South Korea Financial News

Samsung Electronics and the Bank of Korea have inked a partnership to research Central Bank Digital Currency (CBDC) technology that could facilitate offline transactions. 

In this article

Crypto security and auditing company CertiK reported a total loss of $103.7 million due to vulnerabilities, frauds, and hacks in the month of April. Because of this, the overall loss for the year amounts to 429.7 million dollars. The month was particularly marked by major hacks, including the theft of $22 million from a hot wallet exploit at the Bitrue exchange, which resulted in a loss of $22 million; the hack of South Korea's GDAC exchange, which resulted in a loss of $13 million; and the theft of $25.4 million due to an exploit of several MEV trading bots on April 3.

LG Electronics' filing for a blockchain-based smart TV was recently published by the World Intellectual Property Organization (WIPO). 

Prosecutors in South Korea raided the offices of two local cryptocurrency exchanges due to investigations surrounding the digital assets of lawmaker Kim Nam-kuk.

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________

Kim Nam-kuk, a South Korean lawmaker, has announced his departure from the Democratic Party over his alleged crypto dealings while legislating on digital assets. The politician said that he will continue his fight to prove his innocence independently. 

The Terraform Labs Co-founder and CEO Do Kwon reportedly “cashed out” $2.8 million worth of crypto before being released on bail in Montenegro on Friday.

Tech giant Samsung Electronics has reportedly partnered with South Korea’s central bank to conduct research on central bank digital currency (CBDC) for offline payments.

South Korean tech company LG Electronics has filed a patent application for its blockchain-based Smart TV that allows users to trade nonfungible tokens (NFTs). 

A court in Montenegro accepted bail to release Terraform Labs co-founder Do Kwon and former chief financial officer Han Chang-joon from jail on Friday after allegedly using false documents.

Authorities in Montenegro are moving forward with charges against Do Kwon and his former aide Han Chang-joon as lawyers for the Terra co-founder requested conditions for bail.

Terraform Labs co-founder Do Kwon pleaded not guilty to allegedly using false passports from Belgium and Costa Rica on Thursday in a Montenegro court, according to Bloomberg News. 

On May 10, local news outlet Hankyung reported that Do Kwon, co-founder and former CEO of Terraform Labs, had over 233.3 billion Korean won ($176 million) in personal assets frozen as part of ongoing criminal proceedings.

South Korean lawmaker Kim Nam-kuk has found himself in hot water after being accused of performing suspicious crypto trades worth about KRW 6 billion ($4.5 million). 

Kim Nam-kuk, a member of South Korea’s National Assembly, reportedly liquidated more than $4 million worth of crypto prior to lawmakers in the country enforcing the Financial Action Task Force’s “Travel Rule”.

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________

cryptocurrency was lost in the month of April this year due to crypto-related exploits, hacks, and scams, a report has shown. According to the blockchain and smart contract security company CertiK, the total funds hackers managed to drain in April from crypto projects was $103.7 million, bringing the total year-to-date loss to $429.7 million. Several significant crypto exploits occurred in April, resulting in significant losses in the industry. For instance, there was a $25.4 million loss due to an exploit of multiple MEV trading bots. In addition, Bitrue Exchange was the victim of a hot wallet exploit in which $22 million was stolen, plus, the South Korean GDAC exchange was hacked, resulting in a $13 million loss, according to the report.

South Korean authorities are seeking the extradition of the co-founder and former CEO of Terraform Labs, Do Kwon. The prosecutor overseeing the investigation believes his repatriation would best serve the victims of the TerraUSD (USTC) and LUNA token collapses, The Wall Street Journal reported. 

Police in Montenegro have arrested Terraform Labs founder Do Kwon, who is wanted in South Korea in connection with a $40 billion (€37 billion) crash of the firm’s cryptocurrency that devastated retail investors around the world, the country’s interior minister said on Thursday.

A leading South Korean professor says that restrictive crypto laws are stopping Web3 unicorns from growing in the nation.