The post South Korean Police Bust Crypto-Fueled Drug Operation, Seizing $465,000 in Narcotics appeared first on Coinpedia Fintech News
South Korean police have arrested seven individuals involved in a crypto-fueled drug dealing operation in a major bust. Authorities in South Jeolla Province revealed the suspects were using cryptocurrency as a payment method to distribute methamphetamine across the country.
Crypto Payments in Drug Trade
As reported by KBC, the Narcotics Crime Investigation Unit uncovered that the main suspect, a 33-year-old, had hidden drugs in 118 locations in Gwangju’s West and North districts. This operation took place between March and April this year, with crypto payments made for each transaction.
In a sting operation, investigators used social media and chat apps, like Telegram, to track down the dealer. Posing as buyers, they paid with cryptocurrency, eventually identifying the suspect and discovering his drug den.
Police seized over 103 grams of methamphetamine hidden in the mountains of Yeonggwang and 83 grams from various spots around Gwangju, with a street value of approximately $465,000.
Earlier this year, customs officials reported an 18% increase in drug smuggling cases, attributing the rise to the use of cryptocurrency. Despite ongoing police crackdowns, the use of crypto in the narcotics trade remains a significant issue in the country. A police officer told KBC,
“Drug crimes are serious crimes that devastate the body and mind of drug users and even threaten social safety.”
This news comes amid rising scrutiny over politicians’ involvement with crypto, especially after the “Coin Gate” scandal, where former lawmaker Kim Nam-guk was accused of insider trading.
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Political Fallout
South Korean lawmakers are distancing themselves from cryptocurrency after a series of scandals, claiming their wallets now only hold “crypto dust”—small, untradeable amounts left after selling off assets. One lawmaker reportedly sold $85,200 worth of Bitcoin after declaring his assets, and many others have liquidated their crypto to avoid criticism.