- South Korean crypto exchanges recorded nearly 50% more fake transactions in 2023 than in 2022.
- The exchanges filed 16,076 suspicious transaction reports in just one year.
In 2023, South Korean cryptocurrency exchanges recorded 49% more suspicious transactions than in 2022. This is reported by South Korea’s Financial Intelligence Unit (FIU).
A total of 16,076 suspicious transaction reports were filed by local crypto exchanges in 2023, up from 10,797 in 2022. The number of all suspicious transactions, including cryptoassets, increased by 10.2%.
In addition, the FIU noted that overall, the number of reports of probable cryptocurrencies increased by about 90% in 2023. However, the regulator also did not specify whether such reports came from cryptocurrency exchanges, as in the case of suspicious transactions.
According to the statement, the FIU intends to “expand and strengthen” its cryptocurrency team in 2024 by providing the necessary education and training. In addition, the regulator plans to launch a “system for analyzing virtual assets”, tracking the details of transactions.
Recall, earlier we reported that in South Korea tightened responsibility for fraud in the cryptoasset market.
