South Korea Is Seeking Virtual Currency Software To Monitor Crypto Transactions

Prosecutors in South Korea investigating a $7.22 billion money laundering case are allegedly looking to obtain virtual currency tracking tools to monitor cryptocurrency transactions. South Korean banking officials suspect the matter involves tax evasion.

According to reports, the Seoul Central District Prosecutors Office, which is investigating an unauthorized remittance of $7.22 billion (10 trillion won), is looking to purchase virtual currency software. Prosecutors think that such surveillance software will allow them to trace virtual currency transactions in real-time.

Prosecutors are expecting that the software would allow them to retrieve the history between wallets under investigation and crypto exchanges, according to a Kmib article. They also want to use the program to determine the origin and destination of the laundered money.

The Seoul Central District Prosecutors Office’s proposal to obtain computer tools to enhance its investigations comes shortly after the Financial Supervisory Service of South Korea reported that five major commercial banks were engaged in the money laundering scandal.

In addition to the money laundering claims, the Kmib report states that South Korean financial officials think the case involves tax cheating, thus the involvement of the country’s tax department.

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