South Korean investigators crack $ 1.5 billion worth of illegal BTC transactions
South Korean investigators have searched 33 suspects who allegedly made $ 1.5 billion from illegal BTC transactions, as we read more in today’s bitcoin scams.
Seoul Central Customs, Korean investigators, have started investigating 33 people involved in illegal crypto transactions abroad valued at $ 1.5 billion. The authorities have fined 15 people and are prosecuting 14 of them, while the remaining four are still under investigation. The Korea Daily reported that authorities had arrested 33 people for alleged virtual asset crimes such as money laundering and fraud. In the past two months, the suspects have been involved in illegal cryptocurrency transactions abroad totaling $ 1.5 billion.
The investigation classified these funds as illegal currency exchanges where traders pay others to transfer the withdrawn funds after trading on a platform. Prosecutors allege that while buying digital assets overseas, the suspects used an additional $ 683 million to forge records of overseas remittances. Individuals spent the remaining $ 83 million using credit cards issued in the country to withdraw cash from abroad to get more crypto. The report also reveals that one of the suspects is the owner of an overseas cryptocurrency exchange and that he remitted or delivered $ 261 million in 17,000 transactions through a local cryptocurrency exchange to circumvent the law for his overseas clients.
After he made more money from his illegal activities, the authorities arrested him and three other accomplices. You will be prosecuted for violating the Foreign Exchange Act. Authorities have found that the Korean company’s owner earned $ 8.7 million from BTC overseas trading based on fake bills and receipts, so he is now facing a $ 10.5 million fine got to. In another case, a college student would have to pay $ 1.4 million as he raised about $ 1.7 million after depositing $ 35 million in overseas accounts from Korea. The student also forged money transfers and lied that the money was used for a living and education.
Another worker was fined $ 1.3 million after profiting from a BTC transaction, and he even had a team of people helping him withdraw $ 27 million from ATMs overseas by using a credit card from Korea. Officials from Seoul commented on the news:
“The transfer of virtual assets under the guise of business, travel or study expenses is strictly prohibited. Offenders will be prosecuted or fined. “
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