Just-In: US joins South Korea in crypto phishing scam investigation
In an attempt to impose crypto regulations, the South Korean government has continued to crackdown illegal activities using crypto in the nation. They are actively working towards unveiling crypto scams to further retrieve the citizens’ stolen funds. However, Korean authorities failed to crack one of such long-standing cases of a 2017 cryptocurrency phishing scam, and utilised resources from the US to catch the culprits.
Today, prosecutors in Seoul confirmed that they have partnered with the US authorities to investigate a crypto phishing scam. South Korea’s Supreme Prosecutors Office (SPO) had tapped into intelligence provided by the U.S. Federal Bureau of Investigation (FBI) earlier in 2018 to arrest three suspects in the cyber fraud case and further ascertained the identity of one Japanese suspect among the three. Additionally, the SPO has successfully reimbursed an approximate of 140 million won, i.e., $118,000 to some of the fraud victims.
“Cryptocurrency scams are difficult to track down. This is the first time that the prosecution has successfully carried out the whole process of investigation and damage recovery through international cooperation,” local news publication quoted an official from the SPO said.
US authorities lead South Korea to three suspects
According to the accusations, these three alleged culprits are responsible for hacking IDs and passwords of South Korean and Japanese visitors of their Ripple-related phishing website. They were successful in doing so for a period of seven months, June 2017 onwards.
Furthermore, the authorities claim that these suspects have stolen over 900 million won back in the day, which amounts to 2.35 billion won in current value. Nevertheless, the FBI transferred intelligence and data to the SPO instructed the Seoul Eastern District Prosecutors Office to start an investigation and lead to the recent discovery of these suspects.
South Korea crypto regulations
The South Korean authorities are consistently strengthening their crypto law to become the leading crypto regulator globally. Earlier this month, the nation’s updated Anti-Money-Laundering (AML) policy resulted in the closure of hundreds of small and medium crypto exchanges. The exclusive law aims to prohibit withdrawals from “Korean exchanges to non-KYC’d wallets like Metamask by March 2022”, i.e., all crypto transactions originating from anonymous sources may just get banned.
- The Great Rotation? Bitcoin Rises as Gold Sees Largest Daily Drop Since 2013
- Crypto Czar David Sacks to Meet Senate Republicans In Bid To Advance Market Structure Bill
- Waller Floats ‘Payment Account’ Framework to Provide Crypto Firms Access To Fed’s Payment Rails
- Aster Outpaces Lighter in Perp DEX Rankings as Wintermute Buys the Dip After Previous Dump
- Is This Final Bitcoin Price Correction Before US Shutdown Ends, Fed Rate Cuts?
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
- Bitcoin Price Prediction as Gaussian Channel Turns Green Amid U.S.–China Trade Progress and Fed Rate Cut Hopes
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
