Korean Banks Were Investigated For $6.5 Billion Worth Of Crypto-Related Transactions

Authorities identified more unusual transfers involving other organizations just days after making their initial arrests in a probe into suspicious multi-billion cryptocurrency-linked transactions via multiple branches of two South Korean banks.

According to the local news site Korea JoongAng Daily, the Korean Financial Supervisory Service (FSS) identified an extra $1 billion and more was transferred in a series of suspicious transactions, increasing the total worth of these transfers to $6.5 billion.

A major portion of this cash was transferred from an unnamed crypto exchange and sent overseas to Hong Kong, Japan, the United States, and China.

The FSS was sparked by transactions made by newly-published firms and those over $50 million made by minor organizations, prompting the agency to assume that some of these may be paper corporations engaging in unlawful foreign currency transactions using crypto-linked accounts.

Furthermore, the agency stated that the transferred funds were used to import diverse things such as semiconductors, jewelry, and cosmetics, with transactions involving 65 companies.

Previously, South Korean officials arrested three people suspected of running an illicit cryptocurrency trading enterprise, presenting fake financial data to banks, and engaging in suspicious foreign exchange transactions.

South Korean officials raided numerous local crypto exchanges in late July, seizing transaction records and other material as part of their inquiry into the circumstances surrounding the Terra platform’s death.

Meanwhile, Do Kwon, the CEO of Terraform Labs, which caused significant losses for investors when both its stablecoin TerraUSD (UST) and native token Terra (LUNA) failed, has made his first public appearance since the project’s $45 billion implosion.

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