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Crypto Yield Firm Haru Invest Execs Arrested in S.Korea for Laundering User Funds
6.2.2024
Top executives of Haru Invest, a South Korean crypto yield platform, have been arrested by the county’s prosecutors on Monday. The crypto investigation arm of the Seoul Southern District Prosecutors’ Office have arrested three people in connection with crypto fraud worth 1 trillion Won ($752...
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...
Former Bithumb Chairman Acquitted in $100M Fraud Case in Second Trial
18.1.2024
The former chairman of Bithumb Holdings and Bithumb Korea, Lee Jeong-hoon, has been acquitted for the second time in the $100 million fraud case. The recent decision by the 5th Criminal Division of the Seoul High Court follows Lee’s earlier acquittal in January 2023 on comparable charges...
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...
IMF Head Urges For Clear Rules and Infrastructure to Curb Crypto Risks
14.12.2023
Source: iStock Kristalina Georgieva, the managing director of the International Monetary Fund (IMF), addressed ways to curb cryptocurrency risks on financial stability. Georgieva stressed that crypto assets need to be regulated with clear rules and infrastructure. Speaking at an international...
South Korea to Prioritize Innovation in Next Phase of Crypto Regulations
14.12.2023
Source: Pexels South Korea’s authorities have expressed a commitment to balance investor protection with fostering technological innovation in next phase of crypto regulations. Kim So-young, Vice Chairman of the Financial Services Commission, emphasized the need for regulations to strike this...
South Korea’s Biggest Supermarket Says Next-gen ATMs May Be Crypto Compatible
7.12.2023
Source: CravenA/Adobe Emart, South Korea’s largest retailer and supermarket chain, says its new next-generation ATMs could soon feature crypto and security token offering (STO) trading functions. The First reported that Emart’s convenience store brand Emart24 has installed new “digital ATMs” at...
South Korean Customs Service Swoops on Int’l ‘USDT-Gambling Ring’
6.12.2023
Source: Tatyana Maksimova/Adobe South Korean law enforcers are continuing to crack down on crypto-powered crime, with customs officials shutting down a suspected international gambling ring that used USDT. According to the broadcaster KBS, officers arrested seven people in raids, with one remanded...
Trial of Bithumb Operator’s CEO Begins
22.11.2023
Source: chones/Adobe The trial of Lee Sang-jun, the CEO of the crypto exchange Bithumb’s parent company, has begun in Seoul, South Korea. Lee (54), the CEO of Bithumb Holdings, is being tried alongside the former pro golfer and celebrity Ahn Seong-hyeon (42) on charges of “soliciting the listings”...
Bithumb’s Ex-Chair Faces Eight-Year Jail Term as Prosecutors File Appeal
17.11.2023
source: gesrey/Adobe South Korean prosecutors have filed an appeal in the alleged fraud case involving Lee Jeong-hoon, the former chair of local cryptocurrency exchange Bithumb. According to the report from Seoul Economic Daily, prosecutors are once again advocating for an eight-year jail term...
South Korean High Court Sentences Crypto Scammer to 9 Years in Jail
14.11.2023
Source: kwanchaift/Adobe A branch of the South Korean High Court has jailed a convicted crypto scammer who operated a bogus token trading platform for nine and a half years. Per Seoul Kyungjae, the case was heard at the Busan High Court (Ulsan Tribunal) on November 12. The scammer, unnamed...
South Korean Police Shut Down ‘International Crypto Fraud’ Ring, Freeze $1.2m
8.11.2023
Source: Maksim Shmeljov/Adobe South Korean police have swooped on a group of suspected “international” crypto fraudsters, freezing over $12 million and arresting 49. Newsis reported that the Cyber Investigation Department of the Seoul Metropolitan Police Agency has “arrested a total of 49 people...
South Korea’s New Crypto Crime Investigation Unit Is Already ‘Overloaded’
31.10.2023
A South Korean prosecution unit dedicated to investigating crypto crime is already “overloaded” with cases, just over a year after launching. The unit operates as part of the Seoul Southern District Prosecutors’ Office and was formerly known as the Financial and Securities Crime...
South Koreans Report Over $98 Billion in Overseas Crypto Assets
21.9.2023
South Korean tax payers have declared some 131 trillion won (more than $98 billion) of crypto holdings in overseas accounts this year. The amount was announced by the country’s tax agency and it comes after the authorities in Seoul imposed a mandatory reporting requirement for financial assets held...
Roger Ver Joins Leading Innovators at Upbit D Conference 2023
8.9.2023
PRESS RELEASE. The future of blockchain comes into focus at the Upbit D Conference (UDC), where Roger Ver, a leading figure in the crypto space and Founder of Bitcoin.com, will take the stage at Grand Walkerhill Seoul, Korea. Since its inception in 2018, UDC has transformed from an exclusive...
South Korea Seeks to Freeze North’s Crypto Assets Under New Law
6.9.2023
The government in Seoul intends to submit new legislation tailored to facilitate the tracking and freezing of crypto used to fund the weapons programs of North Korea. A bill has been drafted after extended consultations between ministries with the aim to make South Korean sanctions more effective...
South Korea's CBDC Pilot to Take Place in Jeju, Busan, or Incheon, Excluding Seoul
1.8.2023
The central Bank of Korea (BOK) has narrowed down the choices for its central bank digital currency (CBDC) pilot venue to three regions. Notably, the nation's capital Seoul is not among these.
The major regions chosen as candidates are Jeju, Busan, and Incheon, according to IT Chosun. ...
Bank of Korea to Exclude Seoul From CBDC Pilot Study Next Year: Report
31.7.2023
Jeju, Busan and Incheon are in the running to be considered
South Korea to pilot CBDC in one of these three cities, not Seoul
31.7.2023
South Korea pushes forward with its CBDC pilot and targets three potential test regions for issuing and distributing the digital currency
LBank Labs and Seoul Metropolitan Government to Drive Blockchain Innovation at Seoul Web3 Festival
24.7.2023
PRESS RELEASE. LBank Labs is delighted to announce its collaboration with the Seoul Metropolitan Government in hosting the highly anticipated Seoul Web3 Festival 2023 (SWF 2023) in late July. With the participation of prominent figures from the blockchain and Web3 industry, the event promises to...