Crypto crimes rose sharply in Russia and South Korea during 2023, with fraud cases predominating. The Central Bank of Russia published a report highlighting a 15.5% increase in companies and projects identified as showing "signs of illegal activity" in 2023, compared to the previous year. The Korean Customs Bureau also announced that 88% of illegal foreign exchange transactions involved virtual assets such as crypto
Fraud in Russia
The Central Bank of Russia identified 5735 companies, projects and entrepreneurs as showing signs of illegal activity in 2023. The amount of crypto-related criminal cases brought to court increased by 90% from 2022 to 2023. The Russian regulator is looking to create a new system that would immediately suspend suspicious transactions before investigation by local prosecutor
Fraud in South Korea
The Korean Customs Bureau has announced that 88% of illegal foreign exchange transactions involve virtual assets such as crypto. Persona's global study explains that, in 2022, an approximate total of $3.8 billion was involved in crypto crime, and more specifically fraud, across 57 major thefts.
Conclusion
In Russia and South Korea, crypto-asset fraud appears to be on the rise in 2023. Nevertheless, it's essential to consider this data at a local level. Russian and Korean regulators are looking to implement measures to combat these crimes, but it is essential to continue improving monitoring and detection systems to reduce the risks associated with crypto-assets.
