Wemade Faces Probe Over Crypto Fraud Allegations
Wemade, a South Korean Web3 game developer, is under investigation by local prosecutors for allegedly violating the rules for virtual asset service providers and issuing fraudulent tokens. Wemade, a South Korean Web3 game developer, is currently facing a probe by the Seoul Southern District Prosecutor’s Office’s first financial investigation department. According to a local media […]
South Korean FIU Probes OKX Over Alleged Unregistered Services
The Financial Intelligence Unit (FIU) of South Korea is reportedly conducting an investigation into OKX in response to allegations that the company operated an unregistered cryptocurrency exchange. News1, a South Korean news outlet, reported on February 7 that the Digital Asset Exchange Association (DAXA) notified the FIU of OKX’s activities, instigating an inquiry into the […]
Crypto Criminals to Face life imprisonment in South Korea
A new version of the Virtual Asset Users Protection Act, issued by the South Korean government states that criminals that earn over 5 billion won ($3.8 million) in illegal crypto profits will face life imprisonment sentences. The top financial regulator in South Korea, the Financial Services Commission (FSC), implemented a novel legislation on February 7 […]
Bitsonic CEO and VP Jailed for 10 Billion Won Crypto Fraud
The CEO and vice president of technology of Bitsonic, a South Korean crypto exchange, have been sentenced to prison for orchestrating a massive fraud scheme involving fake trading volumes and customer deposits. The Seoul Eastern District Court has sentenced the CEO and vice president of technology of Bitsonic, a major South Korean crypto exchange, to […]
South Korea Prosecutors Arrest Haru Invest Execs
Several executives affiliated with the troubled cryptocurrency yield platform Haru Invest, which halted withdrawals in June 2023, have been arrested and detained by South Korean prosecutors. Yonhap, a local news agency, reported on February 6 that the virtual asset crime investigation branch of the Seoul Southern District Prosecutors Office had arrested three key individuals responsible […]