South Korea is going whole hog on crypto crime. That means the Joint Investigation Unit gets to be the permanent crypto-crime unit now, officially going after price manipulators, scammers, hackers, and other fraudsters after its temporary operation as a special task force two years ago. With regulators, tax officials, and financial watchdogs teaming up, South Korea is making sure no bad actors get away with their schemes.
The Ministry of Justice is pushing an amendment to give JIU more power and increase its team size. The unit isn’t just about catching scammers—it’s seizing huge amounts of assets too. In 2023 alone, it indicted 41 suspects, arrested 18, and froze over $97.5 million worth of Bitcoin, altcoins, fiat, and even high-end real estate and luxury cars.
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Now, the government is finalizing plans to make JIU fully operational by March 2025. With crypto fraud getting more sophisticated, South Korea is gearing up for a major crackdown. If you’re into crypto, keep your trades clean—JIU is watching.
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