According to the study, most of the Crypto Exchange transfers were made in U.S. dollars, and the majority of the money went to Hong Kong.
According to South Korea’s banking authority, there have been $7.2 billion in “abnormal” foreign Crypto Exchange transfers since June, the majority of which were made through cryptocurrency exchanges, according to a Thursday report by Bloomberg.
Additional “abnormal” money transactions totaling $680 million were discovered by the Financial Supervisory Service.
The investigation of transfers from Hana Bank, Kookmin Bank, Nonghyup Bank, Shinhan Bank, Woori Bank, and seven other banks in the nation would be finished by the end of October, according to the article.
The study also stated that 82% of the payments were made in US dollars and that Hong Kong received the majority of the monies.
16 people were detained in South Korea last month for taking part in $2 billion in unlawful foreign currency trades. According to an earlier story from Bloomberg, South Korea was looking into Woori and Shinhan for sending $3.4 billion offshore.
A local media site also stated on Thursday that due to unpaid taxes, officials had taken 259.8 billion won ($184.4 million).
The Financial Services Commission also intends to swiftly implement new crypto regulations as South Korea intensifies its crackdown on illicit cryptocurrency activity. There are currently 13 proposals linked to digital assets in the works.
Do Kwon, a co-founder of Terra, has been placed under custody, and South Korea has requested that Interpol issue a “red notice” for Kwon so that he may be apprehended wherever he may be found. Following the collapse of the $40 billion Terra ecosystem and the accompanying shockwaves that shook the cryptocurrency markets and resulted in a number of bankruptcies, arrest warrants were issued for Kwon and five other Korean nationals.
When contacted by a news outlet, the Financial Supervisory Service was unavailable to comment right away.