South Korea’s financial authorities are facing criticism after failing to spot major flaws in Bithumb’s systems that led to an unprecedented Bitcoin error. Despite repeated inspections by the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS), a vulnerability remained that allowed a single employee to trigger massive coin transfers without detection. Bithumb Crypto […]
A South Korean court has sentenced Jong-hwan Lee, CEO of a local crypto asset management firm, to three years in prison for manipulating cryptocurrency prices to secure illicit profits. The Seoul Southern District Court ruled on Wednesday that Lee violated the Virtual Asset User Protection Act, earning approximately 7.1 billion Korean won (which is worth […]
The Gwangju District Prosecutors’ Office recently discovered that the Bitcoin it had confiscated in a criminal case and stored as part of an investigation was no longer accessible, according to a report by a South Korean news outlet. It is estimated that the losses are at “hundreds of billions of won,” though the exact figure […]
The report, carried out by the Hana Financial Research Institute, a research firm specializing in financial markets and economic trends, analyzes current investor tendencies and future intentions. Of the participants in the survey, 27% reported that they own crypto, with the average investment being around $10 million won (just shy of $7.4k), which accounts for […]
A South Korean court has acquitted Haru Invest CEO Lee Hyung-soo of fraud charges tied to the loss of approximately $650 million in crypto. The 15th Criminal Division of the Seoul Southern District Court delivered the ruling, led by Presiding Judge Yang Hwan-seung. Judge Yang’s Ruling Local media reports revealed that the court found that […]
There is a notable divergence in Bitcoin investor behavior between the US and Korean markets. Amid heightened global uncertainty, which is fueled by escalating US-China trade tensions, Bitcoin has experienced a sharp correction, though recent signs point to stabilization. Interestingly, the Coinbase Premium, a metric that reflects the price difference of Bitcoin on Coinbase versus […]
A South Korean man who attacked a crypto executive with a weapon during a courtroom trial could be sentenced to 10 years in prison. Prosecutors have sought this sentence for the individual, identified as Mr. Kang, who was charged with attempted murder and disrupting courtroom proceedings after stabbing Mr. Lee Hyung-soo, the CEO of Haru […]
South Korean financial authorities are considering imposing sanctions on several crypto exchanges that have failed to comply with local regulations. According to a report from local media Korea Economic Daily, the crypto exchanges include BitMEX, KuCoin, CoinW, Bitunix, and KCEX. S. Korea to Sanction Crypto Exchanges The Financial Intelligence Unit (FIU) of South Korea’s Financial […]
South Korean prosecutors have launched an investigation into Bithumb over allegations that company funds were misused to purchase an apartment for its former CEO. The Seoul Southern District Prosecutors’ Office conducted a search and seizure operation on March 20 at the company’s headquarters in Yeoksam-dong, Seoul. The Alleged Purchase According to local media reports, Bithumb […]
The United States government may be keen on owning and maintaining a digital asset stockpile, but not all countries feel the same way. South Korea, for one, has expressed its disinterest in including bitcoin (BTC), or any cryptocurrencies, in its foreign exchange reserves. A report from the local media Korea Economic Daily revealed that the […]