Bitcoin: 5 Korean Exchanges sign MoUs to tackle Crypto Crimes

Lavina Daryanani
Golden bitcoins and South Korea flag. Digital cryptocurrency.

The past few months have been characterized by prolonged downtrends in the crypto market. Amid the bearish environment, October has emerged as the month with the highest crypto scams and hacks, despite being in the 2nd week. The total value of hacks so far this month has surpassed that of March, and around $718 million has been stolen from DeFi protocols across 11 different hacks.

Read More: ‘Uptober’ is More like Hacktober: Highest Crypto Hacks in 2022

South Korea keen to fight against crypto-laundering

Now, in such an environment, taking action to prevent crypto-related laundering crimes or hacks is the need of the hour. In fact, regulators of different nations have been putting in efforts to protect the larger investor base.

Now, according to reports, the five biggest crypto exchanges in South Korea have signed a “crypto crime-fighting” MOU deal with the nation’s police force. Reportedly, they will work with officers to fight against crypto-linked money launderers and crypto scam artists.

Revealing the involved exchanges, Fn News reported,

The National Police Agency announced on the 13th that it had signed a business agreement with five cryptocurrency exchanges, including Gopax, Bithumb, Upbit, Korbit, and Coinone, to cooperate in the investigation of crimes related to virtual assets and prevent damage.

The police further highlighted that the rate of crime in the investment sector was on an incline and also shed light on the fast-developing crypto and stock investment “craze.”

The local media report went on to further highlight,

Through this business agreement, the police plan to continue cooperation by sharing information on virtual asset-related crime investigations, damage prevention, criminal proceeds collection, and money laundering prevention with exchanges.

Also Read: Bitcoin Miners will be formal Tax-payers from 2024: Kazakhstan

In fact, another parallel development revealed that South Korea’s Supreme Prosecutors’ Office is looking to track down illegal crypto funds by buying a software program that will help identify crypto transactions and their sources.

The said program is expected to be used by the Special Investigations Unit for Corruption Crimes which is investigating over $7.2 billion worth of funds illegally transferred overseas through a crypto exchange.

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