South Korean The amount police and prosecutors spend on crypto surveillance tools has quadrupled in the last 12 months.
To Chosun IlboLaw enforcement has spent some $2.4 million last year on crypto monitoring software and crypto-specific training for officers. Last year the figure was $653,000.
Police forces across the country are creating specialized crypto units, which has led to an increase in expenditure. But, the media outlet explained, how authorities now have tools that allow them to trace crypto transactions to individual IP addresses.
They also have tools that allow them to monitor crypto transaction details in real time, investigate activity on exchanges, and verify “source information” on crypto remittances.
A part of the expenditure is likely to be on account of police force action crypto-powered drug trafficking,
Darkweb operators operating portals that allow buyers to find and pay local dealers bitcoin (btc) For dead dropped narcotics. While darkweb portals still exist, police have had good luck finding and prosecuting dealers and drug buyers.
Crypto Monitoring Tools: Why the South Korean Police Are Spending Big on Them
Figures from the National Police Agency (NPA) show that out of 3,033 drug offenders arrested by police between March and May this year, 1,174 used crypto to buy or sell narcotics. This represents an increase of about 32% over the same period in 2021.
The media outlet noted that the NPA has purchased crypto tracking systems for its National Investigation Headquarters, its Narcotics and Organized Crime Investigation Division, and its Economic Crimes Division.
Prosecutors are also investing: The Supreme Prosecutor’s Office, the Seoul Central District Prosecutor’s Office and the Seoul East District Prosecutor’s Office have all purchased crypto tracking solutions.
Customs officials probably also bought their own systems – as part of their own Fight Against Illegal Kimchi Premium Trading,
Additional expenditure has also been incurred on the officers investigating the matter. Earth Terraform Labs may have had a role in the ecosystem accident and incident.
Police and prosecutors are also investigating alleged attacks on domestic crypto targets, which they suspect originated from North Korea.
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