• 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 & Analysis

Editors’ Picks

Bears take over and draw a bloody moon

Cryptographer and computer scientist Nick Szabo, has presented in his Twitter account a study on the "risk-benefit" ratio of different assets. The study used a Sharpe Ratio over four years Hodl period.

More Bitcoin News

ETH/USD bears flip the bulls, target shifts to $5

Ethereum Classic is facing the ultimate correction following a massive bull-run that had it hit January highs around $12 from December lows at $3.41. The persuasive urge upwards has, however, ended in losses due to a lack of ...

More Ethereum Classic News

Ripple's CEO sees an era of IPO in cryptocurrency industry

Ripple's XRP, the third-largest digital asset with the current market value of $9.4 billion has lost over 5% in recent 24 hours and hit the low of $0.2136 on Friday. XRP/USD is moving within a clear bearish trend amid expanding volatility.

More Ripple News

The Crypto Sector in selloff mode searches a support zone

Most of the cryptocurrency sector accelerated the losses after breaking the neckline of support that was holding their prices. The selling pressure was in almost all digital assets.

More Cryptocurrencies News


Bitcoin Weekly Forecast: Bitcoin bulls and bear fight gets a tougher edge

The cryptocurrency market started the downside correction after a strong rally initiated by risk reversal play at the beginning of January and reinforced by various altcoin pumps...

Read the weekly forecast