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South Korean prosecutors recently made their first arrests in the country concerning a crypto crime case that focuses on illegal crypto-related activities that might have wiped off billions. The accused party was suspected of carrying out illegal foreign-exchange transactions worth $3.4 billion.
South Korean Crypto Crime Case Overview
Three people who had been caught on hold were charged with setting up paper companies and running a crypto trading business without registering with the government. On Thursday, the aforementioned information was released by the Daegu District Prosecutors’ Office in a text message. The office also mentioned other allegations such as incorrect data submissions to banks and making illegal foreign currency transfers abroad.
The arrested people in this crypto crime case are known to have a link with a company that transferred 400 billion won or $307 million worth of funds abroad through a branch of the Woori Bank situated in Seoul. Such a move was taken by the firm to earn arbitrage profits. This information has been reported by the Chosun Ilbo newspaper. However, the prosecutors’ office did not reveal any specific figure. In addition, the Woori Bank declined to comment on the matter.
The Financial Supervisory Service of South Korea said that such unusual transactions worth about 1.6 trillion won had been taking place through five Woori Bank branches between May and June this year. On the same line, it further noted that about 2.5 trillion won worth of funds had been transferred via 11 branches of Shinhan Bank between February and July in the current year.
Earlier, when Terra (LUNA), which was founded by the South Korean entrepreneur Do Kwon, crashed, it spurred a need for stringent crypto regulations in the country. This is why South Korea’s first arrests are a big deal for the crypto industry participants. It is expected that the office might publish some more findings on the matter soon.
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