South Korea Cracks Down on Crypto-Facilitated Crime Amid Global Market Volatility

The South Korean police have formed a dedicated unit to track and investigate cryptocurrency-related crimes. The 41-member virtual asset tracking and investigation unit will focus on drug trafficking that uses cryptocurrencies, particularly those facilitated through Telegram-based sales networks.

In the first half of this year, South Korea's large-scale operation against drug-related crimes resulted in 5,203 arrests and 1,039 detentions, an increase of 1.8% and 7.8% respectively from last year. This highlights the growing use of cryptocurrencies in narcotics trade.

Meanwhile, a Vietnam-based cryptocurrency scam called 'Fun Coffee' has collapsed in Hong Kong, leaving over 1,000 victims with losses exceeding HK$1 billion. The scam promised annual returns as high as 222% and attracted multiple investment groups before imploding.