In 2022, the General Administration of Customs of the Republic of Korea found that the amount of illegal overseas transactions involving cryptocurrency amounted to $4.3 billion

On March 7, the General Administration of Customs of the Republic of Korea found that 5.6 trillion won (4.3 billion US dollars) of illegal foreign exchange transactions involving cryptocurrency, that is, transactions using certain tokens “pickle premium”.

Interpretation of this information:

The General Administration of Customs of the Republic of Korea reported on March 7 the discovery of illegal foreign exchange transactions involving 5.6 trillion won, or approximately 4.3 billion US dollars, made with cryptocurrencies. The transactions involved certain tokens referred to as “pickle premium”.

This report highlights the continued prevalence of illicit activities within the cryptocurrency market. Cryptocurrencies provide a level of anonymity that makes them ideal for illegal activities, such as money laundering, terrorist financing, and tax evasion. Furthermore, the lack of regulatory oversight and monitoring makes it difficult for authorities to identify and investigate such activities.

The use of certain tokens, such as “pickle premium”, suggests that those involved in the illegal transactions have found ways to exploit the market through price manipulation or other means. This highlights the need for authorities to remain vigilant and to develop more effective means of preventing and detecting such activities.

Overall, this report serves as a reminder of the risks associated with the use of cryptocurrencies and the need for greater regulation and oversight. It also underscores the importance of developing more effective measures to prevent and detect the use of cryptocurrencies for illicit activities.