{"id":7343,"date":"2023-10-31T00:58:21","date_gmt":"2023-10-31T00:58:21","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/s-korean-crypto-crime-investigators-overloaded\/"},"modified":"2023-10-31T00:58:22","modified_gmt":"2023-10-31T00:58:22","slug":"s-korean-crypto-crime-investigators-overloaded","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=7343","title":{"rendered":"S Korean Crypto Crime Investigators \u2018Overloaded\u2019"},"content":{"rendered":"<div>\n<figure id=\"attachment_122399\" aria-describedby=\"caption-attachment-122399\" style=\"width: 1500px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-122399\" class=\"wp-caption-text\">Source: leungchopan\/Adobe<\/figcaption><\/figure>\n<p>A South Korean prosecution unit dedicated to investigating crypto crime is already \u201coverloaded\u201d with cases, just over a year after launching.<\/p>\n<p>The unit operates as part of the Seoul Southern District Prosecutors\u2019 Office and was formerly known as the Financial and Securities Crime Coalition Team.<\/p>\n<p>The team is also known as the Yeoido Grim Reaper: Yeoido is the district of Seoul in which most major government organs are headquartered.<\/p>\n<p>The unit used to deal with conventional financial crime before it was officially disbanded around four years ago.<\/p>\n<p>But the Justice Ministry ordered the Grim Reaper\u2019s reformation last year, with the unit now exclusively tackling high-level crypto-related crimes.<\/p>\n<p>Its first case was the investigation into Terraform Labs, CEO Do Kwon and other executives, and the LUNC cryptoasset.<\/p>\n<p>But Asia Kyunjae reported:\n<\/p>\n<blockquote>\n<p>\u201cThere is talk [in the legal community] that the [unit] is suffering from an overload of work and understaffing problems as [\u2026] crypto-related crime cases increase.\u201d<\/p>\n<\/blockquote>\n<p>\nThe latest case to be transferred to the Grim Reaper involves a metaverse firm named ClubRare, which has been accused of making false promises to its investors.<\/p>\n<p>The firm allegedly claimed that that two of its tokens would be listed on centralized crypto exchanges, but has reportedly failed to carry out its promises.<\/p>\n<p>A group of investors has accused the ClubRare CEO of violating the Act on Aggravated Punishment of Specific Economic Crimes, claiming that its members suffered a combined total of $7.4 million worth of damages.<\/p>\n<figure id=\"attachment_122400\" aria-describedby=\"caption-attachment-122400\" style=\"width: 639px\" class=\"wp-caption alignnone\"><figcaption id=\"caption-attachment-122400\" class=\"wp-caption-text\">The West Seoul branch of the city\u2019s Prosecution Service. (Source: 95016maphack)<\/figcaption><\/figure>\n<p>The media outlet claimed \u201clegal community\u201d sources believe the Seoul Southern District Prosecutors\u2019 Office and its crypto unit \u201cdo not have the capacity to proceed with the investigation.\u201d<\/p>\n<p>The unit was given a makeover in July this year, when it was reborn as a cross-department, crypto-specific unit with \u201cabout 30 staffers.\u201d<\/p>\n<p>But the unit has since found itself tackling an ever-increasing number of highly complex crypto cases, including the following:\n<\/p>\n<p>\nLegal community officials claimed the unit needs \u201cmore support,\u201d with an anonymous former prosecutor saying:\n<\/p>\n<blockquote>\n<p>\u201cThe unit is the only public authority that investigates cryptoassets, but it has no support and it is understaffed. Politicians, including government ministries and the National Assembly, are trying to revitalize the [\u2026] crypto [industry]. They say they will regulate the sector, but if we continue like this, the [unit] will be pushed beyond its limit.\u201d<\/p>\n<\/blockquote>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/south-koreas-new-crypto-crime-investigation-unit-is-already-overloaded.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: leungchopan\/Adobe A South Korean prosecution unit dedicated to investigating crypto crime is already \u201coverloaded\u201d with cases, just over a year after&#8230;<\/p>\n","protected":false},"author":1,"featured_media":7344,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-7343","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>S Korean Crypto Crime Investigators \u2018Overloaded\u2019 | inFundPros<\/title>\n<meta name=\"description\" content=\"Source: leungchopan\/Adobe A South Korean prosecution unit dedicated to investigating crypto crime is already \u201coverloaded\u201d with cases, just over a year\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=7343\" \/>\n<meta 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