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Report: South Korean Prosecutors Seek Software to Track and Monitor Crypto Transactions

News Feed - 2022-10-17 05:10:19

Report: South Korean Prosecutors Seek Software to Track and Monitor Crypto Transactions


South Korean prosecutors investigating a $7.22 billion money laundering case are reportedly seeking to acquire virtual currency tracking software to be used in monitoring crypto transactions. South Korean financial authorities also believe there is a tax evasion angle to the case. Real-Time Tracking


According to a report, the Seoul Central District Prosecutors Office, which is investigating the unsanctioned remittance of $7.22 billion (10 trillion won), is reportedly seeking to acquire virtual currency software. Prosecutors believe such tracking software will enable them to monitor virtual currency transactions in real-time.


As stated in a Kmib report, prosecutors are hoping that the software will allow them to extract the history between wallets under investigation and crypto exchanges. They also hope to uncover the source and destination of the laundered funds using the software. We intend to purchase tools to investigate cases involving cryptocurrencies.


The plan by the Seoul Central District Prosecutors Office to acquire computer software to aid its investigations comes shortly after South Korea’s Financial Supervisory Service revealed that five major commercial banks were involved in the money laundering case.




In addition to the money laundering charges, the Kmib report says South Korean financial authorities also believe there is a tax evasion angle to the case, hence the roping in of the country’s tax body. Tags in this story commercial banks, crypto exchange, crypto wallet, Cryptocurrency, Money Laundering, Seoul Central District Prosecutors" Office, tax evasion, Virtual Currency


What are your thoughts on this story? Let us know what you think in the comments section below. Terence Zimwara


Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Report: Macau Discusses Bill That Proposes to Make Digital Currencies Legal Tender REGULATION | 1 hour ago US Lawmaker Calls on SEC to Issue Crypto Regulations — Says "a Formal Regulatory Process Is Needed Now" REGULATION | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleReport: Macau Discusses Bill That Proposes to Make Digital Currencies Legal Tender Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItNFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales


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