Tag Archives: south korea

A hacker has used an old video of Elon Musk talking about cryptocurrency to potentially infiltrate the South Korean government. Elon Musk Is Constantly “Loved” By Hackers The incident was reported during the early morning hours of a day in mid-September. A YouTube channel hosted by South Korean regulators that often features videos and commentary discussing incoming policies and government-based events was overtaken by the hacker. The channel presently has about 263,000...

Hackers have reportedly attacked several big-name South Korean YouTube channels in the past few months. After gaining access, most wrongdoers used the platform to upload cryptocurrency-related videos. Among the victims was the official YouTube channel of the South Korean government. Earlier this month, a group of cybercriminals compromised it so they could promote a crypto scam featuring Elon Musk’s image. South Korean Users Should Stay Alerted A recent coverage revealed that...

South Korean law enforcement officers have reportedly confiscated around 260 billion won ($183 million) worth of cryptocurrencies from local individuals and businesses in two years as they were not abiding by local taxation laws. Not long ago, the authorities targeted the notorious leader of Terraform Labs – Do Kwon. He was accused of gifting tokens to family members as a way of tax avoidance. The Latest Crypto Seizure in South Korea According to a report by the domestic...

After reports emerged indicating that South Korean authorities have issued an arrest warrant for Terra’s co-founder, he finally broke the silence, claiming he is cooperating with several global watchdogs. At the same time, Singaporean police said Kwon is not in the city-state despite multi previous suggestions that he was hiding there. CryptoPotato reported earlier this week when news came out from South Korea that the authorities had issued an arrest warrant against the...

On September 03, the official YouTube channel of the South Korean government was compromised by a group of hackers who used it to promote a cryptocurrency scam with the image of Elon Musk, the electric car tycoon and Dogecoin enthusiast. According to local media outlet Yonhap News, the hackers changed the name of the government channel to “SpaceX Invest” to pretend it was related to the U.S. aerospace manufacturing and space transportation services company owned by Musk....

The implosion of the South Korean stablecoin project Terra may have dented general sentiment towards the industry, but that has not stopped the second-largest city in the country from pursuing ambitious crypto and blockchain goals. Busan has announced a partnership with FTX to build blockchain-powered business solutions in the coming months. As part of the deal, Sam Bankman-Fried’s exchange will work with Busan city to assist in the development of Busan Digital Asset Exchange...

Yong-beom Kim – First Vice Minister of South Korea’s Ministry of Economy and Finance from 2019 to 2021 – will join the blockchain and digital technology research institute Hashed Open Research as its Chief Executive Officer. The entity aims to act as a bridge between local cryptocurrency experts and the government. According to a document shared with CryptoPotato, Yong-beom Kim’s main task as a top executive of Hashed Open Research will be to establish a constructive dialogue...

The Ministry of Strategy and Finance of the South Korean government has said that virtual asset airdrops are subject to gift tax as per existing tax laws. Gift tax has to be paid when free virtual assets with economic value are paid out, media reports said. Gift Tax on Airdrops Recently, the South Korean finance ministry was asked by a tax law interpretation inquiry to provide its interpretation of whether an airdrop is subject to gift tax or not. In its response, the...

South Korean securities companies have reportedly set their focus on the crypto industry and plan to set up digital asset exchanges in the first half of 2023. Such firms include Mirae Asset Securities and Samsung Securities. The domestic financial regulators have been quite strict with crypto-related entities in the past few years. Last year, prompted by the mandatory requirements that the Financial Intelligence Unit (FIU) enforced, over 60 trading venues halted their...

South Korean police are reportedly looking to freeze assets associated with the non-profit organization Luna Foundation Guard (LFG) following the eventful collapse of Terra (LUNA). According to South Korea’s national broadcaster Korean Broadcasting System (KBS), on Monday (May 23, 2022), the Seoul Metropolitan Police Agency asked several exchanges in the country to prevent LFG from withdrawing funds. Although such platforms are not mandated by law to carry out the police...