South Korea: Cryptocurrency crime totals $2.28 billion since July 2017

South Korea’s Ministry of Justice estimates that cryptocurrency-related crimes caused financial losses of 2.69 trillion won (about $2.28 billion) between July 2017 and June 2019.
According to a July 21 report from local media outlet The Korea Herald, 132 cryptocurrency-related criminals and fraudsters were indicted and detained, with another 288 indicted without actual detention during the aforementioned time period.
The report noted that while Justice Minister Park Sang-jin has ordered tough measures against cryptocurrency criminals, the lack of clear regulations on cryptocurrency transactions has led to an increase in the use of quasi-anonymous or opaque accounts.
Despite a ban on anonymous crypto accounts in January last year, smaller exchanges have reportedly begun using so-called “cellular accounts” to circumvent regulation.
Exchanges that use such accounts keep user funds in company bank accounts, keeping users private. The government reportedly proposed to end this practice, but the court stopped the initiative, ruling that it was inappropriate for the government to close the company bank accounts of exchanges.
As Cointelegraph reported earlier, South Korean credit card company Shinhan Card has been awarded a patent for a blockchain payment system.
On July 1, news broke that Busan, South Korea’s second most populous city after Seoul, is considering launching a local cryptocurrency in partnership with BNK Busan Bank, a subsidiary of local holding company BNK Financial Group.

Source: Cointelegraph