South Korean prosecutors investigating a $7.22 billion money laundering case are reportedly seeking to acquire virtual currency tracking software used to monitor crypto transactions. South Korean financial authorities also believe there is a tax evasion angle to the case.
The Seoul Central District Prosecutors’ Office, which is investigating the unauthorized transfer of $7.22 billion (10 trillion won), is reportedly seeking to acquire virtual currency software, according to reports. Prosecutors believe such tracking software would allow them to monitor virtual currency transactions in real time.
as Kmib reports. Prosecutors hope that the software will allow them to extract history between the wallets under investigation and the crypto exchanges. They also hope the software will reveal the origin and destination of the laundered funds.
We plan to purchase tools to investigate cases involving cryptocurrencies.
The Seoul Central District Prosecutors’ Office’s plan to acquire computer software to aid its investigation comes shortly after South Korea’s Financial Supervisory Service revealed that five major commercial banks were involved in money laundering cases.
In addition to the money laundering charges, Kmib reports that Korean financial authorities also believe there is a tax evasion aspect to the case, which is why Korean tax authorities were mobilized.
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