S. Korea indicts 20 people for illegal $170M crypto profiteering

2023-1-19 12:20

South Korean prosecutors indicted 20 people on Jan. 18 for illegally remitting roughly 4 trillion won (roughly $3.2 billion) overseas to profit from the kimchi premium, according to a local news report.

Cryptocurrencies are generally sold at a higher price on South Korean exchanges compared to foreign counterparts and the difference is referred to as the kimchi premium.

Illegal crypto selloff

The accused individuals used 256 South Korean bank accounts to transfer funds disguised as foreign trade payments to Hong Kong and other countries to buy cryptocurrencies from abroad.

The individuals then sold the cryptocurrencies in South Korea for a premium, the prosecutors alleged, according to the report.

The indicted individuals allegedly bribed brokers 20 million won (roughly $16,180) to seamlessly open bank accounts and exchange currencies at cheap rates.

$170M profit from illegal trades

The illegal transactions allegedly took place between January 2021 and August 2022. During this period, the kimchi premium rate went up to 5%.

Prosecutors estimate that the accused individuals earned as much as 210 billion won (roughly $170 million) from the illegal trades.

Officials are currently working on confiscating 13.1 billion won (roughly $10.6 million) of the illegal proceeds, according to the report.

The post S. Korea indicts 20 people for illegal $170M crypto profiteering appeared first on CryptoSlate.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Internet of People (IOP) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0594539 (-100%)

roughly people profit overseas won trillion billion

Источник: cryptoslate.com

roughly people → Результатов: 53


Фото:

Satoshi’s Treasure: The Chase Is on for a $1 Million Bitcoin Prize

A treasure hunt for $1 million worth of bitcoin is officially underway. In a cryptic, rambling message broadcasted to the Blockstream Satellite on April 13, 2019, an anonymous user challenged the rest of the Bitcoin community to a million dollar hunt for what they called “Satoshi’s Treasure,” a contest which will “test the resolve, courage, intelligence, and savvy [sic] of would-be hunters,” the game master claimed.

2019-4-16 23:28


Deadly Opioid Crisis Is The US Government’s Fault, Not Big Pharma’s

Suing Purdue Pharma for the opioid abuse epidemic is like suing McDonald’s for your obesity or diabetes. Reuters had the exclusive story about the opioid crisis Monday: “OxyContin maker Purdue Pharma LP is exploring filing for bankruptcy to address potentially significant liabilities from roughly 2,000 lawsuits alleging the drug manufacturer contributed to the deadly opioid crisis sweeping the United States, people familiar with the matter said on Monday.

2019-3-5 01:05


дальше еще 4 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

DOJ charges 2 people over $25 million ETH theft via MEV exploit

The DOJ arrested and charged two individuals on May 15 over an alleged $25 million MEV exploit that occurred on the Ethereum blockchain. The defendants — brothers Anton and James Pepaire-Bueno — face three charges of conspiracy, wire fraud, and money laundering, each with a potential 20-year sentence.