South Korean Law Enforcement to Launch Investigations on Altcoin Pump-and-Dump

[ikydesu]

Chosun, the largest and most popular online news publisher in South Korea has reported that law enforcement is about to begin investigations on altcoin pump-and-dump and bitcoin Ponzi schemes.

https://bitcoinmagazine.com/21864/south-korean-law-enforcement-launch-investigations-altcoin-pump-dump-schemes/

This is interesting, South Korean gov already have started involved with cryptocurrency.

[GriffinHeart]

Shouldn't they focus on real problems in their country?
Maybe setup medical care for teens playing 20+ hours a day of LoL.
They don't need to launch an investigation.
That is what the community is for, to phuck over scammers and their modus operandi.

[Brad Harrison]

They are wasting time and money doing it, they won't find anything but smart traders doing trades

[NorrisK]

It is just prove that an unregulated world does not work.. People will always find ways to abuse the trust of others. I think it is good that there will be some kind investigations to these illegal pnd schemes..

[BayAreaCoins]

They are wasting time and money doing it, they won't find anything but smart traders doing trades

 Ya right 

[Mickeyb]

I am not sure what will they find. Smart scammers will always find ways to hide their trails. The dumb won't even know how to scam anyone. Their actions seem to me as a complete waste of time and just doing something to shed a bad light on Bitcoin and crypto as an industry.

[Habeler876]

Shouldn't they focus on real problems in their country?
Maybe setup medical care for teens playing 20+ hours a day of LoL.
They don't need to launch an investigation.
That is what the community is for, to phuck over scammers and their modus operandi.

Ehm.. did you mix up north and south korea?

Anyways, it's a bit surprising they're launching such investigation - i didn't realize that it's something widespread enough to be given such attention anywhere, let alone in korea.
But none the less, it's a natural response to scam fighting vs ponzi schemes, although i don't think they can or will do anything about p&d's, since you can't prove someone didn't just
do drunk trades or something like that.

[maokoto]

Well, perhaps smart scammers will hide themselves. But dumb scammers not  

The fact that the government is pursuing scams will disuade a lot of potential "not so smart" scammers, I think.

[TheButterZone]

Are they going to arrest everyone who dumped under the ATH?

[gentlemand]

I wonder if they have laws applying to pump and dumps. Ponzis are straightforward fraud. I don't see how they can nail people for pump and dumps in an unregulated market. You'd have to prove intent plus they gotta find them first.

[onemorexmr]

I wonder if they have laws applying to pump and dumps. Ponzis are straightforward fraud. I don't see how they can nail people for pump and dumps in an unregulated market. You'd have to prove intent plus they gotta find them first.

maybe for their law this market is not unregulated? maybe it was just under the radar.

[gentlemand]

maybe for their law this market is not unregulated? maybe it was just under the radar.

I guess that's quite possible. But stock market players are readily identifiable. How do you go about finding someone via an alt exchange?

[onemorexmr]

maybe for their law this market is not unregulated? maybe it was just under the radar.

I guess that's quite possible. But stock market players are readily identifiable. How do you go about finding someone via an alt exchange?

imho they only can sue their own people. and i know nothing about their possibilities except that they have pretty good internet over there

but i dont see this as a bad thing. if some state puts up some kind of a "bad / scammy" - altcoin index: this could attract investors outside cryptoland and get new people to look into alts.

lets wait and see...atm its just very interesting news

[Patel]

Fontas be like

[Kakmakr]

I wonder if they have laws applying to pump and dumps. Ponzis are straightforward fraud. I don't see how they can nail people for pump and dumps in an unregulated market. You'd have to prove intent plus they gotta find them first.

Well Ponzi schemes are regulated and they can be prosecuted under those laws. I can understand why they need to do this. Ignorant Consumers need to be protected from these ruthless predators. A lot of the people falling for these scams, lose a lot of money.

One of these victims might be one of your family members or a close friend. Let's name and shame them to protect our community.

[Amph]

funny, it's like saying that they want to stop bitcoin by seizing every pc out there, not gonna happen, infeasible

i see the trend lately of many news that says something, that in the end will not come true

[stuff0577]

I wonder if they have laws applying to pump and dumps. Ponzis are straightforward fraud. I don't see how they can nail people for pump and dumps in an unregulated market. You'd have to prove intent plus they gotta find them first.

Well Ponzi schemes are regulated and they can be prosecuted under those laws. I can understand why they need to do this. Ignorant Consumers need to be protected from these ruthless predators. A lot of the people falling for these scams, lose a lot of money.

One of these victims might be one of your family members or a close friend. Let's name and shame them to protect our community.

Yeah I think its time to make some move to protect the community. At least they are trying

[xhoneyael]

I wonder if they have laws applying to pump and dumps. Ponzis are straightforward fraud. I don't see how they can nail people for pump and dumps in an unregulated market. You'd have to prove intent plus they gotta find them first.

Well Ponzi schemes are regulated and they can be prosecuted under those laws. I can understand why they need to do this. Ignorant Consumers need to be protected from these ruthless predators. A lot of the people falling for these scams, lose a lot of money.

One of these victims might be one of your family members or a close friend. Let's name and shame them to protect our community.

Yeah I think its time to make some move to protect the community. At least they are trying

i agree ..even its hard to trace that scammer  but atleast they try..
ponzi and scammer is one of the reason why other investor and newbie leave the bitcoin community
sometime just from a bad experience about that non stop scamming..

[coinsect]

I doubt what they can find in the end? Ppl buy low and sell high! What is wrong with that?

[jacktheking]

Hmm. Pump and dump is only good for people who is very active online and know when to buy and sell. I dont like the idea to investigating pump and dump altcoin but I do like the idea of checking  Bitcoin related ponzi scheme. I also like that South Korean is going ahead of others to the digital world.