South Korea
Block Media
2.6 Trillion Won KOK Coin Fraud' Raised at National Assembly Audit; Lee Kang-il: FIU's Ability to Trace Criminal Funds Is Limited
- The KOK coin fraud case, involving an estimated 2.6 trillion won (roughly $1.9 billion), was raised as a major issue at the National Assembly's National Policy Committee audit on October 8.
- Rep. Lee Kang-il (Democratic Party of Korea) said the FIU's capacity to trace criminal funds has limits and called for tighter coordination between the Financial Services Commission's market oversight, the FIU's fund-flow analysis, and investigative agencies' crime-information collection.
- The concern centers on criminal proceeds moving across personal wallets and both domestic and overseas cryptocurrency exchanges, which complicates fund tracing under the current system.