The rocketing popularity of cryptocurrencies has opened paths for bad actors to gain significant profits by victimizing the ones eager to invest in digital assets. In a most recent development, it has been noted that South Korea has announced to officially launch of a crime unit dedicated to crimes concerning crypto activities.
The ‘Crypto Crime Unit’ will help the nation to battle growing illicit activities concerning cryptocurrencies including the nuisance buzzed by fraudsters, scammers, and hackers. The Joint Investigation Unit (JIU) which initially began its operation in July 2023 will become an official investigation unit after this launch.
South Korea has initiated the official launch of the Joint Investigation Unit as the region has seen an unprecedented spike in crypto adoption and usage, triggering the pace of illegal activities linked with cryptocurrencies.
Yet one other reason that led to the official recognition of JIU is its professional attitude towards identifying and dismantling the frauds, scams, and malicious activities concerning crypto.
JIU’s Role Might Help SK’s Crypto Market to reach to sky
According to the available information the total number of crypto users in South Korea has continued to grow with the passing of time, and a data set published in the last month of 2024 notes that after the addition of 610,000 new crypto users now there is the total of 15.6 million users in the nation, representing 30 percent of the entire population.
JIU’s recognized functioning will also help South Korea enter the race of becoming a crypto hub, yet to date Hong Kong is termed the fastest evolving crypto market followed by UAE and Singapore.
As per several data sets, global cryptocurrency adoption including in South Korea has seen tremendous growth after the historic victory of Donald Trump in the 47th U.S. elections.
Under Trump’s rules, the wide market is expecting significant changes including the change in rules, regulations, and the leadership of enforcement agencies and regulatory commission which is expected to support the evolving digital finance landscape.
Crypto market price updates
Until publishing the crypto market capitalization was $3.5 trillion and the trading volume was $112.35 billion with a decline of 31.31 percent. At the same time, Bitcoin was exchanging hands at $102,805 with a weekly loss of 2.22 percent, its dominance over the market was 58.22 percent with a surge of 0.17 percent.
The intraday gainer’s list has been ruled by Movement (MOVE) which reached $0.8369 adding roughly 18 percent to its prices followed by Dogwifhat (WIF) which grew 14 percent now trading at $1.31 and Bittensor (TAO) has added 12 percent acquiring the trading price of $475.50.
According to CoinMarketCap, the list of most trending crypto has been led by DCOIN followed by Worldcoin, Dogwifhat, Move, and BGB. In the past seven days, the cryptocurrency that lost most of its trading price is Fartcoin followed by Official Trump, Virtual Protocol, and Pudgy Penguin.
DeFi’s volume is $7.67 billion, or 6.83% of the 24-hour volume of the entire cryptocurrency market. Currently, the total volume of all stablecoins is $101.33 billion, or 90.26% of the 24-hour volume of the cryptocurrency market.
