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South Korean Web3 Music Service Somesing Loses $11.58 Million in Token Exploit
29.1.2024
Somesing, a popular blockchain-based social karaoke platform in South Korea, has fallen victim to an exploit resulting in the loss of approximately $11.58 million. In a recent Medium post, the platform revealed that 730 million of its native token SSX had been compromised. The attack targeted...
South Korean Crypto Exchanges Blocked $82m Worth of Romance Scam Transactions in 2023
29.1.2024
South Korean crypto exchanges say they blocked over $82 million worth of transactions linked to romance scams last year. Per Seoul Shinmun, the crypto exchange Coinone claimed catfishing and other romantic scams that make use of crypto were now “rampant” in South Korea. Coinone said that it...
Ozys’ Former Chief Security Officer Allegedly Weakened Security of Network Weeks Before $81.5M Hack
25.1.2024
Source: Pixabay South Korean blockchain network Ozys has made a damning revelation in the aftermath of its January 1, 2024 platform hack. In a January 25 Medium blog post, Ozys CEO Jinhan Choi clarified that the breach was not a result of overlooked security measures on their part. Rather, it was...
South Korean ‘Crypto Drug Dealer’ Jailed for 7 Years
25.1.2024
A South Korean court has sent a drug dealer who sold narcotics to crypto-paying “customers” to jail for seven years. Per the news agency Yonhap, the Criminal Division of the Busan District Court also ordered the unnamed individual – referred to by the media as “A” – to pay a fine of over $9,000....
South Korean Tax Body Seized Crypto Worth $28.4m From ‘Tax Dodgers’ in 2023
24.1.2024
South Korea’s tax body last year confiscated cryptoassets worth $28.4 million from citizens who were trying to avoid paying taxes. Per Newsis, the number of “crypto tax dodgers” has ballooned from 5,741 – a figure reported in late 2022 – to 10,849. The latest figures come from the National...
South Korean Authorities Slammed for Taking Crypto Regulation ‘Baby Steps’
24.1.2024
South Korea’s financial regulators are taking “baby steps” while US counterparts forge ahead with rapid crypto regulation progress, a new report has claimed. Per the South Korean media outlet News Tomato, domestic financial authorities are yet to “properly organize” their crypto arms. The outlet...
South Korean ‘Bogus Crypto Exchange’ Fraudster Jailed
22.1.2024
Source: MemoryMan/Adobe A South Korean court has sent an individual who provided a bogus crypto exchange with illegal bank documents to prison for four years. Per Busan Ilbo, Judge Kim Jae-yoon of Changwon District Court sentenced an unnamed individual “in their 30s” following a fraud conviction....
Manta Network Faces Money Laundering Allegations After Recovering From DDoS Attack
19.1.2024
Zero-knowledge L2 blockchain Manta Network has been accused of money laundering in South Korea shortly after the blockchain was hit by a DDoS attack. In an X post published on January 18th, user @Definalist noted that 2 million MANTA tokens were transferred to the personal wallet of Manta’s...
South Korean Presidential Office Suggests Reevaluation of Bitcoin ETF Approval
19.1.2024
South Korea‘s Presidential Office has recently proposed reconsideration for the approval of a local spot Bitcoin exchange-traded fund (ETF). According to reports from Maeil Business, the suggestion for reevaluating the spot Bitcoin ETF comes from Sung Tae-yoon, the Chief of Staff for Policy...
South Korean Gov’t to ‘Completely Review’ Crypto Tax Law
18.1.2024
Source: HyunJun/Adobe The South Korean government says it will “completely re-examine” the “need” to tax crypto traders on their earnings. As things stand, traders are set to be taxed on their earnings from January 2025. But per News1, the government will “review” its stance on the taxation...
Spot Bitcoin ETF Approval Was a Sell-the-News Event: CryptoQuant
18.1.2024
It has been a whole week since the U.S. Securities and Exchange Commission (SEC) approved Spot Bitcoin exchange-traded funds (ETFs) and unsurprisingly this has been a “sell-the-news” type of event. Many cryptocurrency traders decided to use this event as the perfect opportunity to sell...
‘$3.5m Nursing Care Fund Crypto Thief’ Extradited to South Korea
18.1.2024
Source: S…/Adobe South Korean law enforcers have extradited a man suspected of stealing $3.5 million from a nursing care fund to buy cryptoassets before fleeing abroad. The man, surnamed Choi (aged 46), is a former National Health Insurance Corporation middle manager. He was arrested in...
South Korea Mulls Issuing Crypto Mixing Regulations to Curb Money Laundering
17.1.2024
Financial authorities are preparing to issue cryptocurrency mixing-specific regulations in South Korea to stop criminal groups from using these tools to launder funds obtained illegally. The Korean authorities are discussing whether to allow virtual asset service providers (VASPs) to reject...
South Korean Bankruptcy Court Judge Calls for More Crypto Regulation
17.1.2024
Source: Valerii Evlakhov/Adobe A South Korean bankruptcy court judge has called on the government to bolster regulation in the crypto industry, claiming investors need more protection. Per Newsis, the claims were made by Judge Lee Seok-jun, of the Seoul Bankruptcy Court. Lee wrote a paper...
Top NFT News Today – 16 January, 2024
16.1.2024
Source: Nyan Heroes There is no such thing as a boring day in the non-fungible token (NFT) world. In today’s NFT news selection, read about South Korean Starbucks launching a first-of-its-kind NFT collection, the Epic Games Store releasing the Nyan Heroes game, and Pudgy Penguins jumping...
Gov’t Servers in South Korean City ‘Infected with Crypto Mining Malware’
16.1.2024
Source: iuliia_n/Adobe Crypto mining malware has been found on two government servers in the South Korean city of Daejeon, an audit has found. Per MBN, the nation’s Ministry of Public Administration and Security commissioned biannual audits of the city government’s servers. During...
South Korea’s Crypto Volumes Peak in 2024 as Upbit and Bithumb Dominate Local Market
15.1.2024
In the last 100 days, South Korea’s crypto trading activity has experienced a significant upswing. The country’s leading crypto exchanges, Upbit and Bithumb, recorded their highest trading volumes in the initial week of January 2024. Despite the noticeable premium on South...
South Korea Seeks Regulation Against Crypto Mixers Citing Illegal Use Cases
15.1.2024
Source: AdobeStock South Korean regulators seek to introduce new laws that would sanction the use of cryptocurrency mixers in the country to curb the rate of illicit financial activities. According to local news outlets, the Financial Intelligence Unit is considering rolling out new regulations...
‘No South Korea Bitcoin ETF Approval Before Elections,’ Say Experts
15.1.2024
Source: Wit/Adobe South Korean regulators will not give the green light to a domestic Bitcoin spot ETF before the nation’s next general elections, insiders claim. Per Sobija Mandueneun Shinmun, anonymous financial investment industry officials believe that any new crypto regulation will...
Two South Korean Brokerages Pause Transactions of Foreign Spot Bitcoin ETFs
12.1.2024
Source: Pixabay Two major South Korean securities firms have suspended transaction services of foreign spot Bitcoin ETFs. Following an announcement from South Korea’s Financial Services Commission, the country’s top financial watchdog, Samsung Securities and Mirae Asset Securities...