South Korean Prosecution Chief Calls for Faster Justice in Crypto Crimes

• South Korean prosecution official, Lee Jeong-ryeol, calls for faster justice in crypto-related crimes.
• Lee emphasizes the need for faster investigations, trials, and sentencing to restore trust in the virtual assets market.
• The nation’s only investigative organization dedicated to crypto-related crimes is set to become a permanent entity.

South Korea’s top prosecution official urges for quicker justice in crypto crimes, stating that the current process is too slow. The nation’s only investigative organization dedicated to crypto-related crimes is set to become a permanent entity.

Need for Speed in Crypto Crime Justice

Lee Jeong-ryeol, the head of the Seoul Southern District Prosecutors’ Office’s joint crypto investigation unit, expressed his concern about the slow pace of regulation rollouts and punishment of crypto-related crimes. He emphasized the need to restore trust in the virtual assets market, which he described as a “lawless zone”. To achieve this, Lee insists on speeding up the pace of investigations, trials, and sentencing.

Addressing Crypto Crimes with New IT

Despite the novel aspects that crypto-related crimes present, Lee argues that they are essentially no different from conventional financial fraud. He believes that investigative agencies and courts should not find it difficult to deal with virtual asset crimes using new IT. He justified this by stating that the essence of stealing property through lies does not change, regardless of the technology involved. Lee further stressed the need for an integrated response across the government to address the problem of fast-evolving financial and high-tech crimes.

South Korea’s Dedicated Crypto Crime Investigation Unit

Lee is the first director of South Korea’s only dedicated cryptoasset investigation organization, which comprises around 30 professionals from seven government-funded agencies. Since its launch, the agency has been inundated with cases, including a high-profile art-themed altcoin case involving police and prosecution corruption, and illegal over-the-counter (OTC) trade networks worth around $478 million.

Challenges Faced by the New Prosecution Unit

The unit has also investigated allegations surrounding Haru Invest and the crypto lending platform Delio. Lee spoke about the challenging nature of his unit’s work, with investigators often entering uncharted territory with their probes. He said that the cases the joint unit investigates are mostly first-of-their-kind cases with no existing legal precedent. Lee also commented on a recent wave of reports centering on alleged South Korean “scam coins,” saying that they are no different from general scams.

Conclusion

As crypto crimes continue to rise, the call for faster justice in these cases is becoming increasingly important. South Korea’s dedicated crypto crime investigation unit is taking steps to address these crimes more swiftly and effectively. However, the challenges of dealing with new types of crimes and legal precedents remain. The nation’s approach to tackling these issues could serve as a model for other countries grappling with similar challenges in the crypto space.