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 […]
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 […]