South Korea Arrests 3 in a $3.4 Billion Investigation Linked to Illegal Crypto Trading

[South Korea Arrests 3 People in a $3.4 Billion Investigation Related to Illegal Crypto Transactions] Jinse Finance reported that South Korean prosecutors made the first arrests of people who may be related to illegal cryptocurrency activities in the investigation of a $3.4 billion foreign exchange transaction . South Korea's Daegu District Prosecutor's Office said Thursday that three people have been detained on charges including setting up a paper-making company and operating an unregistered cryptocurrency trading business. Other charges relate to submitting false data to banks and large transfers of foreign currency abroad.

The arrestees were linked to a company that funneled 400 billion won ($307 million) worth of funds overseas from a Woori Bank branch in Seoul to make arbitrage profits, the Chosun Ilbo reported. The Daegu District Prosecutor's Office did not disclose the exact figure. (Bloomberg)

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