Authorities in South Korea have apprehended 33 suspects who had illegally transacted as much as $1.5 billion in cryptocurrency in the last two months.
This was revealed by a local media house, The Korea Times, who reported that Seoul’s Central Customs had fined 15 of the suspects, and was already prosecuting 14 of them with the remaining 4 still subject to further investigations.
The report went on to reveal how the suspects perpetrated their crimes. The investigation by the authorities had categorized $707.5 million as “illegal foreign currency exchange.” According to them, the suspects usually would pay an unsuspecting individual to help them transfer their illegally withdrawn funds from the platform on which they had traded.
It was also stated that the suspects used as much as $683.9 million to falsify their remittance records when they were purchasing their crypto assets from foreign crypto exchanges. Also, they used $83.1 million for cash withdrawals on credit cards that had been issued in the country. These funds were used to acquire more digital assets abroad.
Suspects to pay Heavily for Infractions
According to the report, the suspects involved in these illegal acts would pay heavily for their crimes. One of the suspects, the owner of a Korean company who made $8.7 billion from his unlawful Bitcoin trading, would pay a fine of $10.5 million.
Another suspect, a university student who had falsified records to send $35 million abroad under the guise of living expenses and study costs had been able to make a profit of $1.7 million. The authorities have also slammed him with a fine of $1.4 million.
Also among the suspects is a foreign exchange company owner who was involved in 17,000 transactions that was cumulatively worth $261.4 million through a local crypto exchange for his overseas clients who wanted to circumvent the law. The unnamed suspect was caught after he had made over $4 million in gains and would be charged alongside his three accomplices for breaching the Foreign Exchange Transaction Act.