South Korean drug dealers using Bitcoin are sentenced to prison

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Drug merchants who exchanged narcotics for bitcoin (BTC) using darkweb portals have been handed jail time and suspended sentences as South Korean courts following scores of arrests made earlier this month.

Two separate crackdowns – one within the capital Seoul and the second in North Gyeongsang Province – have seen over 200 individuals arrested for getting or promoting medicine equivalent to ketamine, hashish, and MDMA (ecstasy) using the Telegram messenger app, bitcoin wallets, and darkweb portals that charged customers for using their companies.

Newsis reported that 4 individuals – all aged between 34 and 36 however unnamed for authorized causes – have been sentenced at a department of the Seoul Northern District Court. The presiding choose handed out jail sentences of between 10 months to one yr in prison (suspended), in addition to two years of probation. The 4 have been handed fines of up to USD 18,000 and ordered to attend 40 hours of “drug therapy classes.”

The courtroom heard proof that the 4 used “dead drop” strategies to commerce medicine – with clients paying for his or her purchases beforehand. Dealers would then go to pre-agreed areas in public areas to drop off baggage of medication. Buyers would then be instructed to go to these areas and choose up their purchases as soon as dealers had left the scene.

Search Ongoing for Bitcoin-keen Darkweb Operators

The courtroom noticed proof of bitcoin transactions made between the people and have been offered with knowledge extracted from a variety of BTC wallets.

Prosecutors claimed the people had been buying and selling medicine using the platform since a minimum of 2018.

Police have claimed they’ve new crypto transaction-tracing expertise at their disposal and have pledged to stamp out bitcoin and altcoin-powered crime using these options.

Their seek for the operators of the darkweb portals, nevertheless, remains to be ongoing – with the operators up to now proving elusive.

Officers consider the operators are linked to the Seoul nightclub scene and that they’ve a selected desire for BTC, which they’ve allegedly adopted as an unofficial “currency.”

More arrests are anticipated within the coming weeks as officers in different components of the nation proceed their investigations.

Compiled by Coinbold

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