South Korea | ForkLog

ForkLog 13 29.08.2024

Cryptocurrency Fraudster Undergoes Plastic Surgery to Evade Arrest in South Korea

South Korean police have apprehended the leader of a fraudulent scheme who embezzled 16 billion won ($12 million) from clients under the guise of cryptocurrency investments, according to local media. Investigators report that the 40-year-old suspect promoted a company purportedly involved in cryptocurrency mining from November 2021 to June 2022. He promised clients a monthly […]

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ForkLog 23 29.08.2024

LINE to Introduce Telegram-Style Apps in Messenger

The team behind Kaia, an L1 blockchain based on South Korea’s Kakao and Japan’s LINE messengers, is set to launch its mainnet. Among its features is the ability to create applications “in the style of Telegram,” reports The Block. The event is scheduled for August 30 at 6:00 (Kyiv/Moscow). Kaia was introduced in April following […]

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ForkLog 12 28.08.2024

Haru Invest CEO Attacked in Courtroom

On August 28, Lee Hyun-su, the CEO of South Korean cryptocurrency investment platform Haru Invest, accused of embezzling approximately $826 million from clients, was attacked with a weapon in a courtroom. This was reported by local media. During the session, one of the aggrieved investors approached Lee and stabbed him multiple times in the neck […]

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ForkLog 100 21.08.2024

Co-founder of Bitcoin Scheme FutureNet Arrested in Montenegro

Police in Podgorica, acting on requests from Poland and South Korea, have arrested Roman Ziemian, co-founder of the cryptocurrency scheme FutureNet, on suspicion of multimillion-dollar fraud. This was reported by local media. According to the investigation, in 2014, the 51-year-old Polish national, along with Stephan Morgenstern, established a fund engaged in cryptocurrency trading. The platform […]

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ForkLog 30 02.08.2024

Do Kwon to be Extradited to South Korea

The Court of Appeals in Montenegro rejected the US request for the extradition of former Terraform Labs (TFL) CEO Do Kwon, deciding instead to send him to South Korea. This verdict by the Court of Appeals upholds the decision of the High Court of Podgorica, made at the end of June. In November 2023, the […]

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ForkLog 59 01.07.2024

SK Hynix to Invest $74.6 Billion in AI Chip Development

By 2028, South Korean chipmaker SK Hynix will invest 103 trillion won ($74.6 billion) to bolster its chip development business with a focus on AI. This was reported by Reuters, citing a statement from its parent company, SK Group. The conglomerate also plans to raise 80 trillion won ($57.6 billion) by 2026 for investments in […]

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ForkLog 15 18.06.2024

Regulatory Era: EU to Exclude Stablecoins, South Korea Targets Altcoins

The cryptocurrency exchange Uphold will delist USDT and five other stablecoins for Europeans under MiCA. The South Korean regulator has mandated a review of 600 altcoins listed on licensed trading platforms in the country. Starting July 1, the cryptocurrency exchange Uphold will cease support for stablecoins USDT, DAI, FRAX, GUSD, USDP, and TUSD for users […]

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ForkLog 15 12.06.2024

South Korean AI Chipmakers Rebellions and Sapeon Announce Merger

Two prominent South Korean startups specializing in artificial intelligence chip production, Rebellions and Sapeon, have decided to merge. This was reported by TechCrunch. The merger of Rebellions and Sapeon is a strategic move aimed at securing leadership in the local AI chip market and competing with global giants like Nvidia. Nvidia currently holds 97% of […]

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ForkLog 18 17.04.2024

South Korean Won Surpasses Dollar in Crypto Exchange Turnover, Reports Kaiko

In the first quarter of 2024, the South Korean won surpassed the US dollar in total trading volume on Bitcoin exchanges, reaching $456 billion compared to $445 billion. These estimates were presented by Kaiko. Source: Kaiko. The last time such high activity was observed on South Korean cryptocurrency platforms was two years ago. The drivers […]

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ForkLog 8 27.03.2024

South Korean Fraudsters Swindle $4.1 Million in Cryptocurrency Scam

Busan police have apprehended two individuals for defrauding an elderly citizen of 5.5 billion won ($4.1 million) under the guise of cryptocurrency investments, as reported by local media. According to the case materials, the victim was promised a 70% return on monthly investments of 1 billion won. From September to December 2022, the fraudsters received […]

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ForkLog 25 08.03.2024

Do Kwon to be Extradited to South Korea

Do Kwon, co-founder of Terraform Labs (TFL), is set to be extradited to South Korea. This decision was made by the High Court of Montenegro, reports Vijesti. On March 5, the country’s Court of Appeal overturned the approval for the TFL head’s extradition to the United States authorities. Previously, lawyers had succeeded in similar petitions […]

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ForkLog 9 07.03.2024

Bitcoin’s ‘Kimchi Premium’ Reaches Two-Year High

The premium on South Korean cryptocurrency exchanges compared to global averages has surged to a 27-month high of 10.32%. This data is provided by analysts at CryptoQuant. This phenomenon is shaped by local regulations that hinder arbitrage. Non-residents are barred from accessing local platforms. South Korean investors, under the Foreign Exchange Transactions Act, may face […]

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