The Seoul Southern District Prosecutors’ Office has officially launched a dedicated Joint Investigation Unit (JIU) to combat cryptocurrency-related crimes, marking a significant step in the country’s crackdown on digital asset fraud.
According to a report from local news outlet Aju News, the newly established unit, known as the Joint Investigation Unit for Virtual Asset Crimes, will consist of 35 full-time specialists, including prosecutors and financial regulators from the Financial Services Commission and the Financial Supervisory Service. Chief Prosecutor Park Geon-wook will lead the unit, supported by two deputy chief prosecutors.
Initially formed as a temporary task force in July 2023, the team was tasked with handling the growing number of crypto fraud cases in South Korea. However, due to the rapid increase in crypto-related crimes and market manipulation, authorities have now elevated the unit to a permanent department within the Seoul Southern District Prosecutors’ Office.
Over the past eight months, the task force has reportedly already made 74 indictments and arrested 25 individuals involved in fraudulent crypto activities, including market manipulation, coin fraud, and other illicit practices. One of the unit’s key arrests occurred in December 2024, when their investigation led to the arrest of the CEO of a coin management company accused of manipulating crypto prices, amassing 7 billion won ($4.8 million) in illegal profits.
The growing crackdown comes amid increasing concerns over cryptocurrency-related crimes in South Korea. Recently, a Chinese national was reportedly killed in Jeju during a cryptocurrency transaction. The suspects allegedly fled with 85 million won ($63,500) belonging to the victim.
At the official launch ceremony, a prosecution spokesperson emphasized the importance of strengthening investigative efforts.
“As virtual asset-related crime methods become more sophisticated, intelligent, and international, we will establish an effective crime response system through close cooperation with relevant organizations,”
the official reportedly stated.
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