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

Ripple and Stellar outlook: XRP and XLM await direction amid cautious sentiment

Ripple and Stellar trade cautiously as both tokens hover around key technical levels. XRP is testing resistance at its 50-day EMA, while XLM continues to consolidate around the $0.187 support zone. Meanwhile, mixed derivatives data with a slight bearish tilt suggests traders remain cautious, keeping the next directional move uncertain.

Crypto Market Overview: Bitcoin recovery eases – HBAR and LDO test key resistance zones

Bitcoin edges below $66,000 extending the previous day's losses. Hedera and Lido DAO sustain bullish momentum, testing the breakout of a crucial resistance zone to extend their rally. CoinMarketCap’s Fear and Greed Index at 39 stalls below the neutral territory, indicating that sellers remain dominant.

Senate Republicans release updated CLARITY Act with new crypto ethics restrictions

Senate Republicans released an updated version of the Digital Asset Market CLARITY Act on Wednesday following briefing calls with stakeholders. The update adds a package of ethics restrictions targeting digital asset activities by public officials and their spouses.

Hyperliquid, Robinhood could lead crypto’s next bull market as DeFi and TradFi converge

The next crypto bull market could be driven by the growing convergence between blockchain-based financial infrastructure (on-chain) and traditional finance (TradFi), according to Bitwise CIO Matt Hougan. In a report published late Tuesday, Hougan argued that crypto may be showing early signs of a market bottom, with Bitcoin gaining 9% since July 1 even as the NASDAQ 100 declined 6%.

Bitcoin’s potential recovery in the second half hinges on these 4 catalysts

Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.