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South Korean authorities have arrested three people as part of an investigation into $3.4 billion worth of illegal digital currency transactions.
According to the prosecutor's office, the detainees owned companies that did not conduct any activities, and were also engaged in unregistered cryptocurrency business.In addition, the suspects provided false data to banks and transferred large amounts of foreign currenciesAbroad.
The suspects are believed to be linked to a company that transferred 400 billion won ($307 million) worth of funds overseas from a unit of Woori Bank based in Seoul.According to South Korea's Financial Supervisory Service, between May 2021 and June 2022, there were many illegal transactions totaling 1.6 trillion won at five branches of Woori Bank.
The agency also noted similar transactions totaling KRW 2.5 trillion at 11 Shinhan Bank branches between February 2021 and July 2022.The total amount received by the fraudsters amounted to about $3.4 billion.Both banks refused to comment on the investigation of the supervisory service.South Korea's prosecutor's office also did not provide further details.
Previously, the National Tax Service of SouthKorea (NTC) said it will crack down on tax evasion using virtual assets such as cryptocurrencies and platforms that deal with them.
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