South Korea Makes First Arrests in Major Crypto-Linked Inquiry

  • Officials probe $3.4 billion of foreign-exchange transactions
  • Nation’s embrace of crypto dented by blow-ups, price rout
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South Korean prosecutors made their first arrests in a probe of $3.4 billion worth of foreign-exchange transactions for possible links to illegal cryptocurrency-related activities.

Three people were held on allegations including setting up paper companies and operating a cryptocurrency trading business without registration, the Daegu District Prosecutors’ Office said in a text message on Thursday.