According to a local <a href="https://news.kmib.co.kr/article/view.asp?arcid=0017566752&amp;code=61141111&amp;cp=nv">news</a> website, South Korea's Supreme Prosecutors' Office is attempting to trace illicit cryptocurrency funds by investing in software that analyzes cryptocurrency transactions and their origins. It has been verified that the prosecution, looking into a case of unauthorized foreign exchange transfers totaling more than 10 trillion won, has begun to buy a "tracker" for an in-depth study of virtual currency. The money, an issue in the foreign exchange remittance case, appears to have gone through a virtual currency exchange as the beginning point.
<h2>Clamp Down on Money Laundering Via Crypto Exchanges</h2>
The Seoul Central District Prosecutors' Office's Special Investigations Unit for Corruption Crimes, looking into approximately US$7.2 billion worth of money transported overseas via a <a href="https://www.cryptoknowmics.com/news/crypto-exchange-binance-receives-license-to-operate-in-kazakhstan">cryptocurrency exchange</a>, is anticipated to employ the tracking tool. According to reports, the prosecutors are collaborating with the National Tax Service and local financial authorities because they believe the remitted money is connected to <a href="https://www.cryptoknowmics.com/news/japanese-crypto-transfer-rules-aim-to-prevent-money-laundering">money laundering</a> and concealed property abroad.
<h2>Authorities to Procure Tracking Software</h2>
The authorities have asked the tracking software to provide monitoring of cryptocurrency transactions, information on the connections between various transactions, payment details between wallets and exchanges, and the source of illicit funds, Kukmin Daily reported. However, the prosecutors have not yet specified the company from which they will procure the tracking software.

Other government organizations, including the U.S. <a href="https://www.cryptoknowmics.com/news/fbi-seeks-bitcoin-wallet-information-of-ransomware-attacks">Federal Bureau of Investigation (FBI)</a> and Europol, have collaborated with Chainalysis, a company located in the United States that analyses blockchain data, to track down illegal blockchain activity, including that of North Korean hackers.
<h2>5 Primary Digital Asset Exchanges</h2>
The primary five digital asset exchanges in South Korea, Upbit, Bithumb, Coinone, Korbit, and Gopax, have entered into a <a href="https://www.cryptoknowmics.com/news/binance-announces-signing-memorandum-of-understanding-with-cdft">memorandum of understanding (MOU)</a> with the National Police Agency. The parties will work together to investigate crimes like digital currency, stop money laundering, and address any harm caused by such criminal activity.

South Korea Looks for Software to Track US$7.2B in Illicit Cryptocurrency

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South Korea Looks for Software to Track US$7.2B in Illicit Cryptocurrency

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