Government Office Gets Software To Track Crypto Transactions

With 75% of illegal transactions in the country being crypto-linked, the South Korean government intends to strengthen crypto oversight. Now, South Korea’s Supreme Prosecutors’ Office is purchasing software to track illegal crypto funds. It will help authorities track illegal crypto transactions and sources related to foreign exchange, fraud, money laundering, tax evasion, etc.

South Korea’s Prosecutors to Track Illegal Crypto Transactions

South Korean government agency Prosecutors’ Office expects real-time monitoring of crypto transactions, transaction details, transfers between wallets and crypto exchanges, as well as the source of illegal funds, a local news media reported.

The prosecutors intend to use tools to investigate cases involving cryptocurrencies, including $7.22 billion in foreign exchange transactions, money laundering, and the Terra-LUNA crypto crisis.

The Financial Supervisory Service and Financial Intelligence Unit uncovered banks, including the five major commercial banks, involved in $7.22 billion in illegal crypto-related foreign exchange transactions. Woori Bank and Shinhan Bank account for $3.4 billion in crypto-related illegal foreign exchange transactions.

The Prosecutors’ Office reportedly believes the transactions were for money laundering and overseas real estate. However, fund transfers through crypto exchanges made it difficult to track transfers. Thus, prosecutors expect software to track and monitor them.

Prosecutors are currently working with other South Korean authorities to investigate Terra executives for money laundering to offshore accounts in Singapore through shell companies. Moreover, Terra founder Do Kwon is under hunt by prosecutors and Interpol.

Top 5 Crypto Exchanges Signs MOU with Police

Top South Korean crypto exchanges Upbit, Bithumb, Korbit, Coinone, and Gopax have signed an MOU with the National Police Agency to help investigate crypto crimes. It will help the police get relevant evidence during crimes.

Also, the crypto exchanges have earlier planned to establish a committee to prevent crypto crime and improve investor protection. The government looks to penalize parties responsible for the Terra crash and illegal transactions before passing the Digital Asset Basic Act.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

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