South Korea Arrests Suspects in Kimchi Premium-related Cases

The South Korean authorities have arrested 16 people suspected of facilitating illegal foreign exchange transactions related to Kimchi Premium, Seoul Daily News has reported.

According to the publication, 75% of the crimes in the area of withdrawing capital from the country and money laundering are associated with cryptocurrencies.

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Two of those arrested face prosecution, while seven face fines and a decision has yet to be made on the rest.

One of those arrested is suspected of creating several shell companies to send funds abroad. In fact, we are talking about the transfer of digital assets from foreign accounts and their profitable sale on local exchanges thanks to Kimchi Premium.