South Korean Authorities Arrest Nine Darknet Drug Dealers For Selling Narcotics With Crypto

Crime, News | December 26, 2018 By:

South Korean authorities have arrested nine drug dealers who allegedly sold narcotics via a hidden online space using cryptocurrency.

On December 23, the Seoul Central District Prosecutors’ Office said that the suspects were using a drug trafficking site on the darknet. The suspect to whom the website is registered has been identified by the surname Shin. The site reportedly had 636 members between March and November of this year and brokered sales of drugs on 50 occasions using a cryptocurrency identified as “DarkCoin.”

The prosecutors said that the crypto payment method enables users to keep their identity secret in an attempt to obfuscate the transactions. The sellers had mostly trafficked 8 million to 10 million won in drugs, according to the prosecutors.

“The drug dealers are accused of growing cannabis and selling self-made hashish, while they also sold psychoactive drugs LSD and MDMA, which had been smuggled from other countries,” the prosecutors said. “The owner and programmer of the site smoked marijuana as well.”

After reviewing the suspect’s phones and computers, the authorities were able to seized 100 million won ($88,700) generated by the drug trade. The prosecutors are now trying to preserve the money associated with the crimes.