South Korean Customs Blames Cryptocurrency for 769kg Drug Smuggling
Date: 2024-09-10 Author: Henry Casey Categories: IN WORLD
South Korean customs officials have blamed the “spread of cryptocurrency” for an 18% increase in drug smuggling cases.
Officials said they seized 769kg of narcotics last year, up from 624kg in 2022.
The figure also represents a five-fold increase from 2020, when 148kg were seized, highlighting a worsening “epidemic” of crypto-fueled drug smuggling in South Korea.
South Korean Customs: Cryptocurrency Makes Drug Buying Easier The Korea Customs Service has reported an increase in “small-scale drug smuggling” cases, according to News Gyeongnam.
“Drug smuggling attempts continue due to high domestic drug prices compared to other countries. The rise of contactless transactions using virtual currency is also contributing to the increase.”
Korea Customs Service
According to data compiled by the offices of Rep. Jeong Young-gi, a member of the National Assembly Committee on Land, Infrastructure, and Transport, law enforcement seized drugs worth $45.6 million last year.
Much of this was almost certainly intended for sale through Telegram channels, where dealers advertise their services on X (formerly Twitter), the dark web, and open Telegram groups.
These dealers typically demand payment in Bitcoin (BTC) and other tokens, then leave the drugs at pre-arranged public locations.
According to media reports, Korean-language Telegram groups have become “a cryptocurrency department store for young drug buyers.”
Drugs ‘sent through international mail’ Jeong Yong-gi’s office analyzed data from the Korea Customs Service and Incheon International Airport Corporation.
The figures show that officers intercepted 327 kg of drugs smuggled through international mail services last year.
They also found 275 kg of drugs hidden in express cargo containers and seized another 148 kg of drugs from air passengers arriving in the country.
Officers said they seized 438 kg of methamphetamine, as well as smaller amounts of ketamine, marijuana, and cocaine.
And it appears the “epidemic” is far from over. The data shows that “the total amount of drugs seized by customs from January to July 2024 was 377 kg.”
The media concluded that this was “about 49 percent of the total amount seized last year.”
“Law enforcement needs to take control of the situation so that drugs do not become a daily reality in South Korea,” said Rep. Jeong Young-gi, a member of the National Assembly Committee on Land, Infrastructure and Transport.
