Crypto-related crimes cost South Korea $2.3 billion

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.

John Isige FXStreet

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.

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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