South Korea | ForkLog

ForkLog 29 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 9 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 21 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 11 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 13 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 6 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 64 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 23 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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ForkLog 23 11.01.2024

Hong Kong Urged to Lead on Crypto-ETFs

Johnny Ng Kit-chong, a member of Hong Kong’s Legislative Council, emphasized the need for the jurisdiction to “take the initiative” in implementing spot crypto-ETFs. 美國證券交易委員會SEC在香港時間凌晨通過現貨比特幣ETF。此舉對虛擬資產市場是一個重要的舉動，也吸引更多傳統投資者和資金參與虛擬資產領域投資。經過這次SEC通過現貨比特幣ETF，我認為香港也要在虛擬資產領域敢於做「領頭羊」，通過創新政策來帶領整個行業發展。 1. 特區政府盡快推動現貨ETF的落實… pic.twitter.com/5b0fhHFQHh — Johnny Ng 吴杰庄 (@Johnny_nkc) January 11, 2024 “I hope that Hong Kong, amidst the rapid development and fierce competition in the virtual assets sector, can quickly […]

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ForkLog 9 16.11.2023

South Korea’s National Pension Service earns 40% on Coinbase stock rally

South Korea's National Pension Service, with assets of about $800 billion, bought 282,673 Coinbase shares in the third quarter at an average price of $70.5 for a total of 26 billion KRW (~$19.9 million). The investment has already yielded 40%.

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ForkLog 13 14.11.2023

Modhaus, a Web3 startup focused on K-pop, closes $8 million Series A

South Korean Web3 startup Modhaus, which promotes artists in the K-pop genre, closed an $8 million Series A funding round.

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