The government of South Korea has decided to make a task force, which will deal with the increasing rates of crime about cryptocurrency. There are many surveys conducted in relation to the cryptocurrency crime. The results showed that in comparison to crime in 2016, it had risen much in 2018. The task force will include professional investigators along with prosecutors who will work to protect businesses and individuals from various kinds of frauds related to cryptocurrency.
The verdict to form a special task force is a reaction to the considerably growing number of scams and misdeeds connected to the cryptocurrency business, KBS added.
As per the nation’s Financial Supervisory Service, the number of registered scams and counter claims associated with cryptocurrency investments has augmented almost nine times, from 53 in the year 2016 to 453 the subsequent year.
The total number of related crimes in the last year experienced by the SPO is reported to have augmented by 4,591 listed cases.
As Cointelegraph reported on Feb. 28, the Japanese law enforcement got over 7,000 reports of alleged money laundering associated with cryptocurrency in the last year that is a tenfold augmentation as against 2017.
Earlier last month, the United Kingdom Financial Conduct Authority submitted a report that investment scandals, comprising those including crypto, made up total 4,996 reported cases, and losses remained at more than $255 million during the last year.
As per local South Korean news daily, “We will distribute the TF functions and roles via inspection gatherings and video surveillance talks with the leaders of related sections in the prospect, and keenly react to crimes, which cause pervasive damage to the common community by probing the state of inquiries.”
Why is crime increasing?
The crime is increasing, and the increase will continue because of institutional investors are joining the market which is creating various opportunities for the scammers. The task force will be given the authority of taking the decision to track and freeze the accounts, which are related to cryptocurrency crimes. The force will also provide information related to the crime so that they can be regulated in the future.
Value of cryptocurrency
The crimes related to cryptocurrency are of high value, and it is increasing rapidly in the country. The cryptocurrency exchanges in the country are also making plans to curb the crime by self-regulating the currency. The government has given the green light to some exchanges after a security audit.
Cryptojacking is another crime in which hackers use the computers to hijack the currency and users do not know about it. If this is done frequently, it can cause a huge loss.