Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
South Korean police have arrested 48 people allegedly involved in “crypto-powered drug trafficking,” according to local news reports.
The group is accused of smuggling and distributing large quantity of drugs using cryptocurrencies such as bitcoin.
The suspects, which included more than 10 people from foreign countries, are believed to have distributed more than 200 kilograms of various drugs, including MDMA, amphetamine, ketamine, cocaine, and marijuana, through online channels.
In addition to the 48 people arrested, an additional four suspects were detained and 10 suspects are still being sought, according to CNN’s Korean service.
The drug trafficking ring is believed to have been in operation for more than a year, and the police confiscated more than $2.3 million (2.5 billion won) in cash and assets during their raids.
This is not the first time that this type of activity has been reported in South Korea. In 2019, police there arrested 11 suspects for selling drugs through online channels, including bitcoin.