In the past year, South Korean police and prosecutors have increased the money they spend on crypto-built monitoring technologies. According to Chosun Ilbo, police agencies recently spent over $2.4 million on crypto security tools and employee training.
The law enforcement body spent $653,000 in the previous year. Specialized crypto-built units are being purchased by police departments around the nation, causing a hike in their costs.
The news source noted that police now have the resources to track cryptocurrency transactions to specific IP addresses. Additionally, they have tools that enable them to investigate exchange activities, monitor real-time crypto transaction details, and confirm “source information” on cryptocurrency transfers.
The police force’s campaign against drug trafficking propelled by cryptocurrencies is probably responsible for some of the spending. DarkWeb operators have been promoting portals that let customers identify nearby dealers and pay for dead-dropped drugs with BTC.
Regardless of the existence of the DarkWeb sites, law enforcement has had more success tracking down and prosecuting drug sellers and purchasers.
Why South Korean Police Are Spending Big on Crypto Monitoring Tools
According to figures from the National Police Agency (NPA), 1,174 of the 3,033 drug offenders nabbed by the police between March and May of this year used cryptocurrency to acquire or sell drugs. This is an increase of almost 32% compared to the same period in 2021.
The news source reported that the NPA had purchased crypto-monitoring devices for its National Investigation Headquarters. This division investigates drugs and organized crime, and it’s the section that deals with economic crime.
Top government agencies also purchased cryptocurrency tracking systems. Officers looking into the Terra ecosystem crash and any involvement Terraform Labs may have had in it have also bought similar tracking gear.
Additionally, police and prosecutors are intensifying their investigations into alleged North Korean-inspired attacks against local crypto firms. Although crypto is used in South Korea, the government is yet to declare it as legal tender even though countries like El Salvador have done so.
Hong Kong seems to welcome the idea of making cryptocurrency a legal tender for exchange, but no official moves have been made yet.
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