A staggering USD 1 billion worth of fraudulent crypto-related transactions has been identified in South Korea in the first half of 2022, new data shows.
According to Asia Kyungjae, the figures were compiled by the Korea Customs Service and made public by the lawmaker Kang Byung-won.
The data records all crypto-related transactions flagged as fraudulent by customs officials from 2017 to June 2022.
The figures show that customs officials have flagged a total of over USD 2.8 billion crypto-linked transactions since 2017. Over USD 1 billion of this figure has been flagged in the first half of this year (January to June). This dwarfs the figure for the entirety of 2021 (USD 600 million). However, this is likely due to the fact that the customs service has stepped up its policing of the sector in the past year as part of what it has termed a “crackdown” on crypto-related fraud.
All of these transactions involve cross-border fiat bank or wire transfers – or instances whereby individuals...
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