South Korea to Use Artificial Intelligence to Combat Cryptocurrency Crime

South Korea is intensifying its fight against cryptocurrency-related crime by utilizing artificial intelligence. The rise in cryptocurrency crimes, such as money laundering, is becoming a problem for authorities. Chinese scientists have developed an AI algorithm that detects such cases with nearly 90% accuracy. The Korean Financial Supervisory Service has created a tool for real-time analysis of suspicious transactions, using data collected by the authorities. The algorithm aims to detect price manipulation, such as sudden price fluctuations, asset value increases with limited deposits, and artificial inflation of trading volume. The system analyzes not only the blockchain but also exchange announcements and social media. Politicians in Seoul are considering increasing the powers of the Financial Intelligence Unit, which would allow it to independently analyze violations and direct notifications to law enforcement. The introduction of AI algorithms could significantly impact the cryptocurrency market by limiting criminal activities.

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