According to the nations News1 Agency, on 5th March ’19, the prosecutors of Seoul announced that they will be forming a “Task Force” which has been mainly thought of with the basic purpose of fighting off crypto related crimes.
Currently, Korea has witnessed an 800 per cent rise in crypto and fintech related crimes. Hence the prosecutors of South Korea have designed a force to keep a check on the cryptocurrency and fintech industry and to most importantly safeguard the consumers of Korea against fraud. This force has been exclusively designed with the purpose of fighting crimes which are generally high-value fraudulent business schemes linked to the crypto industry.
According to the prosecutors of the nation,
“This type of crime increased from 53 in 2016 to 453 in 2017 and in 2018, there were around 4,591 prosecutors dealing with such cases.”
The force will be led by a group of skilled investigators and composed prosecutors who will be working together across the nation to take action against wrongdoings and prevent losses to investors while also using techniques which will enable them to recover the existing damages.
According to a news report, one of the prosecutors involved said,
“We will disseminate the TF functions and roles through inspection meetings and video surveillance conferences with the heads of relevant departments in the future, and actively respond to crimes that cause widespread damage to ordinary people by examining the situation of investigations.”
The prosecutors who are presenting this team have agreed to the fact that the task force will be acting as a research police department. It has been proposed that this Task Force will be able to track accounts and freeze accounts if there is evidence of misuse.
The task force will be responsible for finding the best ways to retrieve the stolen funds and use recovery methods like a revamped damage return system and class-action. The prosecutors have decided that information will be shared with government firms which play a huge role in pushing cases in Seoul. In the past, there have been a large number of high-profile fraud cases in the blockchain sector of South Korea. The prosecutors have presented these cases as proof for the need of a Task Force.