South Korea's Supreme Prosecutors' Office reported on the 2nd day at the 24th Cabinet meeting that the Seoul Southern District Prosecutors' Office actively investigated financial, securities, and virtual asset crimes over the past year. Acting Prosecutor General Gu Ja-hyun stated the investigations through the Financial Securities Crime Joint Investigation Department and Virtual Asset Crime Joint Investigation Department reinforced the government's stance that stock manipulation leads to ruin. The performance briefing was part of a 1-year government review session.
Seoul Southern District Prosecutors' Office Prosecutes KOSDAQ Manipulation and CATFI Rug Pull Cases
The Financial Securities Crime Joint Investigation Department's achievements included a KOSDAQ-listed company stock manipulation case involving 1.4 billion won in illegal gains. The Virtual Asset Crime Joint Investigation Department prosecuted a CATFI decentralized exchange rug pull case where three perpetrators and two escape facilitators obtained 400 million won through false information dissemination on social media. This case marked the first application of fraudulent unfair trading provisions under the Virtual Asset User Protection Act.
Prosecutors' Office Establishes Criminal Proceeds Recovery Departments
Gu stated that money laundering crime prosecution results and asset forfeiture and preservation results in the past year improved significantly compared to the previous year. The Supreme Prosecutors' Office established Criminal Proceeds Recovery Departments at the Seoul Southern District Prosecutors' Office and Busan District Prosecutors' Office and increased investigation personnel.
President Lee Jae-myung Emphasizes Prosecutorial Accountability
President Lee Jae-myung stated at the meeting that the prosecution has been working hard and producing results. He added that the prosecution should not fall into a trap of infallibility, that anyone can make mistakes, and that apologies and corrections should follow errors. Lee emphasized that as a quasi-judicial institution with public interest and objectivity duties and enormous authority, the prosecution must bear corresponding responsibility.
Prosecution Reorganization Scheduled for October
The prosecution will officially separate investigation and indictment functions in October, reorganizing into the Serious Crime Investigation Agency and Public Prosecution Agency.
FAQ
What virtual asset crime case did South Korea's prosecutors prosecute?
The Seoul Southern District Prosecutors' Office Virtual Asset Crime Joint Investigation Department prosecuted a CATFI decentralized exchange rug pull case involving 400 million won in illegal gains obtained through false information on social media. Three perpetrators and two escape facilitators were indicted under the Virtual Asset User Protection Act's fraudulent unfair trading provisions.
What organizational changes did South Korea's prosecutors announce?
The Supreme Prosecutors' Office established Criminal Proceeds Recovery Departments at the Seoul Southern District Prosecutors' Office and Busan District Prosecutors' Office and increased investigation personnel. The prosecution will reorganize into the Serious Crime Investigation Agency and Public Prosecution Agency in October.
