South Korea says uncovered about $600 million in cryptocurrency crimes

Reuters Staff

 

FILE PHOTO: Broken representation of the Bitcoin virtual currency, placed on a monitor that displays stock graph and binary codes, are seen in this illustration picture, December 21, 2017. REUTERS/Dado Ruvic/Illustration/File Photo

 

SEOUL (Reuters) - 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.

 

Reporting by Dahee Kim and Cynthia Kim; Editing by Sam Holmes

 

-- © Copyright Reuters 2018-01-31

The all 'unregulated' currency will cause many more of these headaches. This is the new way to hide and the authorities hate it...of course.

Sad that they uncovered it . The purpose of cryptocurrencies is to keep it all covered .