South Korean gov't makes $10.5M profit from 4-year-old Bitcoin crime haul
The coins languished in cold storage for four years after being confiscated by authorities during an arrest. South Korean prosecutors have finally sold a Bitcoin (BTC) haul they confiscated from a criminal in 2017 and it’s worth $10.5 million more than it was at the time of the arrest. The cash has reportedly been deposited in the coffers of the country’s national treasury.According to reports coming out of the Suwon District Prosecutors Office, this is the first time confiscated Bitcoin has been sold by authorities, and the first time the coins in question have moved since being put into....
Related News
Banking institutions in South Korea have reportedly requested to not be held accountable for crimes linked to cryptocurrencies such as money laundering. According to local media, financial regulators are now developing rules that could relieve Korean banks from responsibility when screening the crypto exchanges they work with. New Guidelines to Appease South Korean Banks Korean Banks remain reluctant to open real-name accounts for traders on domestic cryptocurrency exchanges, the Korea Herald wrote on Sunday. The reasons hide in recently adopted regulations obliging the trading platforms....
On Thursday, Nov. 3, 2022, local reports from South Korea disclosed that Korean prosecutors have allegedly discovered evidence that shows Do Kwon and an associate manipulated the price of LUNA, Terra’s native crypto token. The report further says South Korean prosecutors believe Kwon is hiding out in Europe. Local Report Claims South Korean Prosecutors Have Evidence of Do Kwon Ordering an Associate to Manipulate LUNA’s Price A report published by the local KBS News claims the co-creator of the Terra blockchain project, Do Kwon, is currently located in Europe. The news was discovered....
The executive power and the ruling party in South Korea have urged the cryptocurrency industry for what officials describe as voluntary regulatory measures, a Korean media report revealed. The call was issued during a consultative meeting devoted to crypto assets. Government Asks South Korean Crypto Sector for Regulatory Proposals Representatives of the South Korean government and the ruling People Power Party met on Monday to discuss issues related to the crypto space. The consultations were held in the aftermath of last month’s collapse of the terrausd (UST) algorithmic stablecoin....
South Korean law enforcement recently announced the arrest of a serving military captain and an operator of a cryptocurrency exchange on charges of spying for a North Korean hacker. In return for the acts of espionage, the two South Korean individuals were allegedly paid bitcoins worth a total of $637,789.
South Korea’s Joint Command and Control Targeted
Two South Korean citizens, a businessman running a crypto asset management firm and a serving captain of the country’s army, were arrested on suspicion of passing military secrets to a North Korean hacker. In....
Lee Kwang-jae, a South Korean lawmaker, recently stated that he will be accepting cryptocurrency donations starting mid-January 2022. According to the politician, this plan represents his attempt to raise awareness about cryptocurrencies and non-fungible tokens among South Koreans.
Donations to Be Converted Into Korean Won
A Korean lawmaker, Lee Kwang-jae, has said he will start accepting cryptocurrency donations sometime in mid-January of 2022. According to the lawmaker, anyone that wishes to sponsor his campaign will be able to do so by directly transferring funds to his....