The Office of Seoul Southern District Prosecutors has introduced a formal joint investigation unit that especially deal with cases of crypto-related crimes and fraud.
according to a Report By Aju News, the department has been nominated for the Office-Integrated Joint Investigation Unit or GIU for virtual asset offenders of Seoul Southern District Prosecutors.
The unit will consist of 35 full -time employees with an experience of dealing with Crypto offenses in South Korea, mainly consisting of prosecutors and financial regulators from Financial Services Commission and Financial Supervisory Services. The unit will be led by Chief Prosecutor Park Gion-Wook and two Deputy Chief Prosecutors.
The body was originally formed in 2023 as a temporary task force, which meant to handle spikes in cases of crypto-related fraud. However, since the number of cases in the last two years has increased significantly in South Korea only, with the rise of the Crypto adoption in the country, the office of the District Prosecutors decided to convert the task force into a formal joint investigation department.
Since it was formed in July 2023, South Korean Crypto Crime Taskforce convicted 74 people and arrested 25 persons related to improper trade practices such as coin fraud, market manipulation and other illegal activities related to crypto.
At the prosecution ceremony, the prosecution officer said, “As the methods of crime related to virtual property become more sophisticated, intelligent and international, we will establish an effective crime response system through close cooperation with relevant organizations.”
Last December, the task force arrested the CEO of a coin management company, who won 7 billion ($ 4.8 million) for illegal profits at 7 billion through the crypto price. The unit also arrested a famous mitigation called Jion Seong-Bee and tracked the wealth of a scam coin called “Queen B”.
As reported earlier by Crypto.news, a Chinese man was reportedly killed during a cryptocurrency transaction in Jeju, South Korea. The Jeju West Police Station announced that the suspects allegedly ran away with 85 million belonging to the victim ($ 63,500).
