Cryptocurrency Operation Held in South Korea

Prosecutors in Seoul, South Korea, have launched an investigation into allegations that a senior police officer accepted bribes in connection with cryptocurrency-related cases.

On August 23, the Seoul Southern District Prosecutors’ Office’s Virtual Asset Crimes Joint Investigation Unit, led by Chief Park Geon-wook, raided the Gangnam Police Station as part of an investigation.

The investigation focuses on a police officer identified as “A” who is suspected of receiving money and goods in exchange for benefits related to a cryptocurrency case while serving at the Gangnam Police Station. Investigators seized materials from the police station’s investigation department to further investigate the allegations.

The involvement of the Seoul Southern District Prosecutors’ Office, which is outside the jurisdiction of the Gangnam Police Station, underscores the seriousness of the charges against Officer A. The investigation is focused on determining whether the officer used his position to improperly influence investigations in exchange for financial gain.

South Korea remains among the most popular countries for cryptocurrency use, with Upbit and Bithumb operating as the two largest exchanges in the country.

*This is not investment advice.

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