Although bitcoin prices plummeted over the weekend, the overall bull-run remains alive, as well as the crypto-related fraud cases in South Korea. The latest figures by the domestic financial watchdog show that such incidents are still on the rise.

Police to Dedicate a Special Unit to Investigate Crypto Frauds

According to Asia Kyungjae, the Financial Supervisory Service (FSS) revealed that crypto fraud reports skyrocketed by over 41.6% yearly.

The statistics from the FSS from January to October 2020 show that the 41,6% increase belongs to 555 cases of suspicious transactions.

Due to the significant surge of cases, the police promised to increase its efforts in cracking down crypto-related fraud rings across the nation. In fact, authorities launched a dedicated investigation team at the financial crime unit in provincial offices.

Among the bureaus involved in the crypto fraud’s investigations include the Financial Services Commission, the…

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Source: https://news.bitcoin.com/crypto-fraud-reports-in-south-korea-surged-over-41-in-2020-says-financial-watchdog/