Asia, Bitcoin South Korea, Crypto Fraud, fraudsters, fraudulent crypto schemes, South Korea, south korea cryptocurrency, South Korea Financial Supervisory Service

Although bitcoin prices plummeted over the weekend, the overall bull-run remains alive, as well as the crypto-related fraud cases in South Korea. The latest figures by the domestic financial watchdog show that such incidents are still on the rise.

Police to Dedicate a Special Unit to Investigate Crypto Frauds

According to Asia Kyungjae, the Financial Supervisory Service (FSS) revealed that crypto fraud reports skyrocketed by over 41.6% yearly.

The statistics from the FSS from January to October 2020 show that the 41,6% increase belongs to 555 cases of suspicious transactions.

Due to the significant surge of cases, the police promised to increase its efforts in cracking down crypto-related fraud rings across the nation. In fact, authorities launched a dedicated investigation team at the financial crime unit in provincial offices.

Among the bureaus involved in the crypto fraud’s investigations include the Financial Services Commission, the Financial Supervisory Service, the State Affairs Coordination Office, the Ministry of Justice, the Prosecutors’ Office, and the National Police Agency.

South Korean Fraudster Found Guilty of Scamming $16 Million

Furthermore, Yonhap reported another millionaire crypto fraud case in South Korea as a fraudster named by the court just as Lee was given a six-year jail term. He was found guilty of having built a scheme that scammed around 1,300 people in just seven months.

Prosecutors said he took from victims around $16 million worth in crypto and fiat. Judge Cho Sang-min revealed details of the case:

Lee ran its fraud scheme between October 2018 and May 2019, attracting investors by telling them, “if you buy cryptocurrency sold by a Chinese parent group, you can make enormous profits.â€

However, the fraudster became even more suspicious after claiming that the Chinese company he was promoting is “a solid business with a 30-year history of 500 trillion won and plans to enter the electric vehicle industry with an investment of 4 trillion won.â€

Also, the court handed 18-month and eight-month sentences to two of Lee’s accomplices for their participation in the crypto fraud ring.

What do you think about the bullish trend in the reported cases of crypto fraud in South Korea? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

South Korean Banking Association Concerned Over Surge of the Altcoin Trading Frenzy

A banking association in South Korea recently added weight to regulatory discussions across the country, raising concerns about the high altcoin trading volume. The Korea Federation of Banks (KFB) requested its members to audit trading volumes through their crypto exchanges’ customers’ altcoin activity. Altcoins Trading Volume Outperformed Bitcoin Last Weekend in South Korea According to […]

Xem chi tiết: South Korean Banking Association Concerned Over Surge of the Altcoin Trading Frenzy

Japanese Assembly Members Seek to Make Tokyo a ‘Cryptocurrency Trading Center’

Japan is steadily becoming an area of interest for the cryptocurrency industry, and a politician in the capital city is looking to strengthen the trend. A member of the Tokyo Metropolitan Assembly wants to transform the Japanese capital into a “trading center†for cryptos. Blockchain as a ‘Growth Strategy’ to Create Industry Hub Yuu Ito, […]

Xem chi tiết: Japanese Assembly Members Seek to Make Tokyo a ‘Cryptocurrency Trading Center’

South Korea to Crack Down on Phishing Websites Attacking Crypto Users

South Korean authorities are intensifying their monitoring of phishing activity related to cryptocurrencies. The government has identified a record number of websites trying to obtain login details from crypto exchange users. Over 30 sites have been taken down in just three months this year. Seoul Strengthens Monitoring of Crypto Phishing Scams Rising market prices have […]

Xem chi tiết: South Korea to Crack Down on Phishing Websites Attacking Crypto Users

US Authorities Seek Court Order to Shut Down Crypto Trading Platform Allegedly Duping Thousands of Investors

New York Attorney General Letitia James is seeking a court order to immediately shut down the operations of cryptocurrency exchange Coinseed. The attorney general previously filed a lawsuit against the crypto exchange but the platform allegedly continued to operate and dupe investors. US Authorities Take Urgent Action Against Coinseed The Office of Attorney General Letitia […]

Xem chi tiết: US Authorities Seek Court Order to Shut Down Crypto Trading Platform Allegedly Duping Thousands of Investors

US Authorities Seek Court Order to Shut Down Crypto Trading Platform Allegedly Duping Thousands of Investors

New York Attorney General Letitia James is seeking a court order to immediately shut down the operations of cryptocurrency exchange Coinseed. The attorney general previously filed a lawsuit against the crypto exchange but the platform allegedly continued to operate and dupe investors. US Authorities Take Urgent Action Against Coinseed The Office of Attorney General Letitia […]

Xem chi tiết: US Authorities Seek Court Order to Shut Down Crypto Trading Platform Allegedly Duping Thousands of Investors

South Korean Police Officers Banned From Buying Cryptocurrency

A recent ban imposed by the South Korean National Police Agency will bar particular officers from purchasing additional cryptocurrencies. The announcement coincides with a report revealing a heightened domestic availability of digital coins, in comparison to the global marketplace. South Korea to Penalize National Police Agency Officers Who Fail to Disclose Crypto Holdings Officers with […]

Xem chi tiết: South Korean Police Officers Banned From Buying Cryptocurrency

Kazakhstan Is Preparing the Launch of a CBDC Pilot With Private Financial Companies

Central bank digital currencies (CBDCs) are steadily becoming a serious discussion among governments globally, with Kazakhstan as the latest country unveiling its plans. The National Bank of Kazakhstan is making preparations to launch a CBDC pilot program soon. The National Bank Released a Public Consultation Paper According to the announcement published on their website, the […]

Xem chi tiết: Kazakhstan Is Preparing the Launch of a CBDC Pilot With Private Financial Companies

South Korea to Impose a 20% Tax on Crypto Mining Activities

The cryptocurrency industry in South Korea keeps facing regulatory challenges, and it seems that dust is far from settling. Now, crypto miners will be required to pay taxes, following the same path as digital assets traders. Ruling to Take Place Starting 2022 According to a report published by Donga, miners should be accountable for paying […]

Xem chi tiết: South Korea to Impose a 20% Tax on Crypto Mining Activities

Vietnam Plans to Regulate Digital Currencies After Commissioning a Crypto Research Group

South Korean Police Raid Crypto Exchange Allegedly Involved in a $214M Multi-Level Marketing Fraud

Young Koreans Less Keen on Crypto Taxation Than Older Generations, Poll Finds

South Korean Ruling Party Contemplates Postponing Crypto Tax in a Bid to Regain Younger Votes

Beijing Is Collecting Data From Local Datacenters Involved in Cryptocurrency Mining Activities

Beijing Is Collecting Data From Local Datacenters Involved in Cryptocurrency Mining Activities

All 200 Cryptocurrency Exchanges Could Be Shut Down Under New Regulation in South Korea, Regulator Warns

South Koreans File Online Petitions Seeking to Remove a Chief Regulator After Harsh Crypto Comments

Other Articles