South Korean Police have announced that they will be launching a new crypto scam-busting cybercrime taskforce.
kbs The report adds that police say that one of the “three main tasks” of the new task force will be to eliminate and fight cryptocurrency scams. Crypto-related fraud is on the rise in South Korea, with several high-profile scams affecting the public as of late.
it is included V Global, a realistic-looking crypto exchange that defrauded scores of victims with a Ponzi-type multilevel marketing strategy. a fake “Crypto Bank” Also spent about $181 million out of investors’ pockets. and small scale voice phishing, fake crypto mining platformAnd dating app scams have targeted individual citizens.
The National Police Agency (NPA) explained that the task force would consist of “three subcommittees”. One of these will be dedicated to the “analysis” of the cryptoset. Other subcommittees will deal with darkweb and distributed denial-of-service (DDoS) attacks and other forms of cyberterrorism.
South Korean Police To Combat Crypto Scams And Darkweb Users
The Darkweb subcommittee may also be charged with crypto-related matters. In recent months, police have attempted to wage a war against drug dealers who advertise on darkweb portals. usually, they use bitcoin (btc) and other crypto assets as currency in drug deals.
Using blockchain analytics tools, police have been able to trace Prosecuting and convicting both drug dealers and their customers,
The police revealed that they had recruited “professional investigators” to join the taskforce. He added that they have also managed to hire “experts from private sector IT companies”.
Authorities warned that in recent years the number of darkweb addresses they have identified had risen from 92,405 in 2018 to 760,033 in 2022.
In December 2022, police and prosecutors revealed they had Quadrupled its spending on crypto analysis solutions, crypto-specific training and blockchain monitoring toolsPaid out about $2.5 million last year alone.
