• November 23, 2020

South Korea To Stop Crypto Crimes Using Special Task Force

South Korea To Stop Crypto Crimes Using Special Task Force

The Crimes related to Cryptocurrency has been increasing in several counties. Now South Korea has come up with a plan to set up a Special Task Force to fight Crypto Related Crimes.

According to kbs news, Supreme Prosecutors Office (SPO) in South Korea has proposed to launch the Special Task Force. This Task Force will be responsible for monitoring and preventing fraud using crypto, illegal money laundering and other crimes related to cryptocurrency.

This is due to the increase in frauds and crimes using cryptocurrency. The criminals target high profile investors and promote fraud cryptocurrency and insist them to invest in the cryptocurrency.

Recently a South Korean Cryptocurrency Exchange Komid has been caught Faking trade volumes. Komid had been deceiving the investors making them feel that everything is normal.

As per the South Korean Financial Supervisory Service (FSS), the number of fraud crimes using cryptocurrency has increased 9 times from 2016 which was 53 and now it is 453 last year.

The representative of the prosecution said,

“A large number of criminal suspects have been involved in a wide range of crimes and organized crime, so we need a dedicated organization to respond professionally and systematically, We expect to maximize the efficiency of investigation by launching TF.” [Translated]

The Special Task Force implementation would improve the current system in South Korea. The task force would assist in catching the criminals and recovering the losses incurred by the victims.

Maybe after this other counties will also come up with a similar plan to decrease the crime rate using cryptocurrency.

What do you think of this Special Task Force Plan? Share your thoughts in the comments below.

Finance

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