Joint Investigation Team Indict 41 for Cryptocurrency Fraud, Recover $141 Million in Assets

The Seoul Southern District Prosecutors’ Office’s Joint Investigation Team for Cryptocurrency Crimes has indicted 41 individuals for cryptocurrency fraud, seizing and recovering 140 billion won ($141 million) over the past year. The task force has confiscated assets worth 84.6 billion won and preserved property worth 56.4 billion won, comprising luxury cars and real estate. With the recent enforcement of the Virtual Asset User Protection Act, penalties for unfair trade practices have been strengthened, potentially leading to life imprisonment for gains over 5 billion won. Prosecutor General Lee Won-seok emphasized formalizing the task force to enhance national efforts against virtual asset crimes and ensure the return of criminal proceeds. The investigation team, comprising 30 experts from various organizations, aims to protect market participants and foster a healthy virtual asset environment, leveraging the new law to investigate unfair trade and promote transparency and investor protection through institutional improvements and preventive measures.