South Korean Crypto Karaoke Platform Hacked for $11.5M
An attack caused the South Korean karaoke blockchain platform Somesing to lose access to 730 million SSX tokens valued at $11.58 million. A blog post by Somesing states that the hack happened on January 27. From the SSX tokens that were taken, 226 million were in the fund’s custody, and 504 million were still unallocated […]
South Korea May Reconsider Stance on Bitcoin ETFs
South Korea’s Presidential Office has taken a proactive stance regarding the trading of Bitcoin exchange-traded funds (ETFs). The South Korean financial authority was urged by the office of the president of South Korea to reevaluate the prospect of allowing spot Bitcoin (BTC) exchange-traded funds (ETFs) to be traded in the nation. Formerly, South Korean businesses […]
South Korea Considers Virtual Asset Mixer Regulation
In the face of escalating global concerns and the need to combat crypto money laundering, South Korea is contemplating implementing regulations on virtual asset mixers. South Korea, motivated by the desire to mitigate illicit financial activities, is considering the implementation of regulatory measures on crypto blenders, which are virtual asset mixers notorious for facilitating money […]
South Korean Public Officials to Disclose Crypto Holdings in 2024
In 2024, about 6,000 South Korean officials must disclose their cryptocurrency holdings to the public. The country’s Ministry of Personnel Management announced on December 27 that the Public Official Ethics System would incorporate details regarding government officials’ private crypto asset holdings. In the past, certain Korean civil servants would divulge their cryptocurrency holdings in the […]
Bitcoin’s Price Gap in Korea Signals a Possible Market Top
Bitcoin is trading at a higher price in South Korea than in other markets, a phenomenon known as the Kimchi premium. This could indicate strong buying pressure from Korean retail investors but also a sign of an overheated market that may soon correct. The Kimchi premium is the difference between the price of Bitcoin on […]