Singapore-based company Terraform Labs has stated that South Korean prosecutors exceeded the limits of their authority regarding the arrest warrant against the firm’s co-founder, Do Kwon. Terraform Labs also said that the Luna token is not a security, arguing that public pressure could have caused the prosecutors to amplify the definition of securities. South Korean...Read More
Hackers have reportedly attacked several big-name South Korean YouTube channels in the past few months. After gaining access, most wrongdoers used the platform to upload cryptocurrency-related videos. Among the victims was the official YouTube channel of the South Korean government. Earlier this month, a group of cybercriminals compromised it so they could promote a crypto...Read More
South Korean law enforcement officers have reportedly confiscated around 260 billion won ($183 million) worth of cryptocurrencies from local individuals and businesses in two years as they were not abiding by local taxation laws. Not long ago, the authorities targeted the notorious leader of Terraform Labs – Do Kwon. He was accused of gifting tokens...Read More
South Korean prosecutors have asked the country’s foreign ministry to revoke Do Kwon’s passport. They’ve also initiated the process to get Interpol to issue a red notice for Kwon, media reports said on Monday. These developments come close on the heels of Do Kown on Sunday claiming in a tweet that he was not on the run,...Read More
After reports emerged indicating that South Korean authorities have issued an arrest warrant for Terra’s co-founder, he finally broke the silence, claiming he is cooperating with several global watchdogs. At the same time, Singaporean police said Kwon is not in the city-state despite multi previous suggestions that he was hiding there. CryptoPotato reported earlier this...Read More
Just a day after reports emerged that the South Korean authorities had started yet another investigation against Terraform Labs, Bloomberg said a local court had issued an arrest warrant against Do Kwon and five others. The price of the two current native assets – LUNA and LUNC – dumped hard, as the former is down...Read More
The implosion of the South Korean stablecoin project Terra may have dented general sentiment towards the industry, but that has not stopped the second-largest city in the country from pursuing ambitious crypto and blockchain goals. Busan has announced a partnership with FTX to build blockchain-powered business solutions in the coming months. As part of the...Read More
Yong-beom Kim – First Vice Minister of South Korea’s Ministry of Economy and Finance from 2019 to 2021 – will join the blockchain and digital technology research institute Hashed Open Research as its Chief Executive Officer. The entity aims to act as a bridge between local cryptocurrency experts and the government. According to a document...Read More
The Ministry of Strategy and Finance of the South Korean government has said that virtual asset airdrops are subject to gift tax as per existing tax laws. Gift tax has to be paid when free virtual assets with economic value are paid out, media reports said. Gift Tax on Airdrops Recently, the South Korean finance...Read More
South Korean securities companies have reportedly set their focus on the crypto industry and plan to set up digital asset exchanges in the first half of 2023. Such firms include Mirae Asset Securities and Samsung Securities. The domestic financial regulators have been quite strict with crypto-related entities in the past few years. Last year, prompted...Read More
South Korea’s financial sector regulator Financial Services Commission (FSC), is planning to stop domestic access to foreign crypto exchanges that are not registered in the country. These trading platforms have been asked to obtain proper licenses by September 24. Failing to do so will instantly result in the blocking of their websites. Also, users who...Read More
South Korea’s integrated financial regulator – Financial Supervisory Service (FSS) – is reportedly investigating domestic and commercial banks after detecting a significant amount of illegal overseas remittance transactions. Over the last few weeks, banks’ role in facilitating kimchi premium traders to enable fast money when trading volumes rise has been under intense scrutiny. It was...Read More
CryptoCom – received Electronic Financial Transaction Act and Virtual Asset Service Provider registration from the South Korean regulators after acquiring the payment service provider – PnLink Co. – and the digital asset firm – OK-BIT Co. CryptoCom’s latest approval in the East Asian country could be considered a fresh breath of air since it has...Read More
The South Korean Ministry of Justice reportedly approved the prosecutors’ request that the notorious Co-Founder of Terraform Labs – Do Kwon – be ordered to notify authorities when he returns to his country. He is believed to be currently residing in Singapore. The Prosecution Wants to Hold Kwon Accountable The collapse of Terra’s native token...Read More
As part of the broader investigation of fraud, South Korean prosecutors have raided the house of Terraform Labs’ co-founder, Daniel Shin. Bloomberg confirmed a series of raids conducted by the Korean Joint Financial and Securities Crime Investigation Team on crypto exchanges and offices, including the Terra co-founder’s residence and his payment app Chai Corp. over...Read More
In a tax reform introduced on Thursday, the South Korean government proposed to postpone the planned 20% tax on crypto earnings for two years. If accepted, crypto earnings in South Korea will be taxed from 2025. The tax plans for the digital asset sector were originally to kick in from January 2022. But in December...Read More
Dunamu – the company behind South Korea’s leading crypto exchange Upbit – plans to invest 500 billion won ($380 million) in the next five years and create approximately 10,000 new job positions. Expansion Amid the Crypto Winter The bear market and the outflow of investors’ interest in the industry have caused numerous companies to reduce...Read More
The largest mobile operator in South Korea – SK Telecom – reportedly joined forces with crypto firms AhnLab Blockchain Company and Atomrigs Labs to release a digital wallet. The feature will provide cryptocurrency services and access to the Web3 ecosystem. According to a recent report, users of the wallet will be able to receive, transfer,...Read More
In the aftermath of Terra’s historic debacle, regulatory scrutiny targetting the stablecoin industry through cooperative measures across borders has become urgent to authorities worldwide. According to a recent report, South Korean Justice Minister Han Dong-hoon has discussed with US officials potentially enhancing cooperation in fighting against security fraud and financial crimes. Strengthening Ties on Crypto...Read More
The notorious hacker collective – Anonymous – said it will join numerous governments that are conducting investigations against Terra’s Co-Founder – Do Kwon. The native token of the cryptocurrency project – LUNA – and its algorithmic stablecoin – UST – crashed to zero last month, resulting in painful investors’ losses. As such, Anonymous vowed to...Read More
Without divulging any names, a South Korean media agency reported that the Seoul Southern District Prosecutor’s Office’s Joint Financial and Securities Crime Investigation Team has banned a key Terra designer from leaving the country. The team has been investigating Terraform Labs, its employees, and founding members after the stunning collapse of TerraUSD (UST) and its...Read More
Leading cryptocurrency exchange Binance said it is considering relaunching its services in South Korea 17 months after the platform stopped serving traders in the country. Binance CEO Changpeng Zhao (CZ) revealed the company’s intentions to Korean media Maeil Economic Daily at the VivaTech 2022 event in France. Binance Considers South Korea Re-entry This is the...Read More
In the latest example of global authorities going after Terraform Labs, the organization’s co-founder, Do Kwon, will reportedly be investigated for tax evasion in South Korea. According to local reports, prosecutors carried out a search and seizure from the Seoul Regional Tax Office and were able to secure data from a special investigation by the...Read More
The five leading cryptocurrency exchanges in South Korea – Upbit, Bithumb, Coinone, Korbit, and Gopax – will reportedly set up a joint consultative body that will oversee the local digital asset market, scheduled to go live during the second half of 2022. Trying to Prevent Another Accident Like Terra A local media revealed that Korea’s...Read More
Korean crypto exchanges Upbit and Bithumb announced in public notices to users that they will drop Litecoin (LTC). Upbit will stop trading pairs with Litecoin on June 20th and give users one month from then to withdraw the asset. Bithumb has already stopped accepting LTC deposits as of June 8th. Furthermore, the exchange is giving...Read More
A recent court ruling has granted an application by the Securities and Exchange Commission (SEC) to order Terraform Labs and its co-founder Do Kwon to comply with the agency’s investigative subpoenas. Court Rules in Favor of the SEC The United State Court of Appeals for the Second Circuit made the ruling on Wednesday (June 8,...Read More
TerraUSD and its sister token LUNA Classic’s (LUNA) dramatic collapse have pushed the South Korean policymakers to call for swift crypto regulations. Call for Draft Regulation According to a new report, top officials have now asked cryptocurrency exchanges to devise guidelines with respect to the listing and delisting of digital tokens to safeguard the investors...Read More
South Korean police are reportedly looking to freeze assets associated with the non-profit organization Luna Foundation Guard (LFG) following the eventful collapse of Terra (LUNA). According to South Korea’s national broadcaster Korean Broadcasting System (KBS), on Monday (May 23, 2022), the Seoul Metropolitan Police Agency asked several exchanges in the country to prevent LFG from...Read More
Two leading South Korean cryptocurrency exchanges, UpBit and Bithumb, have issued a warning for Litecoin after the activation of MimbleWimble Extension Blocks (MWEB). Growing Concerns UpBit revealed terminating “transaction support for digital assets with technology that makes transmission records indistinguishable from the past” while pointing to Korea’s Act on the Reporting and Use of Specific...Read More
South Korea’s National Tax Service has reportedly ordered Terraform Labs, its co-founder Do Kwon, and other executives to pay a 100 billion won ($78 million) fine for tax evasion penalties. The Genesis According to local reports, the tax agency first launched an investigation into Terraform Labs and its subsidiaries in June last year on suspicion...Read More
