Friday, February 3, 2023

Buy now

Amount of Bitcoin and Cryptocurrency Confiscated by South Korea in 2022 Announced

- Advertisement -

South Korean police seized $1.3 million worth of cryptocurrency as part of a criminal investigation this year, according to official data. According to Segye Ilbo, this figure is only a small fraction (1.4%) of the total $92 million worth of assets seized by officers in criminal investigations.

The data was compiled by the National Police Service and made public by Democratic Party MP Choi Ki-sang. The figures include figures for the “first half” of 2022, with total figures unlikely to be released until mid-2023. The data also shows that officials filed requests with courts to seize crypto assets for 13 different cases this year. Officers made 36 such requests in 2021, compared to just eight in all of 2020.

$1.3M seized: Officers ‘can’t deal with criminals’

Critics claimed that the paltry figure of $1.3 million showed that the police lacked the information and IT capacity needed to deal with crimes in the Web3 era. They claim that officers are failing to crack down on criminals, and some have pointed out that crypto-backed money laundering is indeed on the rise in South Korea.

- Advertisement -

While the police announced last year that it had launched a network of dedicated crypto teams, the government is poised to respond by launching a new crypto regulator. And recently, the country’s investigative service also announced that it is ready to spend big on the latest crypto-surveillance tools.

- Advertisement -

Related Articles


Please enter your comment!
Please enter your name here

Stay Connected

- Advertisement -

Latest Articles