South Korea Seeks Software to Track $7.2 Billion in Illegal Crypto

ByLance T. Lee

Oct 14, 2022

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South Korea’s Supreme Prosecutors Office Seeks to Track Illegal Crypto Funds by Purchasing Software that Tracks Crypto Transactions and Sources, local media reported Friday.

See related article: DPRK hackers insert $52 million worth of crypto into South Korean exchanges: Chainalysis

Fast facts

  • The tracking program is expected to be used by the Seoul Central District Attorney’s Office’s Special Corruption Crimes Investigation Unit, which investigates more than $7.2 billion in funds illegally transferred overseas via a crypto exchange.
  • Prosecutors reportedly suspect that the funds handed over are linked to money laundering and assets hidden abroad, and are working with the national tax service and local financial authorities.
  • Although prosecutors did not specify which company or entity they will purchase the tracking software from, authorities have demanded that the software provide real-time tracking of crypto transactions, connection information between different transactions, transaction details between wallets and exchanges and the source of the illegal funds, Kukmin Daily reported.
  • Other government agencies such as the United States Federal Bureau of Investigation (FBI) and Europol have worked with Chainalysis, an American blockchain data analysis company, to trace illicit blockchain activities, such as those of North Korean pirates.
  • The parties will cooperate on criminal investigations involving crypto assets, the prevention of money laundering and damage caused by such illegal activities.

See related article: South Korea Seizes $184 Million in Crypto for Unpaid Taxes

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