Big losses of $2.4 billion reported by Korean government as a result of fraudulent activity

Korean government have reported large losses associated to fraudulent crypto activity.
It was noted some 2.7 trillion Korea Won was totalled as a result of the criminals and fraudsters work.

Ken Chigbo Independent Analyst

There had recently been a large reported monetary loss in Korea, relating to fraudulent activities with cryptocurrencies, as detailed from local Korean press Yonhap news.

The report notes that some 2.7 trillion Won, around $2,4 billion in total value associated to crimes with cryptocurrencies, in the last two years.

It is said that some 132 criminals and fraudsters have been accused and detained for cryptocurrency-related felonies, while another 288 were accused of the same without any physical detention.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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