South Korean authorities recently arrested 48 people in connection with a cryptocurrency-related drug trafficking investigation. The suspects reportedly used cryptocurrencies to buy and sell illegal drugs online.
According to local news outlet Probably Daily, the raid was conducted jointly by the Seoul Metropolitan Police Agency (SMPA) and the National Police Agency (NPA). The SMPA reportedly asked for assistance from the NPA and the Ministry of Science and ICT to track down suspects who used cryptocurrency to purchase and distribute illicit substances.
The investigation, named Operation MOD, led to the arrest of 48 people, seven of whom were found to be key figures in the cryptocurrency-related drug trafficking crimes. The suspects have been accused of using cryptocurrencies to purchase and distribute drugs such as marijuana, LSD, and methamphetamine, among others.
The raids and arrests come after months of planning by the NPA and SMPA. The SMPA was reportedly able to use blockchain analysis to trace cryptocurrency transactions and identify those related to illegal drug-fueled activities.
The success of this operation is a sign that the South Korean government is taking steps to curb illegal activities involving cryptocurrencies and other digital assets. It is likely that other law enforcement agencies worldwide will also be inspired to make use of blockchain analysis when it comes to tracking and apprehending suspects engaged in illegal activities.