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South Korean Police Arrest Suspects in Winnerz-linked ‘Scam Coin’ Case
15.2.2024
A suspected scam coin operator was arrested in Gimpo, Gyeonggi Province, South Korea – in a case that appears to be linked to the controversy surrounding the blockchain firm Winnerz. According to YTN, Gimpo police charged an unnamed individual in their 20s with fraud. A second individual (also...
Crypto Exchanges Reported Over 16,000 Flagged Transactions to South Korean Authorities
14.2.2024
South Korean crypto exchanges reported over 16,000 transactions to local authorities in 2023, an increase from previous years. The Financial Intelligence Unit (FIU) released a breakdown of its efforts to tackle money laundering and other illegal financial threats involving crypto assets....
South Korean Celebrities Embroiled in Crypto ‘Scam’ Allegations
14.2.2024
South Korean celebrities, including top YouTubers, a veteran of the 2002 World Cup, a race car driver, and a leading comedian have been embroiled in a fast-developing crypto “scam” controversy. The controversy centers around a firm named Winnerz, a South Korean blockchain-powered sports project...
South Korea Plans to Block Unlicensed Crypto Exchanges
12.2.2024
South Korea plans to conduct virtual asset exchange inspections to expel ineligible platforms later this year. Authorities are contemplating an advanced suspension system for suspicious transactions. This would rapidly prevent the concealment of illicit funds during all stages of the investigation...
14 Suspected South Korean ‘Kimchi Premium’ Crypto Traders Cleared
12.2.2024
South Korean prosecutors have suffered a blow in their efforts to shut down kimchi premium crypto traders – with 14 suspects cleared of wrongdoing. Officials accused 16 people of illegally remitting $3.2 billion worth of assets, including crypto, fiat, and goods. Newsis reported that two of...
Chtěl se vyhnout vojně jako pacifista, soud zjistil, že hraje střílečky
10.2.2024
Jihokorejský soud odsoudil na 18 měsíců vězení mladého muže, který se vyhýbal povinné vojně. Jeho argumentaci tím, že je přesvědčený pacifista, nikdo neuvěřil, ukázalo se totiž, že jde o vášnivého hráče online střílečky PUBG
UN Expert Panel Investigate $3B Worth North Korean Crypto Cyberattacks: Report
9.2.2024
An independent United Nations jury of sanctions monitors is conducting a probe into North Korea’s involvement in $3 billion worth cyberattacks on crypto firms. According to an unpublished UN report reviewed by Reuters, the monitors accused the Democratic People’s Republic of Korea (DPRK)...
WeMade Crypto Blow as South Korean Regulators Probe Game Maker’s ‘Unregistered Sales’
9.2.2024
The South Korean game maker WeMade crypto project suffered a blow on February 8 as regulators launched a probe into suspected “unregistered” sales on WEMIX platforms. Maeil Kyungjae reported that the Financial Intelligence Unit (FIU), which reports to the Financial Services Commission,...
Crypto Platform Haru Invest’s Top Executives Arrested for Allegedly Embezzling $826 Million
8.2.2024
The leadership of Haru Invest finds itself behind bars, facing allegations of defrauding 16,000 customers by embezzling hundreds of millions of dollars under the guise of offering safe, high-yield crypto investments. Haru Invest Executives Arrested for $826 Million Embezzlement South Korean...
South Korean Altcoin Execs Released on Bail
8.2.2024
Two South Korean altcoin executives were freed on bail on February 7 pending a fraud trial. Prosecutors think the executives manipulated token prices to defraud investors. Per Newsis, the Seoul Southern District Court released Pica Project/Pica Coin co-chairs Song (aged 24) and Seong (aged 45)....
South Korea Exchange Association Petitions OKX for Offering Services Without Approval
7.2.2024
A group of cryptocurrency exchanges known as the Digital Asset Exchange Alliance (DAXA) has reported rival OKX to the financial authorities in South Korea. According to a Feb 7 report, OKX faces regulatory scrutiny by South Korean authorities after a report that it targeted local traders without...
South Korea Imposes Stricter Punishments For Crypto Trading Offenses
7.2.2024
South Korea’s financial regulators have slated July 19 for the implementation of the Virtual Asset User Protection Act and the Virtual Asset Industry Supervision Regulations. According to local media outlets, The Financial Service Commission (FSC) disclosed on Feb 7 the date for both regulations...
Crypto Crime Could Mean Jail for Life in South Korea
7.2.2024
The new consumer protection rules will take effect in July 2024
South Korean Regulator Plans to Discuss Crypto Rules With US SEC Chair Gary Gensler
7.2.2024
South Korea’s financial watchdog chief is planning to visit the U.S. to discuss crypto regulation with the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, with a focus on the SEC’s recent decision to approve spot bitcoin exchange-traded funds (ETFs)....
South Korean Crypto Exchange Bitsonic Execs Jailed for Price Manipulation
7.2.2024
A Seoul court jailed South Korean crypto exchange Bitsonic executives for manipulating crypto prices – and profiting to the tune of $7.5 million. Newsis reported that the Seoul Eastern District Court sentenced the CEO of the Bitsonic trading platform to seven years in prison. South Korean Crypto...
Web3 Game Developer Wemade Reports Widening Losses in Q4 2023
6.2.2024
South Korean Web3 game developer Wemade has disclosed a significant increase in operating and net losses in the fourth quarter of last year, as per its latest earnings report. According to the report released on Tuesday, the Kosdaq-listed company’s net loss surged to 189.5 billion won ($142.6...
Haru Invest Execs Arrested in South Korea for Allegedly Stealing $828M Worth of Crypto: Report
6.2.2024
The platform paused withdrawals and fired 100 employees last June citing issues with service partners
Crypto Yield Firm Haru Invest Execs Arrested in S.Korea for Laundering User Funds
6.2.2024
Top executives of Haru Invest, a South Korean crypto yield platform, have been arrested by the county’s prosecutors on Monday. The crypto investigation arm of the Seoul Southern District Prosecutors’ Office have arrested three people in connection with crypto fraud worth 1 trillion Won ($752...
South Korean Crypto Exchange Bithumb Reinstates Commission Fees After Four Months
6.2.2024
The South Korean crypto exchange Bithumb ended its four-month campaign of commission-free crypto trading on February 5. Per Insight Korea, Bithumb began charging a 0.04% fee “for all crypto transactions starting from February 5.” Bithumb vs Upbit: South Korean Crypto Exchange Rivals Go to War?...
Former Terraform Labs Financial Officer Has Been Extradited to South Korea — Montenegro Police
5.2.2024
Montenegro recently extradited the former Terraform Labs financial officer Han Chang-joon to South Korea where he faces fraud-related charges. According to the Montenegro police, the decision to extradite Han was made by the country’s Justice Ministry. Han Faces Criminal Charges in South...