Gangnam cryptocurrency murder case: what we know so far

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</div> </amp-sidebar> settings -->  <div id="container" class="article_container"> <div class="article_header"> <div class="article_info"> <a target="_blank" href="https://m.koreatimes.co.kr/pages/section.asp?categoryCode=602" rel="noopener"><span class="category">National</span></a> <span class="date">2023-04-05 16:12</span> </div> <h2 class="hdv">Gangnam cryptocurrency homicide case: what we all know up to now</h2>

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<div class="article_view"> <div itemprop="articleBody"> <span><span><br/></span></span><table><tr><td class="article_img" style="width:100%"/></tr><tr><td class="article_img_caption">The three suspects on this mixed picture are alleged to have kidnapped and murdered a 48-year-old girl who lived in Seoul's Gangnam District on March 29. From left, Lee Kyeong-woo, Hwang Dae-han and Yeon Ji-ho. Courtesy of Seoul Metropolitan Police</td></tr></table> <span><span><br/></span><strong>Authorized loopholes in cryptocurrency commerce pose a number of dangers to traders<br/></strong><span><br/></span><span>By Lee Yeon-woo<br/></span><span><br/></span><span>The latest abduction and homicide of a girl in Gangnam District in Seoul concerned cryptocurrency investments, prompting specialists to level out {that a} lack of correct regulation of crypto exchanges is poses monetary threat to traders, whereas the occasion of crypto-related crimes soars.<br/></span><span><br/></span><span>Police have shifted the main target of investigation to find out whether or not somebody orchestrated the homicide of the 48-year-old girl in Seoul's Gangnam District to hunt revenge for a failed funding.<br/></span><span><br/></span><span>On Wednesday, a person suspected of contracting the suspects to homicide the lady, recognized solely by his surname Yoo, was arrested in Yongin. Yoo and his spouse, surnamed Hwang, are suspected of offering tens of tens of millions of gained to Lee Kyeong-woo, one of many suspects apprehended earlier this week. His id was revealed with two different suspects, Hwang Dae-han, and Yeon Ji-ho, later within the curiosity of public security, based on the police.<br/></span><span><br/></span><span>"We imagine releasing the id of the suspects is within the public's curiosity as they might assist stop comparable incidents from occurring sooner or later," the police mentioned.<br/></span><span><br/></span><span>The police found a connection between the homicide sufferer, Lee, Yoo and Hwang. Lee and the couple parked their cash into the cyber cash and the sufferer was answerable for selling a neighborhood cryptocurrency to traders. Lee is seemingly recognized to have misplaced 80 million gained ($61,068) after the funding turned bitter.<br/></span><span><br/></span><span>The cryptocurrency in query, nicknamed the "fine-dust coin" on the time, allowed traders to mine the digital coin by offering real-time air high quality data on its web site. The coin attracted traders, claiming they had been cooperating with public establishments and enormous firms.<br/></span><span><br/></span></span><table><tr><td class="article_img" style="width:100%"/></tr><tr><td class="article_img_caption">Lee Kyeong-woo is taken to the Seoul Central District Courtroom for interrogation earlier than detention, Monday. Yonhap</td></tr></table> <span><span><br/></span><span>Nonetheless, the value of the coin dropped sharply after it went public in November 2020. After peaking at 13,354 gained, the coin's worth plummeted to 17 gained inside six months by June 2021. The time-frame matches Lee's testimony about his funding loss. <br/></span><span><br/></span><span>The cryptocurrency can also be suspected of getting been listed via secret funds. Final month, prosecutors arrested and charged a dealer accused of secretly paying an official of a cryptocurrency trade to listing 29 several types of digital money, together with fine-dust cash.<br/></span><span><br/></span><span>As of final yr, one out of eight folks had invested in digital belongings and the entire quantity of harm attributable to crypto-related crimes over the previous 5 years has reached 4.7 billion gained.<br/></span><span><br/></span><span>Regardless of the urgency of the difficulty, the passage of payments aimed toward defending cryptocurrency traders has been stalled for nearly two years. The Nationwide Meeting took a belated first step by forming a committee to overview a associated invoice on March 28, though the proposed regulation was tabled in 2021. <br/></span><span><br/></span><span>"Not like international locations like america and Japan, Korea at present lacks laws aimed toward defending cryptocurrency traders, regardless of the rising reputation of digital belongings like Bitcoin and Ethereum and the rising variety of cryptocurrency-related fraud instances," mentioned Rep. Lee Yong-woo of the principle opposition Democratic Social gathering, who tabled the invoice. <br/></span><span><br/></span><span>"There's a urgent want for an institutional framework that may shield traders," he careworn. <br/></span></span></div> </div>

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