South Korean authorities seize $3.2m worth of crypto from fake crypto exchanges
South Korean police have seized up to 4.4 billion won worth of cryptocurrency held by a group of illegal crypto exchange operators profiting off of user platform fees.
According to a news report from Yonhap, the authorities raided a syndicate that allegedly collected hundreds of billions of won by running a fraudulent foreign crypto exchange. The police arrested two crypto exchange firms and three operators on charges of violating the Foreign Exchange Transactions Act and the Electronic Financial Transactions Act.
“Through tracking of accounts and virtual assets and search and seizure, we recovered and preserved approximately 12.4 billion won in assets held in another person’s name by money changer operators and…
