Crypto Fraud Reports in South Korea Surged Over 41% in 2020, Says Financial Watchdog – News Bitcoin News

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Although bitcoin prices plummeted over the weekend, the overall bull-run remains alive, as well as the crypto-related fraud cases in South Korea. The latest figures by the domestic financial watchdog show that such incidents are still on the rise.

Police to Dedicate a Special Unit to Investigate Crypto Frauds

According to Asia Kyungjae, the Financial Supervisory Service (FSS) revealed that crypto fraud reports skyrocketed by over 41.6% yearly.

The statistics from the FSS from January to October 2020 show that the 41,6% increase belongs to 555 cases of suspicious transactions.

Due to the significant surge of cases, the police promised to increase its efforts in cracking down crypto-related fraud rings across the nation. In fact, authorities launched a dedicated investigation team at the financial crime unit in provincial offices.

Among the bureaus involved in the crypto fraud’s investigations include the Financial Services Commission, the Financial Supervisory Service, the State Affairs Coordination Office, the Ministry of Justice, the Prosecutors’ Office, and the National Police Agency.

South Korean Fraudster Found Guilty of Scamming $16 Million

Furthermore, Yonhap reported another millionaire crypto fraud case in South…

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