South Korea says it uncovered about $600 million in cryptocurrency crimes

CyberWisdom Safe Harbor Commentary:

Today I came across this story from cnbc.com that reflects things we don’t talk about but, according to a statement released on Wednesday by South Korean customs officers, South Korea found cryptocurrencies worth 637.5 billion won ($ 594.3 million), including illegal foreign exchange transactions.
The statement said domestic investors have purchased 1.7 billion won worth of cryptocurrencies sent to overseas partner companies through virtual wallets. Then transferred back to the legal tender, which is equivalent to the unrecorded capital outflow.
The custom also said it will continue to oversee the use of cryptocurrencies in the case of illegal currency transactions or money laundering.
Read more…

South Korea has uncovered cryptocurrency crimes worth 637.5 billion won ($594.35 million), which includes illegal foreign exchange trading, a statement released by the country’s customs service said on Wednesday. The statement said domestic investors bought 1.7 billion won worth of cryptocurrencies, which they sent to overseas partner companies through virtual wallets. The transfers were then converted back into fiat currencies, which amount to unrecorded capital outflows. The customs office added that it would continue to monitor the use of cryptocurrencies in cases like illegal currency trading or money laundering. Engaging post, Read More…
thumbnail courtesy of cnbc.com

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