Senior South Korean Police Officer ‘Took Bribes During Crypto Investigation’

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Tim Alper

Author

Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked…

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Last updated:

August 25, 2024 23:00 EDT

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South Korean prosecutors are investigating a senior police officer in the capital Seoul over allegations the official “took bribes” during a crypto investigation.

Per News1, the officer – an unnamed superintendent – works in the crypto heartland of Seoul’s Gangnam District. The district is one of the richest parts of the nation.

Gangnam is home to most of South Korea’s leading crypto exchanges. Many of the biggest fintech and IT firms are also based in the district.

Korean Police Officer ‘Took Bribes from Crypto Suspect’

The media outlet reported that prosecution officials have begun a “compulsory investigation” into “a serving police officer” suspected of “receiving a bribe from a person related to an active case.”

Prosecution officials said the Seoul Southern District Prosecutors’ Office-run Virtual Asset Joint Investigation Team “raided the Gangnam Police Station in Seoul where the superintendent worked” on August 23.

Prosecutors “seized and secured” related data as part of their probe. Officials think the superintendent “received money” from a suspect “while investigating a cryptocurrency case.”

A spokesperson confirmed that after prosecutors had completed their search, the police “relieved” the superintendent” of their “position.”

Gangnam resident and crypto investor Kim Min-ah told Cryptonews.com:

“These are disappointing allegations. If this is true, it undermines public confidence in the police force. We rely on the police to protect us from crime and corruption.”

‘Special Dispensation’ Granted

The Virtual Asset Joint Investigation Team is South Korea’s leading police crypto investigation unit.

It handles several important crypto cases, including the probe into Do Kwon and the collapse of the Terra ecosystem.

However, the team was given special dispensation to deal with the superintendent’s case. The media outlet Chosun Ilbo explained:

“Although the Seoul Gangnam District Prosecutors’ Office is not under the jurisdiction of the Southern District Prosecutors’ Office, the Southern District specializes in financial investigations including [cryptoasset-related crimes]. That is why it has taken this case.”

Earlier this year, several police and prosecution officers were tried over allegations they took bribes from a “broker” in a high-profile altcoin fraud case.