Prosecutors in South Korea have launched an investigation into a senior police officer in Seoul’s Gangnam District, suspecting the officer of accepting bribes during a cryptocurrency investigation. Gangnam District, a wealthy area, is a hub for major crypto exchanges and fintech companies.
Gangnam’s Central Role in the Crypto Industry
Gangnam serves as a key location for South Korea’s top cryptocurrency exchanges and IT firms. This district plays a significant role in the nation’s financial and technological sectors, further highlighting the seriousness of the investigation.
Prosecutors Initiate Compulsory Investigation
The Virtual Asset Joint Investigation Team from the Seoul Southern District Prosecutors’ Office conducted a raid on the Gangnam Police Station on August 23. They seized critical data related to the case. The team suspects that the officer took bribes from a suspect involved in a cryptocurrency case. Consequently, the police relieved the superintendent of duty after the raid.
Public Outcry Over Allegations
Residents of Gangnam, such as crypto investor Kim Min-ah, expressed disappointment over the allegations. If proven true, these claims could severely damage public trust in the police force, as people rely on law enforcement to protect them from crime and corruption.
Special Investigation Unit Assigned
South Korea’s leading police unit for crypto investigations, the Virtual Asset Joint Investigation Team, is handling the case. This team is also involved in other major cases, such as the Terra ecosystem collapse and the investigation into Do Kwon. The Southern District Prosecutors’ Office, known for its expertise in financial investigations, received special permission to manage this particular case.
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