Hackers drained almost $13 million worth of digital assets from the South Korean cryptocurrency platform GDAC. This is the latest in a string of setbacks the industry went through. The Latest Victim The exchange’s team notified its users on April 9 that hackers exploited the Gdac Hot Wallet and transferred a significant amount of cryptocurrencies...Read More
About two weeks ago, Terraform Labs’ CEO Do Kwon was arrested in Montenegro after trying to fly to another country using fake documents to mask his identity. Once his real identity was confirmed, both the U.S.A. and South Korea requested his extradition. Asset Seizure by Authorities For the moment, it’s unclear which request will be...Read More
One of Terraform Labs’ co-founders – Shin Hyun-seong (better known as Daniel Shin) – reportedly appeared in a South Korean court to be interrogated regarding his potential role in the collapse of the project’s native token – LUNA – and its algorithmic stablecoin – UST – last spring. The crash prompted investor losses worth approximately...Read More
Messari – a leading provider of blockchain research and data analysis based in South Korea – added its name to the long list of crypto-focused companies that axed their workforce due to the harsh macroeconomic environment. It laid off 15% of its staff, believing this was the right step for the long run. Ryan Selkis...Read More
The South Korean authorities reportedly issued an arrest warrant to a former Chief Executive Officer of the e-commerce giant TMON. He supposedly accepted bribes in Terra (LUNA) worth billions of won to promote the infamous blockchain project. Terra Keeps Splashing the Water As reported by a local media outlet, an ex-boss of the Korean e-commerce company...Read More
A group of South Korean officials reportedly arrived in Serbia last week to look for the infamous Do Kwon. The 31-year-old has been on the run since the collapse of his blockchain protocol Terra. The latter’s native token – LUNA – and algorithmic stablecoin – UST – plunged to essentially zero last year, affecting numerous...Read More
The world’s largest cryptocurrency exchange – Binance – reportedly restored operations on the South Korean market after acquiring a majority stake in the distressed local platform Gopax. It halted operations in the Asian country in 2021, citing low interest and usage among local traders. Back in South Korea Binance revealed its intentions to purchase a 41.2%...Read More
South Korean law enforcement agents have reportedly arrested Kang Jong-hyun – the owner of the leading cryptocurrency exchange Bithumb. Prosecutors claim he had manipulated stock prices and embezzled nearly $50 million. Facing Possible Prison Time According to local coverage, Kang Jong-hyun – thought to be the actual owner of Bithumb – was detained today (February 2)...Read More
South Korea is looking to amp up regulations to prevent unfair trade in the industry. As such, the Financial Services Commission issued instructions to five major crypto exchanges in the country to delist and classify digital assets that have similar properties to that of securities. The implosion of the once-prominent Terra ecosystem tokens was the...Read More
South Korea has long been a very important market for crypto exchanges and DeFi platforms. FTX, for instance, reportedly made a fortune off of the so-called Kimchi Premium, the gap in price between the cost of crypto in South Korea and elsewhere, largely fueled by the need for USD-backed trades, creating opportunities for arbitrage trading....Read More
More troubles for South Korean crypto exchange Bithumb brews as its offices were reportedly raided on Thursday. Authorities launched an investigation into potential price manipulation of a coin listed on the platform, according to a report by Yonhap. The token in question has not been revealed. Prosecutors said they are probing transactions linked to a...Read More
Multiple executives at the South Korean cryptocurrency exchange Bithumb are now beleaguered by charges of embezzlement and market manipulation, according to the South Korean financial outlet InfoMax. Under these charges, an arrest warrant has been issued for Kang Jong-hyeon, who is thought to be the “actual owner of Bithumb. Bithumb Executives Under Fire On Wednesday,...Read More
There’s a crypto study out of South Korea recently of Chinese Bitcoin arbitrage traders and Korea’s “kimchi premium” on Bitcoin prices. Its characterization of the cross-border Bitcoin trade and recommendations miss some key economic foundations. A recently published crypto study by Incheon National University and the Bank of Korea is making the rounds. The authors...Read More
The National Tax Service (NTS) of South Korea has reportedly hit Bithumb Korea and Bithumb Holdings with a “special tax investigation” to determine whether the cryptocurrency platform has complied with domestic taxation laws. The officials have also probed Kang Jong-hyeon (rumored to be the actual owner of the exchange) and his sister – Kang Ji-yeon. ...Read More
The Seoul Central District Court reportedly ruled that the owner and former Chairman of the South Korean cryptocurrency exchange – Lee Jung-hoon – has not defrauded Kim Byung-gun for 112 billion won ($87.5 million). Had he been found guilty, he could have faced a prison sentence of up to eight years. The Court’s Final Word...Read More
The world’s largest crypto trading platform is reportedly close to completing the acquisition of Gopax – one of the most utilized Korean exchanges. If closed, the deal will signify Binance’s entrance into the South Korean market. Citing a report by a local media outlet, the popular blockchain journalist Colin Wu informed that Binance had “recently...Read More
South Korean authorities appear to have tightened their control over the digital asset space. As such, two high-ranking execs, named Mr.Yang and Mr. Oh of the fraudulent crypto exchange, V Global, were sentenced to eight years and three years, respectively, for their role in defrauding investors. V Global reportedly lured investors by promising 300% returns....Read More
The Vice President of Vidente, referred to as Mr. Park, was found dead in front of his house in southern Seoul. Vidente happens to be the largest shareholder of Bithumb Holdings Co., the firm behind the South Korean crypto exchange Bithumb. According to local news reports, Park was under investigation on charges of embezzlement and...Read More
The South Korean court has reportedly frozen 120 billion won (over $93 million) in assets belonging to executives of blockchain consultancy firm Kernel Labs. The entity is speculated to have had a hand in Terra’s collapse earlier this year while its CEO – Kim Hyun-Joong – served as Vice President of Engineering at Terraform Labs. ...Read More
It has been a tough year for algorithmic stablecoins. Historically, these pegged tokens have failed to maintain a grip on $1, especially under extreme selling pressure. But the Terra collapse has been disastrous, and the ripple effects have had a decisive impact on the rest of the market. Seven months later, another algorithmic stablecoin is...Read More
The Seoul Southern District Prosecutors Office reportedly sought arrest warrants for one of Terraform Labs’ Co-Founders – Shin Hyun-seung (Daniel Shin), claiming he gained illegal profits before the colossal crash of LUNA/UST. The Korean authorities previously issued an arrest warrant against Terraform’s CEO – Do Kwon. His whereabouts remain unknown, while recent sources hinted he...Read More
According to the latest report, Dunamu’s sales declined by over 66% compared to the same period last year, in addition to its operating profit sliding by 76.6% and net profit by 72.7%. Moreover, the fintech firm’s sales and operating profit decreased by 24.1% and 39.3%, respectively, compared to the second quarter. Dunamu explained that the...Read More
On the heels of the Terra LUNA meltdown and the bankruptcy of FTX, authorities from South Korea are proposing new amendments to the Digital Assets Bill seeking greater control over cryptocurrency exchanges. Congressman Yoon Chang-Hyun is preparing an amendment to expand financial authorities’ control capabilities to prevent the repetition of events such as the FTX...Read More
On Nov. 20, crypto market data portal CoinGecko released a report on the countries most impacted by the FTX collapse. Unsurprisingly, most are in Asia since U.S. investors were using FTX.US, not the international exchange that melted down. The report is slightly misleading, however, as it ranked the top 30 countries by monthly users, not...Read More
South Korean prosecutors have seized more than $100 million worth of assets belonging to Shin Hyun-Seong (Daniel Shin), the co-founder of Terraform Labs, for his role in the collapse of the Terra ecosystem in May. According to reports from local publication YTN, the court approved the prosecutor’s request to freeze 140 billion won ($104 million)...Read More
The notorious Co-Founder of Terraform Labs – Do Kwon – is said to be in Europe. He vowed to organize a conference soon and lift the curtain on his mysterious location. The South Korean, who is a primary target for Interpool, even invited law enforcement agents to participate in the event. Terra’s colossal crash in...Read More
South Korean prosecutors are pushing for an eight-year sentence for Lee Jung-hoon, the former chairman of crypto exchange platform Bithumb, for an alleged $70 million fraud. According to a report by the local media outlet Yonhap, prosecutors alleged that Lee had defrauded Kim Byung Gun, the chairman of Singapore-based BK Group, in a failed attempt...Read More
Hashed CEO and an early backer of the ill-fated LUNC token, Kim Seo-joon, failed to appear before a South Korean congressional inquiry into the crash. He cited “mental conditions” as the reason for his absence from South Korea’s National Assembly’s Political Affairs Committee, which he supposedly developed since the spectacular $40 billion wipeout in May...Read More
South Korea’s top monetary regulator – the Financial Service Commission (FSC) – thinks cryptocurrencies and stablecoins could facilitate money-laundering activities. As such, it will reportedly closely monitor the actions of the country’s largest crypto holders (those who own over $70,000 worth of digital assets). According to a local coverage, the Financial Intelligence Unit (a division...Read More
South Korean Prosecutors have confirmed that Do Kwon might have fled Singapore as he was believed to be in hiding there. In a text message on Thursday, reported by Bloomberg, they said reports suggesting that Kown flew to Dubai for a possible stopover before escaping to an unknown destination are “not false.” Hunt for Do...Read More
