According to South Korean Customs officials, the utilization of cryptocurrency has resulted in an increase in narcotic smuggling.
Authorities recovered 769 kilograms of narcotics in 2023, representing an 18% increase from the 624 kilograms confiscated in 2022. The South Korean Customs Service attributes this increase to the increasing prevalence of non-face-to-face transactions, which are facilitated by digital currencies such as Bitcoin and altcoins.
The Korean Custom Service, as reported by News Gyeongnam, stated that drug importation attempts are persisting as a result of the elevated domestic drug prices in comparison to other countries. Also contributing to this increase is the proliferation of virtual currency transactions that occur outside of traditional face-to-face interactions.
International mail transported 327 kilograms of narcotics in 2023, according to customs officials. Express cargo concealed an additional 275 kilograms, while travelers arriving in the country confiscated 148 kilograms. Cocaine, marijuana, methamphetamines, and ketamine comprised the majority of the narcotic inventory.
Crypto News has reported that traffickers are frequently advertising on social media and requesting payment in cryptocurrencies such as Bitcoin when selling narcotics using applications such as Telegram. Upon receiving payment, they deposit the narcotics in public locations for purchasers to retrieve. This approach complicates the process of tracing these transactions for the authorities.
The first half of 2024 has already seen the seizure of 377 kilograms of narcotics, which is approximately half of the total from the previous year. South Korean lawmakers are advocating for more robust measures to combat the expanding drug epidemic, as authorities keep up with the increase in cryptocurrency-related illicit substances.
This follows the recent detention of Pavel Durov, the CEO of Telegram, at Le Bourget Airport in the vicinity of Paris. The absence of moderators on Telegram is the primary focus of the investigation against him, as law enforcement is concerned that this has enabled illicit activity to flourish unrestricted on the platform.
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