South Korea says it has uncovered $600 M in cryptocurrency crimes

January 31, 2018 - 12:47 PM
A Bitcoin sign is seen in a window in Toronto, Canada, May 8, 2014. Reuters/Mark Blinch/File Photo

SEOUL — South Korea has uncovered cryptocurrency crimes worth 637.5 billion won ($594.35 million), which includes illegal foreign exchange trading, a statement released by the country’s customs service said on Wednesday.

The statement said domestic investors bought 1.7 billion won worth of cryptocurrencies, which they sent to overseas partner companies through virtual wallets. The transfers were then converted back into fiat currencies, which amount to unrecorded capital outflows.

The customs office added that it would continue to monitor the use of cryptocurrencies in cases like illegal currency trading or money laundering.