Recently, according to news from KBS Television, the Drug Crime Investigation Agency of the Seoul Metropolitan Police Agency successfully dismantled a drug trafficking network using cryptocurrency. This is significant because as many as 312 related suspects have been apprehended.
According to the police, these suspects utilized hidden corners of the internet known as the dark web to facilitate the buying and selling of drugs. They used platforms like Telegram to exchange information and conducted transactions using various cryptocurrencies like Bitcoin.
The suspected drug dealers are believed to have imported drugs from abroad into South Korea or purchased from local traffickers between December 2020 and March 2023. Surprisingly, the ringleader of this network is a young man in his early twenties who managed an online shopping platform. He initially dealt in regular merchandise but later transitioned to drug trafficking on the dark web.
Among the more than 300 suspects, at least 6 are suspected to have been involved in large-scale drug trafficking. Additionally, some others are accused of cultivating marijuana at home and subsequently selling it online or to other addicts. Interestingly, only one out of these six suspects had a previous criminal record related to drugs.
On the buyers’ side, it is alleged that they used cryptocurrencies like Bitcoin and altcoins for advance payment. Subsequently, the drug distributors would deliver the narcotics to specific designated locations.
The South Korean police are currently focusing on utilizing blockchain analysis to identify drug trafficking networks that utilize cryptocurrency. Last year, the police agency also charged 533 individuals with using Bitcoin and other substitute currencies to buy or sell drugs.