Cookies are used on this Website. This is necessary in order to remember your preferences, as well as to
collect analytical data about visits to the Website.
Use of our Website means that you agree to the use of all cookies and analytics of Website visits in
According to estimates by the Ministry of Justice of South Korea, crimes related to cryptocurrency caused financial damage in the amount of 2.69 trillion won (about $2.28 billion) in the period from July 2017 to June 2019, The Korea Herald reports.
The ministry stated that 132 criminals and fraudsters associated with cryptocurrency were detained during the specified period and charged; another 288 were simply indicted without detention.
Despite the strict measures imposed against cryptocurrency criminals, the lack of clear rules for the exchange of cryptocurrencies has led to an increase in the use of quasi-anonymous or non-transparent accounts. With the prohibition of anonymity, the exchanges began to use the so-called “beehive accounts” to bypass regulation: they keep users' funds on their corporate bank accounts and keeping the identity of their users private.
The government proposed to stop this practice, but the court suspended this initiative, deciding that it would be inappropriate for the government to close the exchange’s corporate bank accounts.
Image courtesy of IFFLab
Read the best crypto news analysis here! bitnewstoday.com Bitcoin,
investments, regulation and other cryptocurrencies
Found a mistake? Select the text and press CTRL+ENTER