Swifter Justice Needed for Crypto Offenders, Says South Korean Prosecution Chief

Efficient and expedited justice is essential in combating cryptocurrency crimes, according to the chief prosecutor of South Korea. Lee Jeong-ryeol, head of the Seoul Southern District Prosecutors’ Office’s crypto investigation unit, emphasized that the current processing time for cases is too long. Lee stressed the need for swifter investigations, trials, and sentencing to restore trust in the cryptocurrency market, which he described as a “lawless zone.” While acknowledging the unique aspects of crypto-related crimes, Lee emphasized that they are ultimately no different from traditional financial fraud. He called for an integrated response across government agencies to effectively address the rapidly evolving landscape of financial and high-tech crimes. Lee argued that only through rapid investigations can victims recover their funds. The dedicated crypto investigation unit, consisting of professionals from various government-funded agencies, was established in 2023 and has been tackling a range of cases, including illegal over-the-counter trade networks and corruption involving art-themed altcoins. Lee acknowledged the challenging nature of their work, as they often encounter cases with no existing legal precedents. He also noted that the operators of scam coins are simply looking to deceive people and make money.