Korea Customs Seizes Illegal CryptoTransactions Worth 5.6 Trillion Won

• Korean customs service reportedly seized 5.6 trillion won worth of cryptocurrencies last year.
• The customs also reportedly seized 8.2 trillion won in trade and economic crimes.
• The captured cryptocurrency is linked with 15 cases of illegal foreign transactions.

According to a recent news report from Yonhap, the Korean Customs Service seized over 5.6 trillion won worth of cryptocurrencies last year linked with illegal foreign exchange transactions involving virtual asset speculation. In the past year, authorities discovered 15 cases linked with this.

The Korean Customs Service caught more than twice as many people committing trade and economy crimes like drugs, foreign exchange, and customs violations last year compared to the previous year. The total amount involved was 8.2 trillion won according to the news report. Over 1,983 cases linked to trade and economic fraud were identified last year.

Even though the number of cases went down as compared to 2021, the amount has spiked by 154%.

These individuals illegally sent foreign currency disguised as imported funds to buy virtual assets overseas. The authorities also identified a crime that involved the manipulation of overseas paper companies.

Last year, there were a total of 129 cases of illegal foreign exchange transactions caught, adding up to 6.3 trillion won. This includes the previously mentioned 15 cases related to virtual assets. Although the number of cases decreased by 17% compared to the previous year, the amount involved increased by 369%.

Cryptocurrency scams and hacks have been on the rise since there has been a spike in the adoption rate. Scammers have been trying their best to find the tiniest loopholes to deploy their tactics and loot money. However, the authorities have ramped up the scrutiny, and on-chain analysts are also aiding in capturing these scammers, which triggered a newborn fear.