South Korea’s New Crypto Crime Investigation Unit Is Already ‘Overloaded’
30 October 2023
By Tim Alper | @tim-alper
A South Korean prosecution unit dedicated to investigating crypto crime is already “overloaded” with cases, just over a year after launching.
The unit operates as part of the Seoul Southern District Prosecutors’ Office and was formerly known as the Financial and Securities Crime Coalition Team.
The team is also known as the Yeoido Grim Reaper: Yeoido is the district of Seoul in which most major government organs are headquartered.
The unit used to deal with conventional financial crime before it was officially disbanded around four years ago.
But the Justice Ministry ordered the Grim Reaper’s reformation last year, with the unit now exclusively tackling high-level crypto-related crimes.
Its first case was the investigation into Terraform Labs, CEO Do Kwon and other executives, and the LUNC cryptoasset.
But Asia Kyunjae reported:
“There is talk [in the legal community] that the [unit] is suffering from an overload of work and understaffing problems as […] crypto-related crime cases increase.”
The latest case to be transferred to the Grim Reaper involves a metaverse firm named ClubRare, which has been accused of making false promises to its investors.
To read the entire article...Click Here!
