Swifter Justice Will Help Fight Crypto Crime – Prosecutor
Lee claimed that “regulation rollouts” and the “punishment” of crypto-related crimes “have been slow.” He said:
Lee insisted that while crypto-related crimes present courts with novel aspects, at their core, they are essentially no different from conventional financial fraud.
He said that neither investigative agencies nor courts “should find it difficult to deal with virtual asset crimes using new IT
Lee justified this by stating that the “essence of stealing property through lies does not change – regardless of the technology involved.” He said
Unit Tackling ‘First-of-their-kind’ Crimes
Lee is the unit’s first director. He was appointed when the team launched in July 2023
The unit is South Korea’s first and only dedicated cryptoasset investigation organization
It comprises around 30 professionals from seven government-funded agencies, including the National Tax Service, the Prosecution Service, the Financial Supervisory Service, the Financial Services Commission-run Financial Intelligence Unit, and the Korea Customs Service
The unit also comprises members of the Korea Deposit Insurance Corporation, the nation’s bank deposit protection agency, as well as the Korea Exchange
Since its launch, the agency appears to have been inundated with cases. These include a high-profile art-themed altcoin case involving police and prosecution corruption
Lee also noted that his unit has been dealing with cases such as “illegal over-the-counter (OTC) trade networks” worth “around $478 million
New Prosecution Unit Faces Challenges
The unit has also investigated allegations surrounding Haru Invest and the crypto lending platform Delio, after the latter suspended withdrawals in October 2023
Lee also spoke about the challenging nature of his unit’s work, with investigators often entering terra incognita with their probes. He said
Lee also commented on a recent wave of reports centering on alleged South Korean “scam coins,” saying
