South Korea | ForkLog

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 27 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 11 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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ForkLog 30 26.02.2024

Potential Easing of Crypto Regulations in South Korea Post-Elections

The government formed after the upcoming April elections in South Korea may ease certain regulations on digital assets, according to DL News. Journalists noted that the two main political parties — the People Power Party and the Democratic Party of Korea — are considering the approval of spot Bitcoin ETFs. Such plans diverge from the […]

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ForkLog 6 22.02.2024

South Korean Authorities Collect $4.6 Million in Cryptocurrency Taxes

The tax department of South Korea’s Gyeonggi Province has announced the collection of $4.6 million in taxes from cryptocurrency income evaders in 2023, according to local media. Previously, the process was delayed for months due to the need to send official requests to trading platforms for each user. Now, authorities have utilized a new digital […]

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ForkLog 11 07.02.2024

CEO of Bitsonic Sentenced to Seven Years for Fraud

The CEO of South Korean cryptocurrency exchange Bitsonic, Jinwook Shin, has been sentenced to seven years in prison for his involvement in a fraudulent scheme amounting to 10 billion won ($7.5 million), according to local media. Court documents reveal that from January 2019 to May 2021, Shin artificially inflated trading volumes on the exchange and […]

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ForkLog 22 06.02.2024

Haru Invest Executives Arrested for Alleged $826 Million Embezzlement

In South Korea, three executives of the cryptocurrency investment platform Haru Invest have been arrested, reports The Block. Prosecutors from the Southern District of Seoul have accused the detained individuals of embezzling digital assets worth approximately 1.1 trillion Korean won ($826 million) from around 16,000 users. The platform allegedly invested most of the clients’ funds […]

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ForkLog 12 05.02.2024

Former TFL CFO Extradited to South Korea

The authorities in Montenegro have extradited former Chief Financial Officer of Terraform Labs (TFL), Han Chang-Joon, to South Korea. According to the statement, Joon was handed over “for proceedings related to several criminal offenses involving fraud in financial services, investments, and capital markets.” The document specifies that such offenses in South Korea “carry a potential […]

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ForkLog 14 25.01.2024

Former Orbit Bridge Employee Suspected of Aiding $80 Million Attack

South Korean company Ozys, the developer behind the cross-chain bridge Orbit Bridge, accused a former employee of aiding a recent attack on the protocol. According to preliminary investigation results, on November 22, 2023, the Chief Information Security Officer weakened the internal firewall settings. Two days earlier, this employee had submitted a resignation letter. He left […]

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ForkLog 7 19.01.2024

South Korea Urged to Reconsider Stance on Spot Bitcoin ETFs

On January 18, the office of the President of South Korea requested the local Financial Services Commission (FSC) to reconsider its stance on spot Bitcoin ETFs, according to The Block. During a briefing, Yoon Tae-yen, the head of policy, stated that the government is exploring the possibility and methods of incorporating foreign regulations into local […]

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ForkLog 67 18.01.2024

Former Bithumb Chairman Acquitted of Fraud Charges Again

On January 18th, the Seoul High Court acquitted Lee Jong-hoon, the former chairman of the South Korean cryptocurrency exchange Bithumb, for the second time on charges of fraud and deceiving investors out of $70 million, according to local media. The lawsuit against Lee was filed by cosmetic surgeon and co-founder of the Blockchain Exchange Alliance […]

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ForkLog 25 12.01.2024

Banks’ Stance on Bitcoin ETFs: From Restriction to Broad Access

Banks Citi and UBS are set to add spot bitcoin ETFs to the list of trading instruments available to their clients, in contrast to the stance of several other major institutions. This was reported by CoinDesk. A source from UBS informed the publication that the product will be unavailable to account holders with lower risk […]

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