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The South Korean prosecution authority has officially established a dedicated unit for investigating cryptocurrency crimes to address issues related to crypto scams and coin fraud.
This entity is referred to as the Joint Investigation Unit (JIU) for Digital Asset Crimes, operated by the Seoul Southern District Prosecutors’ Office.
The unit has been active since 2023, although it was initially intended to function as a temporary task force.
It was created in response to what officials anticipated might be a brief surge in high-profile cases of crypto-related fraud.
Crypto Crime: New Unit to Address Fraud Cases
However, the JIU has been overwhelmed with cases since its establishment. With the increase in cryptocurrency adoption and related criminal activities in South Korea, the prosecution service decided last month to formalize the unit and provide it with a certain level of autonomy.
A launching ceremony for the Joint Digital Asset Crime Investigation Division, held in Seoul, South Korea on February 27, 2025. (Source: Yonhap TV News/Screenshot)
According to Aju News and MBC News, the Seoul Southern District Prosecutors’ Office has effectively “upgraded” to the status of a “formal joint investigation division.”
As indicated by its name, the unit comprises public prosecutors, but it also includes 11 staff members from financial regulatory bodies, specifically the Financial Services Commission and the Financial Supervisory Service.
The JIU will initially employ a total of 34 full-time personnel. Most of the staff members already possess significant experience in handling cases of crypto-related fraud.
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During the launch ceremony, the unit committed to investigating “unfair” practices in the cryptocurrency space, which encompass insider trading and price manipulation cases.
Since its formation, the unit has indicted 74 individuals and apprehended 25 suspects.
A South Korean appeals court will determine next month whether the nation’s main opposition leader violated election laws https://t.co/FqJPaLoKJx
— Bloomberg (@business) February 26, 2025
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In recent months, the operations of the JIU have garnered front-page attention as it began investigating a suspected scam coin known as Queenbee.
This inquiry ultimately resulted in the indictment of a prominent shaman named Jeon Seong-bae, also known as Geon Jin.
The JIU detained the shaman on allegations of “handling illegal political funds from politicians and candidates” during the country’s 2018 local elections.
The unit will be headed by Chief Prosecutor Park Geon-wook, who will be supported by two deputy chief prosecutors.
The Southern District Prosecutors’ Office stated that as cryptocurrency fraudsters become increasingly “sophisticated, intelligent, and globalized,” it aims to establish an “effective crime response system.”
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