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The fight against crypto crimes in South Korea is still ongoing.This increase in activity coincides with a rise in crypto crimes across the nation. Authorities recently discovered a narcotics market that accepted<a href="https://www.coingabbar.com/en/crypto-currency-news-english/el-salvador-marks-first-anniversary-btc-year-ups-downs" rel="noopener noreferrer nofollow"> cryptocurrency payments</a> in order to maintain secrecy.Police made four arrests and charged 82 people without holding them.According to a local news source, the South Korean Gyeongbuk National Police Agency has charged 86 people who were involved in the narcotics conspiracy. Four of the 86 individuals — persons of great interest — were legally detained. Three of the four people whose identities have been protected by the report sold and regularly used drugs. The Narcotics Control Act of South Korea was broken by the people’s acts.The three were determined to be in their twenties. Police charged 82 of the 86 people without placing them in custody. In May 2021, the 4 persons of interest created a drug market in a Telegram channel. Methamphetamine and synthetic marijuana were among the products. In order to maintain secrecy, payment for the medications was made in Bitcoin (BTC).After receiving payment, the vendors delivered the pills using a technique known as the “throwing method.” The process involves placing the medicines in external structures like mailboxes and fire hydrants. After that, the purchaser would travel to the specified place within South Korea to pick up the pills. According to the article, the vendors generated gains from the sales totaling 100 million won ($72,000).With its Virtual Asset Tracking Program, South Korea combats cryptocurrency crime.The majority of the 82 buyers, according to the South Korean authorities, were in their 20s and 30s. The authorities also learned that the criminals had no prior criminal histories. For the most part, they did it out of curiosity. The usage of cryptocurrency as payment highlights the rising rate of abuse of the crypto sector in South Korea, despite medicines being its primary focus.In its “Virtual Asset Tracking Program,” South Korea wants to add an additional layer of monitoring to cryptocurrency transactions. South Korea reported last month that 75% of illicit FX transactions in 2022 will include cryptocurrencies. Crypto-related crimes have increased dramatically as the country’s usage of<a href="https://www.coingabbar.com/en/cryptocurrency" rel="noopener noreferrer nofollow"> cryptocurrencies</a> has accelerated.Not just South Korea is seeing an upsurge in crypto crimes. The Australian Federal Police (AFP) announced plans to establish a crypto section this month. The unit’s job would be to concentrate on crimes using cryptocurrency. The decision was made as crypto crimes in the nation are on the rise.

86 People Are Arrested For Crypto Crimes by South Korean Police

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