South Korea's First Crypto Clerk Arrested!

 South Korean prosecutors made their first arrest in a US$3.4 billion foreign exchange trade deal possibly linked to illicit cryptocurrency activity.

According to the Daegu County Prosecutor's Office, three individuals have been detained on charges including establishing an illicit company, operating a cryptocurrency trading trade without a license, submitting false data to banks and transferring large amounts of foreign currency overseas.

According to newspaper reports, the arrested individual is said to have links to a firm that sent funds out of the country worth 400 billion won (US$307 million) from the Woori Bank branch in Seoul for arbitrary profits.

*Arbitration is the simultaneous buying and selling of assets in order to profit from price differences.

However, Woori Bank was reluctant to provide any further comments without details due to the investigation carried out considering that the accuser officials did not provide specific figures regarding it.

Meanwhile, the South Korean Financial Supervision Service said extraordinary transactions totaling 1.6 trillion won had taken place in five Woori Bank accounts between May 2021 and Jun 2022.

Meanwhile, the same transaction worth 2.5 trillion won was also recorded in 11 Shinhan Bank accounts between February 2021 and July 2022.

However, the two banks were reluctant to make any statements regarding the service of supervisory tactics.

Asia's fourth largest economy has been highlighted as a rather widespread use of digital tokens.

However, the US$40 billion wiped out in the Terraform Labs ecosystem by South Korean entrepreneur Do Kwon has had a negative impact sparking a collapse in the global crypto market after the TerraUSD stablecoin disappeared.

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