Delio, a major South Korean cryptocurrency lending platform, has suspended withdrawals temporarily on its platform, claiming that the measure was taken in connection with another local crypto company, Haru Invest, which recently did the same. The crypto lender stated that the decision to suspend withdrawals was unavoidable. Delio’s Exposure to Haru Invest In a notice...Read More
Dan Sunghan – Director of the Financial Crime Investigation Bureau at the Seoul Southern District Prosecution Service – claimed that the former crypto mogul Do Kwon had moved nearly $30 million in digital currencies to an unknown wallet shortly after his arrest in Montenegro. The 31-year-old South Korean has faced huge criticism and was blamed...Read More
South Korea’s National Assembly has officially passed a bill into law requiring lawmakers and high-ranking government officials to disclose their crypto asset holdings. The new law is a response to a recent scandal involving a politician allegedly violating campaign finance laws using cryptocurrency. The “Kim Nam-guk Prevention Law” According to a report from local news...Read More
South Korea’s ruling party has called for early enforcement of the law that seeks the country’s lawmakers and high-level government officials to declare their cryptocurrency-related assets. The proposed bill would require local officials and lawmakers to declare all personal crypto holdings over 1 million Korean won (worth around $760). The move was prompted by a...Read More
South Korean prosecutors have reportedly raided the offices of the two leading cryptocurrency exchanges in the country – Upbit and Bithumb – as part of an ongoing investigation against Kim Nam-kuk. The politician faced public scrutiny after several reports indicated he acquired 800,000 Wemix tokens by bypassing necessary regulations. He transferred the coins from Bithumb...Read More
The Seoul Southern District Court reportedly honored the prosecutors’ request to freeze 233.3 billion won in assets (approximately $176 million) personally owned by the notorious co-founder of Terraform Labs – Do Kwon. Besides cryptocurrencies, the authorities have blocked his access to his house in Southern Seoul, studio flat in Nonhyun-don, expensive cars, and certain money...Read More
A South Korean District Court has declared that LUNA, the native token of the Terra ecosystem, is not a security. The court also dismissed prosecutors’ requests to confiscate properties belonging to Singapore-based Terraform Labs co-founder Shin Hyun-Seong, and also arrest him along with other executives of the Singapore-based project. LUNA Is Not a Security Token...Read More
The infamous co-founder of Terraform Labs has reportedly lost his bid against the US Securities and Exchange Commission (SEC). The latter is now allowed to seek records from the Monetary Authority of Singapore (MAS) that could shed more details on how the 31-year-old developer managed Luna Foundation Guard and whether he had a hand in...Read More
The former crypto mogul – Do Kwon – reportedly sent 9 billion won (approximately $6.9 million) to law firm Kim & Chang before the Terra collapse last spring. The 31-year-old South Korean was detained last month in Montenegro after allegedly changing locations in the past several months. A trial against him will determine whether he...Read More
Kim Ji-sook – Chief Judge at the Seoul Southern District Court – reportedly issued an arrest warrant for Kim Mo (Coinone listing team leader), listing broker Hwang Mo, and other executives of the exchange. Prosecutors claimed they had received billions of won in bribes to list certain cryptocurrencies on the platform. More Drama in South...Read More
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
