Korean Ministry of Justice: Since July 2017, cryptocurrency crime has caused a loss of 2.28 billion US dollars

According to local media reports in South Korea, the Korean Ministry of Justice recently estimated that between July 2017 and June 2019, cryptocurrency-related crimes had caused 2.69 trillion won (about 2.28 billion US dollars) in economic losses. 132 criminals and fraudsters involved in cryptocurrencies have been prosecuted and detained, and another 288 were not physically detained during the above-mentioned period. The report pointed out that although South Korean Justice Minister Park Sang-kim has ordered drastic measures against cryptocurrency crimes, the lack of clear regulation of cryptocurrency exchanges has led to an increase in the use of similar anonymous or opaque accounts. Although anonymous password exchange accounts were banned in January last year, small exchanges reportedly used so-called "honeycomb accounts" to circumvent regulation.