South Korean Prosecutors Seek Virtual Currency Tracking Software

South Korean Prosecutors Seek Virtual Currency Tracking Software

South Korean prosecutors investigating a USD 7.22 billion money laundering case are reportedly seeking to acquire virtual currency tracking software to be used in monitoring crypto transactions. The South Korean financial authorities also believe there is a tax evasion angle in the case.

Real-Time Tracking

The Seoul Central District Prosecutors’ Office, which is investigating the unsanctioned remittance of USD 7.22 billion (10 trillion won), is reportedly seeking to acquire virtual currency tracking software. Prosecutors believe the tracking software will enable them to monitor virtual currency transactions in real time.

The Kmib report states, prosecutors are hoping that the software will enable them to extract the transaction history between wallets under investigation and the crypto exchanges. They also hope to uncover the source and destination of the laundered funds using the software.

"We intend to purchase tools to investigate cases involving cryptocurrencies."

The Seoul Central District Prosecutors' Office decided to acquire computer software to aid its investigations after the South Korea Financial Supervisory Service revealed that five major commercial banks were involved in the money laundering case.

In addition to the money laundering charges, the Kmib report mentions that South Korean financial authorities also believe there is a tax evasion angle to the case.