People Power Party lawmaker Yun Ju-keyng remarked on Oct. 20 that card payments at foreign cryptocurrency exchanges totaled 324.6 billion won in the period of January 2018 to August this year and the amount is divided into 309,072 cases.BC Card payments added up to 75.8 billion won, followed by Shin
The unprecedented shutdown of KakaoTalk messenger app that occurred on Oct. 15 clearly exposed the problems of a platform monopoly. The shutdown of the widely used mobile messenger app did not end with the suspension of about 20 related Kakao services. Other companies and government agencies that us
Democratic Party of Korea lawmaker Yoo Dong-soo remarked that a total of 5,763 illegal foreign exchange transactions for the purpose of cryptocurrency purchase were detected from January 2018 to August this year and the transactions add up to 2.2045 trillion won.“The figures were 1,285 cases and 372
People Power Party lawmaker Yoon Han-hong remarked on Oct. 11 that North Korean hackers sent 75 billion won to South Korean cryptocurrency exchanges.“It is likely that the money flowed back into the North after a surge in value,” he said, adding, “The abnormal overseas remittances the Financial Supe
The Korea Financial Intelligence Unit announced on Sept. 26 that the aggregate value of the domestic cryptocurrency market dropped 58 percent to 23 trillion won in the first half of this year, when the number of cryptocurrencies in the market increased from 1,257 to 1,371.According to the unit, the
People Power Party lawmaker Kim Sang-hoon remarked on Sept. 25 that cryptocurrency-related violations of the Foreign Exchange Transactions Act soared from 100 million won to 1.6 trillion won in 2018 and totaled 1.8 trillion won in 2021 and 2.2 trillion won in the first half of this year.“The total f
The Financial Supervisory Service (FSS) announced on Sept. 22 that the abnormal overseas remittances in the banking sector it has detected so far total US$7.22 billion. The amount was US$6.54 billion in its announcement last month. The FSS is planning to finish its inspection of 12 banks next month
The White House announced its Comprehensive Framework for Responsible Development of Digital Assets on Sept. 16. Its purpose is to block cryptocurrency use related to money laundering and terrorism and its targets include North Korea, which is trying to get foreign currencies by hacking under U.S. a
WeMade announced on Sept. 6 that it has made a strategic investment in Metaverse Magna (MVM), a play to earn (P2E) guild project in Africa.According to WeMade, MVM's parent company, Nestcoin, invests in and support cryptocurrency projects in Africa.MVM is Africa's first and largest gaming de
The Financial Supervisory Service is looking into trillions of won sent abroad through domestic banks from domestic cryptocurrency exchanges. According to industry sources, most of the 4.1 trillion won remittances through Woori and Shinhan Banks started at the five major exchanges, that is, Gopax, B
Financial Supervisory Service (FSS) Chairman Lee Bok-hyun remarked on Sept. 5 that the FSS is working closely together with the prosecution and the Korea Customs Service regarding suspicious foreign exchange transactions in the banking sector and the FSS is open to cooperation with the Ministry of J
Former Bithumb Holdings chairman Lee Jeong-hoon has won a lawsuit in a Singapore court regarding the listing of Bithumb coin BXA.Bithumb said that the Singapore court ruled on Aug. 26 that BK Medical Group chairman Kim Byung-kun should return the proceeds from the sale of coins owned by BTHMB.BTHMB
The Seoul Regional Customs announced on Aug. 30 that it has uncovered 2.0715 trillion won of cryptocurrency-related illegal foreign exchange transactions as a result of its inspection that started in February.“The transactions are likely to be related to arbitrage trading to take advantage of the so
The Financial Supervisory Service announced on Aug. 29 that overseas remittances through Hana Bank totaled US$399.81 billion in the first half of this year, followed by Woori Bank (US$344.03 billion), KB (US$122.83 billion), Shinhan (US$107.45 billion), SC (US$94.63 billion), IBK (US$66.06 billion)
The Financial Supervisory Service announced that suspicious cross-border remittances via South Korean banks are at least US$6.54 billion and most of the remittances were made from domestic cryptocurrency exchanges.“This fact implies that most of the remittances to China, Hong Kong, and so on via tra
The Korea Financial Intelligence Unit has reported 16 foreign virtual asset businesses, including MEXC and KuCoin, to investigators. According to the unit, they are violating the Act on Reporting and Using Specified Financial Transaction Information by doing business in South Korea without registrat
Chainalysis announced on Aug. 16 that hacking-based cryptocurrency theft amounted to US$1.9 billion for the first seven months of this year, up 58 percent from a year ago, and the number of DeFi-related cases in particular increased a lot.“Cases related to DeFi protocols and North Korea-related hack
The Financial Supervisory Service recently detected that more than 8.5 trillion won flowed out of 70 or so South Korean bank branches through suspicious foreign exchange transactions, including arbitrage cryptocurrency trading.“In most cases, the flow of money is from domestic cryptocurrency exchang
The Financial Supervisory Service (FSS) announced on Aug. 14 that suspicious international remittances that total US$3.39 billion were detected as a result of its recent inspections at Woori and Shinhan Banks.The FSS said a total of 23 companies have been found to be involved in the remittances from
The author is an analyst of NH Investment & Securities. He can be reached at jaemin.ahn@nhqv.com. -- Ed. The launch of Summoners War: Chronicle is imminent. Also boding well for Com2uS’s earnings, the mainnet for cryptocurrency C2X has been replaced with the firm’s own XPLA, and its release of P2E g