Tag Archives: south korea

South Korean prosecutors revealed on Monday that they had apprehended and placed under custody three executives, including its two co-chief executive officers, from the crypto yield platform Haru Invest. The trio is facing accusations from Seoul prosecutors of embezzling about 1.1 trillion Korean won, which translates to roughly $826 million in crypto, from around 16,000 users. Haru Invest Executives Arrested in South Korea According to a report by local news agency Yonhap,...

Speculation about the South Korean government rethinking its hostile stance on spot Bitcoin exchange-traded funds (ETFs) may be true, as the country’s financial regulator has officially indicated interest in the products. A report from local media outlet Hankyung has revealed that the Financial Supervisory Service (FSS) of South Korea intends to meet with the United States Securities and Exchange Commission (SEC) to discuss the crypto industry and spot Bitcoin ETFs. FSS to...

Following its initial hostile outlook on the spot Bitcoin exchange-traded fund (ETF), the South Korean government may be giving a second thought to its stance on the financial product. This movement is driven by comments from Sung Tae-yoon, the recently appointed South Korean Presidential Chief of Staff, and an analysis from the Industrial Bank of Korea (IBK). S. Korea to Rethink ETF Stance? Since 2017, the South Korean government has maintained a somewhat unfriendly stance...

Bitcoin is down by almost 10% as it continued to face an uphill battle following the approval of much-anticipated spot ETFs by the SEC. But relief for the flagship crypto-asset might not transpire just yet. In fact, the positive and negative movements of the Korean “Kimchi” Premium and the Coinbase Premium, respectively, signal a potential short-term correction in the Bitcoin market. Bitcoin: Short-Term Correction Imminent The Korea Premium Index (KPI) is a crucial metric for...

CryptoQuant’s recent analysis points to an interesting trend in the crypto market, specifically the overheating of the Korean premium. The high values of the Korean premium are interpreted by the on-chain intelligence firm as a potential indicator of strong buying pressure from Korean retail investors. While a high Korean premium might be interpreted as a sign of bullish sentiment, this index is also frequently used to identify potential price tops. Overheated Korean Bitcoin...

South Korean law enforcement revealed that hackers from the Democratic People’s Republic of Korea (DPRK), also known as North Korea, impersonated government agencies and journalists in South Korea to steal crypto. The hackers were said to employ email phishing techniques to carry out the dubious act on unsuspecting victims. DPRK Hackers Reportedly Focused on Stealing Crypto The South Korean National Police Agency said that North Korean hackers seemed to target people’s crypto...

In a move to modernize its financial infrastructure, South Korea is set to embark on a pioneering project involving digital currency. Commencing in the fourth quarter of 2024, the nation will start a pilot program involving the participation of 100,000 citizens, signifying a significant stride towards the nationwide implementation of digital currencies. South Korea to Pilot Digital Currency with 100,000 Citizens In an upcoming pilot program jointly managed by the Bank of...

The Bank of Korea will be looking to use the pilot stage of its CBDC to determine things such as acceptability and ease of use. South Korea, through its apex bank – The Bank of Korea (BOK) – has revealed its plans to begin testing its central bank digital currency (CBDC) in 2024. A local news outlet Korea Times confirmed the report, saying that the testing will begin either by September or October, running for three months. The report also claimed that South Korea will allow 100,000...

South Korea’s largest wireless carrier – SK Telecom – has announced signing a tripartite agreement with Aptos Labs and Atomrigs Labs. The latter serves as its technology partner. According to the official announcement on the LinkedIn post, the strategic partnership is expected to enhance SK Telecom’s affiliations with customer-preferred mainnets and decentralized applications(dApps). The focus will also be on its Web3 wallet service, T wallet. The collaboration with Aptos...

In spite of previous high-profile disappointments tied to the crypto industry, such as 3AC and the ill-fated investment into FTX, the Singaporean government has been approving quite a few crypto platforms during the past weeks. The latest to get the preliminary nod is the South Korean giant – UPbit. Spree Of Approvals Ripple, Coinbase,  and smaller players such as Sygnum and GSR have all been awarded an MPI (Major Payment Institute) license by the Singaporean government...