South Korea launches task force to fight 800% increase in cryptocurrency crimes

South Korea is preparing to come down hard on cyber-criminals with the launch of a new “task force” specifically aimed at fighting cryptocurrency fraud and fintech-related crimes.The launch comes in specific response to the 800-percent increase in cryptocurrency crimes the country has seen over the last few years, local news outlets reports.In 2016, there were just 53 reported cases of such crimes, but in 2017 this figure rose to 453, and it exploded to 4,591 cases in 2018.Professional investigators and prosecuting bodies from around the country came together earlier this week in Seocho-dong, Seoul to mark the launch of the task force.According to the report, the task force will be able to track accounts suspected of harboring illicit funds, although it has not stated how it plans to do this.