• South Korea lost $2.3 billion in crypto-related crime from July 2017 to June 2019.
  • 420 individuals already charged for crypto-related crimes; 132 have been arrested.

The South Korean government has reported that almost 2.7 trillion won ($2.3 billion) has been lost in crimes related to digital currencies. The justice ministry on July 21 said that the losses mainly came from crypto-related scams, embezzlement, Ponzi schemes as well as illegal exchange transactions. The data was collected in the period starting July 2017 to June 2019.

The justice ministry further said that the law enforcement authorities have arrested 132 people involved in cryptocurrency crimes within the period while 420 people had been charged.

Also Read: Bitcoin price analysis: BTC/USD consolidates ahead of the next leg up to $11,000

It is essential to note that the funds lost through cryptocurrency exchange hacks were not included in the figure above. Bithumb, one of the leading crypto exchanges has suffered two hacks within the period. The exchange lost about $30 million last year while in 2019 $13 million fell in the hands of the hackers.

Cryptocurrency exchange business continues to grow in South Korea. It is estimated that over 200 businesses offer exchange services for digital currencies.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

BTC/USD risks a drop to $10,500 amid bearish technical set up

Bitcoin (BTC/USD) reversed Friday’s temporary reversal and resumed the previous bounce on Saturday, only to find stiff resistance once around the $10,800 region. A potential rising wedge formation spotted on the hourly chart. Acceptance below 10,693 could revive the bearish bias.

More Bitcoin News

Cardano Price Prediction: ADA bulls to regain control amid golden cross on hourly chart

ADA/USD consolidates the pullback from three-month lows on Saturday. Golden cross formation spotted on the hourly chart; RSI still bullish. Bulls are likely to regain control, eyeing a break above $0.10 mark.

More Cardano News

NEO Technical Analysis: A test of 200-HMA likely on NEO’s road to recovery

NEO/USD witnessed good two-way businesses on Friday, having finally settled in the red after fading a spike above the $23 mark. The buyers have regained control this Saturday, allowing a tepid bounce in the spot.

More NEO News

Ripple Price Forecast: XRP flashes sell signal in the hourly chart – Confluence Detector

XRP/USD has had three straight bullish sessions. XRP daily confluence detector shows moderate-to-strong resistance at $0.245. On the downside, there are two healthy support levels at $0.2425 and $0.24.

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Keep calm and HODL on until the USA elects the president

Bitcoin (BTC) partially regained the losses incurred at the beginning of the week; however, the upside momentum is still too weak to take the price out of the bearish territory and ensure a sustainable recovery. 

Read the weekly forecast

BTC

ETH

XRP