South Korea’s Crypto Scams Surge to $5 Billion

Law enforcement agencies have arrested more than 24 people over a cryptocurrency fraud case involving more than 60 thousand investors, with a total amount of $3.8 billion. The latest figure pushes the country’s total losses to a whopping $5 billion.

Over the last few years, the number of crypto-related scams has surged to new heights, with the official figures suggesting that the numbers grew to 333 cases in 2020 from 41 in 2017.

As per the official data, the government officials have convicted more than 1,183 individuals convicted with nearly 585 cases prosecuted so far. Interestingly, in response to the growing scams in the country, the national police agency formed a special group whose primary job is to curb the growing number of crypto-related scams.

Not only South Korea, But Singapore – one of the earliest adopters of crypto assets – has also seen a surge in digital assets. According to the official data, in 2019, 125 cases were reported and 393 cases in 2020.

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