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S Korean Police Bust Two ‘Crypto Scam Rings’ Worth a Combined $350m – Crypto Fraud on the Rise?
31.5.2023
South Korean police have shut down two suspected crypto scams they think are worth a combined $350 million, with hundreds of victims believed to have been duped.
Per Joongboo Ilbo, one case involved a “virtual fashion items” marketplace.
This appears to have tricked at least 435 “victims” out...
South Korean Court Jails Civil Servant Who Stole Public Funds to Buy Crypto
29.5.2023
A South Korean court has handed a suspended jail term to a civil servant who stole thousands of USD worth of public funds to pay for crypto investments.
Per Yonhap, the public official was handed a one-year suspended prison sentence, as well as two years of probation.
The official was not named...
From Beijing to Tokyo, Asian nations get active in crypto regulation: Law Decoded, May 22–29
29.5.2023
Lawmakers in Japan have decided to enforce stricter Anti-Money Laundering measures to trace cryptocurrency transactions from June 1
Spike in Crypto Scams Targeting Young Korean Women – Here’s How Fraudsters Strike
29.5.2023
There has been a spike in South Korean crypto scams that target young women on social media platforms, a new study has revealed.
Per iNews24 and Hanguk Kyungjae, the study revealed that 71% of “romance scam victims” ensnared via social media in 2022 were women.
The vast majority of these women...
Crypto Exchange Coinone's Former Exec Acknowledges Bribery Charges in South Korea: Report
26.5.2023
A lawyer for the accused reportedly said he admits "the facts of the prosecution," during a May 25 trial hearing
S Korean Police Bust ‘Crypto Scammer’ Who ‘Preyed on Housewives and Office Workers’
26.5.2023
South Korean police have arrest a suspected crypto scammer who allegedly preyed on “housewives and office workers.”
According to the broadcaster SBS, officers in Gimpo, Gyeonggi Province, arrested a 38-year-old man.
He was handed over to prosecutors on fraud-related charges.
Officers claimed...
South Korea Lawmakers Pass Law Requiring Officials to Disclose Crypto Holdings: Report
25.5.2023
Lawmakers recently called for the Bill to take effect within two months
South Korea passes bill to make officials disclose Bitcoin holdings
25.5.2023
The “Kim Nam-guk Prevention Law” comes in response to a scandal involving some National Assembly members moving large amounts of crypto
South Korean Prosecution Vows to ‘Review’ Crypto Sector as Scandal Intensifies
25.5.2023
South Korea’s Prosecutor-General has promised a “thorough review” of the crypto sector amid rising “public suspicion” about politicians and their crypto holdings.
Per Yonhap, Prosecutor-General Lee Won-seok said his agency would “faithfully investigate” the sector.
And he pledged to “resolve...
Bail revoked for Do Kwon after prosecutors in Montenegro appeal: Report
24.5.2023
Kwon and former chief financial officer Han Chong-joon reportedly lived in Serbia before they were caught trying to leave neighboring Montenegro using false documents
Bill Seeks to Oblige South Korean Lawmakers to Declare Crypto Assets
24.5.2023
A new bill requiring South Korean lawmakers to disclose their cryptocurrency holdings has been proposed in Seoul. The legislative initiative comes amid a snowballing scandal surrounding the crypto dealings of an opposition lawmaker whose case has been referred to the parliamentary ethics committee....
South Korea’s lead party wants crypto disclosure laws to apply earlier: Report
24.5.2023
The proposed bill would require top government officials and lawmakers to declare all personal crypto holdings over $760
South Korea's Ruling Party Calls to Expedite Bill on Lawmakers' Crypto Disclosures: Report
23.5.2023
The leader of South Korea's ruling People Power Party wants a new bill requiring lawmakers and high-level government officials to declare their cryptocurrency-related assets to be implemented within two months
South Korea to Amend Public Service Ethics Act, Mandating Disclosure of Cryptocurrency Holdings
23.5.2023
The South Korean government has drafted an amendment to an existing law, which would require public officials to disclose their cryptocurrency holdings.
According to the draft, public officials are abusing their positions, as well as the fact that the current Public Service Ethics Act does...
G7 discusses crypto, supports CBDC — Law Decoded, May 15–22
22.5.2023
The European Council has approved updated rules that extend tax reporting requirements to include transfers of crypto assets
South Korea to vote on bill requiring crypto asset disclosure for lawmakers
22.5.2023
A recent political scandal has prompted the proposal of legislation intended to ensure South Korean officials report all digital asset holdings above roughly $760
Terra Founder Do Kwon Having His Bail Conditions Appealed in Montenegrin Court
22.5.2023
Prosecutors in Montenegro appealed against the bail terms of Terra/LUNA co-founder Do Kwon and chief financial officer Han Chang-Joon.
On Wednesday, the State Prosecutor’s Office in the country's capital, Podgorica, filed an official appeal against the decision made by the court on May 12 to grant...
South Korean Prosecutors Buy Blockchain Analytics Tools in Bid to Bust ‘Crypto Money Laundering’
22.5.2023
South Korea’s prosecution service will buy new blockchain analytics software – and wants to use it to catch people laundering crypto overseas.
Per the domestic media outlet Economist, the new tools will be used to apply the same level of scrutiny to overseas exchanges as is currently applied...
South Korean Justice Ministry Hits Out at Claims it ‘Refused to Say’ if Minister Owns Crypto
20.5.2023
South Korea’s Justice Ministry has hit out at claims that Minister Han Dong-hoon “refused to disclose information” about whether or not he owns crypto.
Per the media outlet Newsis, the ministry claimed that “the cryptoasset holding status of public officials who work with cryptoasset [regulation]”...
Montenegro prosecutors appeal against Do Kwon’s bail terms
18.5.2023
Case files on the prosecutors' appeal were sent to the Supreme Court in Podgorica for a decision