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South Korea: Since July 2017, cryptocurrency crimes totaled $22.8 billion

The Korean Ministry of Justice estimates that cryptocurrency-related crimes caused 2.69 trillion won [$2.28 billion] in financial losses between July 2017 and June 2019.

According to a report by the local media “Korea Herald” on July 21, 132 criminals and fraudsters related to cryptocurrencies were allegedly charged and detained, and another 288 were prosecuted during the above-mentioned period without being subjected to Actual detention.

The report pointed out that although Justice Minister Park Sung-jin has ordered drastic measures against cryptocurrency offenders, the lack of clear rules on cryptocurrency transactions has led to an increase in the use of quasi-anonymous or opaque accounts.

Although anonymous encryption accounts were banned in January last year, small exchanges reportedly used so-called "cell accounts" to circumvent regulation.

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