The Seoul Southern District Prosecutors’ Office has officially launched a dedicated investigation unit focused solely on tackling crypto-related crimes and fraud cases.
Named the “Joint Investigation Unit for Virtual Asset Crimes” (JIU), the team will operate under the Seoul Southern District Prosecutors’ Office. It consists of 35 experienced professionals, including prosecutors and financial regulators from South Korea’s Financial Services Commission (FSC) and the Financial Supervisory Service (FSS). Chief Prosecutor Park Geon-wook will lead the unit, supported by two deputy chief prosecutors.
Originally formed as a temporary task force in 2023 to address the growing number of crypto fraud cases, the unit has evolved into a permanent department in response to the escalating volume of crypto crimes. The surge in cases, coupled with South Korea’s growing crypto adoption, has led the authorities to make the unit a more structured and long-term solution to combat digital asset-related criminal activities.
Since its formation in July 2023, the task force has made significant progress, indicting 74 individuals and arresting 25 for their involvement in activities like coin fraud, market manipulation, and other illicit practices. One notable arrest included a CEO of a coin management firm who allegedly made 7 billion won ($4.8 million) through crypto price manipulation. The unit also apprehended a notorious shaman, Jeon Seong-bae, and investigated funds linked to the fraudulent “Queen B” coin scam.
In addition, the team has dealt with more extreme cases, such as the tragic incident in Jeju, where a Chinese individual was killed during a crypto transaction, and 85 million won ($63,500) was stolen from the victim.
“As virtual asset-related crime methods become more sophisticated, intelligent, and international, we will establish an effective crime response system through close cooperation with relevant organizations,” said a prosecution official during the ceremony.
This new development underscores South Korea’s commitment to strengthening its crypto regulations and responding swiftly to the increasing complexity of digital asset-related crime.
