South Korean Police Return Stolen Funds to Over 1,000 Victims

The Seoul Metropolitan Police Agency has successfully returned 26.3 billion won in funds stolen through voice phishing to over 1,000 victims.

According to the police, they tracked the flow of frozen funds across five domestic cryptocurrency exchanges from 2023 to recently and identified 1,137 victims.

The police worked with the exchanges to initiate refund procedures, but faced challenges in returning the frozen funds due to a lack of information on voice phishing victims.

Under the Virtual Asset User Protection Act implemented last year, virtual asset service providers can restrict deposits and withdrawals on accounts for a set period. However, as the maximum six-month freezing period expired, some account holders arbitrarily disposed of the damage funds.