Police Chief: "Accelerating Investigation of Cryptocurrency-Related Crimes... 240 Billion Won Seized"

Kim Chang-ryong, Commissioner of the National Police Agency, is attending the full meeting of the Public Administration and Security Committee held at the National Assembly on the 12th, responding to questions from lawmakers. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Lee Gwan-joo] Amid the virtual currency boom, the police are accelerating investigations into related crimes such as fraudulent fundraising and account hijacking, having seized and preserved assets worth approximately 240 billion won before indictment.

On the 12th, Kim Chang-ryong, Commissioner of the National Police Agency, appeared at the plenary session of the National Assembly's Public Administration and Security Committee and stated, "The damage caused by illegal activities related to virtual currency is increasing significantly," adding, "We are conducting investigations with special attention."

In response to related inquiries from Democratic Party lawmakers Lim Ho-seon and Lee Hyung-seok, Commissioner Kim explained, "Since the 16th of last month, we have started a focused investigation into illegal fundraising activities related to virtual currency," and added, "Although I cannot disclose specific details, there have been considerable amounts of damage, and investigations are ongoing."

He further noted that the police are investigating virtual currency-related crimes by dividing them into two categories. In addition to clearly illegal fraudulent fundraising activities under current law, they are also speeding up investigations into cybercrimes such as account hijacking at virtual currency exchanges.

Commissioner Kim emphasized, "There are still aspects where the (virtual currency) system is not fully established," and stated, "We are cooperating with related organizations such as the Financial Services Commission for a joint response."