2 months ago
19
The post South Korean Customs Link Rising Drug Smuggling to Crypto and Telegram appeared first on Coinpedia Fintech News
South Korean Customs officials say that drug smuggling has increased due to the use of cryptocurrency. In 2023, authorities seized 769 kilograms of drugs, up from 624 kilograms in 2022—an 18% rise. The South Korean Customs Service attributes this spike to the growing popularity of non-face-to-face transactions facilitated by digital currencies like Bitcoin and altcoins.
As reported by News Gyeongnam, the Korean Custom Service said, “Drug smuggling attempts are continuing due to the high domestic drug prices compared to other countries. The spread of non-face-to-face transactions [using] virtual currency is also causing this increase.”.
Customs officials found that 327 kilograms of drugs came through international mail in 2023. Another 275 kilograms were hidden in express cargo, and 148 kilograms were seized from travelers arriving in the country. The drugs mainly included methamphetamines, ketamine, marijuana, and cocaine.
Telegram and Crypto Used for Drug Deals
As reported by Crypto News, dealers are using apps like Telegram to sell drugs, often advertising on social media and asking for payment in cryptocurrencies like Bitcoin. After receiving payment, they leave the drugs in public places for buyers to pick up. This method makes it harder for authorities to trace these transactions.
In the first half of 2024, 377 kilograms of drugs have already been seized, about half of last year’s total. Lawmakers are calling for stronger measures to address the growing drug problem in South Korea, as authorities continue to struggle with the rise in smuggling related to cryptocurrencies.
This comes after Telegram CEO Pavel Durov’s recent arrest at Le Bourget Airport near Paris. The investigation against him focuses on the lack of moderators on Telegram, with law enforcement concerned that this has allowed criminal activity to thrive unchecked on the platform.
English (US) ·