South Korea’s elite ‘Virtual Asset Crime Joint Investigation Group’ has initiated a comprehensive probe into allegations of cryptocurrency fraud involving prominent digital asset entities – Delio, Haru Invest, and WEMIX.
South Korean Elite Unit Investigates Alleged Crypto Fraud
This could be one of the most significant investigations in the country’s digital asset history, highlighting the government’s commitment to safeguarding the integrity of the crypto market.
The investigation encompasses allegations of fraudulent activities by executives from Delio and Haru Invest, suspicions of fraud by the executives of the Pica Project, and potential fraudulent activities by the executives of WeMade, the issuer of Wemix. The Virtual Assets Corporation is involved in the investigation of these cases.
Joint Unit Prioritizes Swift Resolution of Cases
The newly formed joint unit is prioritizing swift resolution of existing cases, underscoring its commitment to efficiently address and resolve ongoing investigations. The complexity of these cases is heightened as some allegations are intricately linked with suspicions of illegal market-making.
Special Team of 30 Officers Tackles Crypto Crimes
The Joint Investigation Centre for Crypto Crimes, a specialized unit composed of 30 investigators, will primarily focus on cryptocurrencies with high price volatility or those at risk of de-listing. It will also tackle illegal trading practices like market manipulation and insider trading, and investigate tax evasion, unauthorized foreign exchange transfers, and concealment of criminal profits related to crypto transactions.
A Pivotal Moment in South Korea’s Crypto History
The investigation into Delio, Haru Invest, and WEMIX is a pivotal moment in South Korea’s crypto history. It underscores the government’s determination to regulate the digital asset market and protect investors from potential fraud. However, concerns remain that the existing laws and systems are not fully equipped to handle this new asset class, leaving market participants essentially unprotected by the law.
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