South Korea has lost $2.3 billion to crypto scams in the last 2 years

Cryptocurrency-related crimes in South Korea have peaked nearly 2.7 trillion won (~$2.3 billion) over the past two years.

The Korea Herald reported the news on Sunday, citing data from the country’s Justice Ministry. Between July 2017 and June 2019, 132 crypto-related criminals and fraudsters have been indicted and detained, while another 288 have been indicted without physical detention.

Regulatory uncertainty in the country has reportedly led to cryptocurrency exchanges offer opaque accounts, which allow investors to trade cryptocurrencies by circumventing the real-name trading system.

The system, adopted in South Korea back in January, banned the use of anonymous bank accounts in transactions to prevent usage of cryptocurrencies for money laundering and other illegal activities, per the report. 

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Yogita is a senior reporter at The Block and covers all things crypto. Before joining The Block, Yogita worked for CoinDesk and The Economic Times. She can be reached at [email protected] Follow her on Twitter @Yogita_Khatri5.