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FSS Chief Lee Chan-jin Says Current Oversight Struggles to Keep Up With Fast-Moving Crypto Fraud

FSS Chief Lee Chan-jin Says Current Oversight Struggles to Keep Up With Fast-Moving Crypto Fraud

  • Lee Chan-jin, governor of the Financial Supervisory Service, acknowledged that the speed of cryptocurrency fraud makes it difficult to respond under the current oversight system.
  • Rep. Min Byung-duk said a fake network impersonating Dunamu’s blockchain mainnet ‘GIWA’ caused roughly 2.7 billion won to 2.8 billion won in losses.
  • Min cited 7.78 million active crypto users in South Korea and 6 trillion won in average daily trading volume, urging stronger on-chain fraud response systems and supervisory standards.

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Photo: National Assembly Broadcasting screenshot
Photo: National Assembly Broadcasting screenshot

Lee Chan-jin, governor of the Financial Supervisory Service, acknowledged that financial authorities acting…

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