BlockBeats News, March 17, the South Korean Police Department recently completed a draft of virtual asset seizure management orders, for the first time including guidelines related to “privacy coins” (cryptocurrencies with strong anonymity features, such as privacy tokens) in the regulations, specifying a hot wallet management plan. Privacy coins, due to their untraceable nature, have been used in criminal cases such as the “Nth Room” and North Korean money laundering activities.
Over the past 5 years, virtual assets confiscated by the South Korean police department are estimated to be approximately 54.5 billion Korean won at the current market price, with around 50.7 billion Korean won in Bitcoin and around 1.8 billion Korean won in Ethereum. The Police Department plans to complete the selection of private custody institutions in the first half of the year.
