To combat money laundering schemes and recover funds associated with criminal activity, the South Korean Ministry of Justice announced plans to implement a crypto-tracking system, Cointelegraph noted.
Cointelegraph further stated that according to local media outlet khgames, the “Virtual Currency Tracking System” will be used to keep track of transaction history, extract data about transactions, and verify the source of funds both before and after the remittance.
The South Korean Supreme Court ruled that cryptocurrency exchange Bithumb must compensate investors for a 1.5-hour service outage on November 12, 2017, and ordered Bithumb to do so.
“In response to the sophistication of crime, we will improve the forensic infrastructure (infrastructure). We will build a criminal justice system that meets international standards (global standards).”
The supreme court’s final decision mandated that the 132 investors involved receive damages ranging from as little as $6 to about $6,400, Cointelegraph further stated.
(With insights from Cointelegraph)