Professional Report on the Legal Situation of Cryptocurrency in South Korea

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South Korean Crypto Fraud Unit Seized $107 Million in Assets Over the Past Year

The unit, comprising prosecutors, tax officials, and financial regulators, has indicted 41 people since its establishment last year.

The Joint Virtual Asset Investigation Team in South Korea, operating from the Seoul Southern District Prosecutors’ Office, has seized around $107 million worth of assets from suspects involved in cryptocurrency fraud over the past 12 months. The unit includes not only prosecutors but also staff from the Financial Supervisory Service, the Korea Exchange, and the National Tax Service.

The team has handled several complex cases, confiscating valuable assets such as luxury cars and real estate in Cheongdam, Gangnam District, Seoul, as well as properties on Jeju Island and in Gangwon Province. Many suspects are believed to have led luxurious lives with funds allegedly embezzled from victims.

Victims Speak Out: Several victims have reported losing all their savings due to investments in fraudulent coins. One man in his 50s revealed he invested $38,000 hoping to buy a house but now struggles with sleepless nights due to his losses. Victims feel deceived by fraudsters who manipulated chat rooms and fake conversations to lure investments.

Conclusion: Cryptocurrency fraud has become a significant issue in South Korea, with government officials actively involved in prosecuting and seizing assets. However, recovering funds for the victims remains a major challenge.