PANews reported on February 27 that according to a report by Korean media SBS Biz, the Seoul Southern District Prosecutor's Office has upgraded the virtual asset crime joint investigation team, which was operated as a temporary organization, to a formal department, the virtual asset crime joint investigation department. The joint investigation team consists of 34 people including prosecutors and personnel dispatched by financial and tax authorities.

The joint working group was established in July 2023 in response to the promulgation of the Virtual Asset User Protection Law. The Virtual Asset User Protection Law was enacted to protect users from unfair trading practices such as the use of undisclosed important information, price manipulation, and unfair trading.