South Korean court freezes $92M in Terra-related funds
Authorities in South Korea are still looking into the collapse of the Terra ecosystem more than six months after it happened and have frozen the funds of those who were involved. Shin Hyun-Seong, a co-founder of Terra, had 140 billion won ($108 million) seized from him in November, and the Seoul Southern District Court has […]
Wemix delisting saga continues at South Korean court
Microsoft-backed video game developer Wemade plans to further continue the legal battle against South Korea’s largest crypto exchanges. Wemade’s request to have its Wemix (WEMIX) tokens delisted was denied by a South Korean court, which backed the local exchanges’ decision. The Digital Asset eXchange Alliance (DAXA) decision to delist WEMIX from significant South Korean exchanges […]
South Korea drops arrest warrants for ex-Terraform Labs workers
Authorities in South Korea have revoked the arrest warrants that five former Terraform Labs employees had been the subject of requests from prosecutors last week. Following the rejection of the arrest warrants, Terraform Labs issued a statement claiming that this “illustrates that the prosecutors are trying to stretch Korean laws past their breaking point.” Daniel […]
South Korea revises Crypto regulations to avoid FTX recurrence
Yoon Chang-Hyun, a South Korean politician from the People Power Party, wants to change the crypto-safe transaction bill because he thinks the current bill doesn’t protect users enough after the FTX collapse. Yoon Change-Hyun presented the bill change to the National Assembly Political Affairs Committee on November 22 during a first subcommittee meeting to discuss […]
South Korean Regulators To Toughen Crypto Fraud Punishments
South Korean Regulators plan to strengthen regulations, with safeguarding investors in virtual assets, and toughening the penalties.. Local media reports that the Financial Services Commission (FSC) and the National Assembly are working to pass a bill that would allow financial authorities to supervise cryptocurrency exchanges and monitor unfair trade practices like the use of confidential […]