<img src="https://d5nxst8fruw4z.cloudfront.net/atrk.gif?account=qmvEl1aAFUE06C" style="display:none" height="1" width="1" alt="" />
BTC $1442.00

South Korean Law Enforcement to Launch Investigations on Altcoin Pump-and-Dump Schemes

Chosun, the largest and most popular online news publisher in South Korea has reported that law enforcement is about to begin investigations on altcoin pump-and-dump and bitcoin Ponzi schemes.

The Bank of Korea will support local law enforcement and agencies with the investigation and will provide the necessary infrastructure and technology to search for scam bitcoin projects and programs.

The joint investigation will also focus on the trading of altcoins that have no value, or are suspected of being a pump-and-dump scheme.

“According to our sources, there are 676 altcoins, including bitcoin, listed on coinmarketcap.com. However, only 309 of them have a market cap of USD$10,000, and others are almost worth nothing. Furthermore, there are 550 altcoins that have extremely low daily trading volumes,” said the article.

The Bank of Korea and the local police already have started looking into several different altcoins that have been used over the last few months and are discussing with local enforcement whether to launch a full investigation on these altcoins and on the individuals or organizations that have been promoting the use and trading of altcoins that have recorded substantially low daily trading volumes over the past 48 hours.

Joseph Young

Newsletter

The biggest stories in bitcoin delivered weekly
to your inbox

Thank you! Please check your inbox to confirm your subscription.

Store

Call for Writers

We are always looking for talented writers to join our team. If you have an article you'd like to have published to our audience please reach out to

editor@bitcoinmagazine.com