem in South Korea. The country’s Financial Supervisory Service has reported that the number of reported fraud cases and counterclaims related to cryptocurrency investments has gone up from 53 in 2016 to 453 the following year, which is nearly nine times!

The year 2018 was no better. The SPO’s office received reports of crimes related to cryptocurrency, which had significantly increased by 4,591 registered cases. The office had to take this bold move to create a separate body to tackle this problem, since it was getting slightly out of hand.

With cryptocurrency becoming an extremely popular concept worldwide, more people are gradually recognizing the lucrative opportunities in this industry. Considering there is a lot of misinformation regarding cryptocurrencies out there, it is easy for these criminals to cheat gullible traders and investors.

The internet and anonymity make it all the more easier for these fraudsters to committ such illegal crimes. We hope that the task force will be able to contain the recurring frequency of these crimes.