South Korean Prosecution Chief Calls for Faster Justice in Crypto Cases
The head of the Seoul Southern District Prosecutors’ Office’s joint crypto investigation unit, Lee Jeong-ryeol, has urged courts to deliver swifter justice to crypto offenders. In an interview with Hanguk Kyungjae, Lee expressed concern that cases related to crypto crimes are taking too long to process.
Lee emphasized the need for faster regulation rollouts and punishment for crypto-related crimes. He argued that although these crimes may involve novel aspects, they are fundamentally no different from traditional financial fraud. Lee believes that investigative agencies and courts should have no difficulty dealing with virtual asset crimes using new IT systems. He emphasized that regardless of the technology involved, the essence of stealing property through lies remains the same.
The Seoul Southern District Prosecutors’ Office’s joint crypto investigation unit is the only organization in South Korea dedicated to investigating crypto-related crimes. It was established in July 2023 and is composed of around 30 professionals from various government-funded agencies, including the National Tax Service, the Prosecution Service, the Financial Supervisory Service, the Financial Intelligence Unit, the Korea Customs Service, the Korea Deposit Insurance Corporation, and the Korea Exchange.
Since its establishment, the unit has faced numerous cases, including a high-profile art-themed altcoin case involving police and prosecution corruption. Lee also mentioned that the unit has been dealing with cases related to illegal over-the-counter trade networks worth approximately $478 million.
However, the unit has encountered challenges in its work. Lee acknowledged that investigators often find themselves in unfamiliar territory during their probes. He also addressed the recent reports of South Korean scam coins, stating that these cases require thorough investigation and scrutiny.
Overall, Lee emphasized the importance of swift justice in crypto-related crimes to effectively combat such offenses.