Danny Park

South Korea’s FSC is considering a requirement that crypto exchanges offset investor losses for the sudden suspension of withdrawal services.

S.Korean authorities are looking into self-issued cryptocurrencies that may exist within local exchanges following FTX.com’s FTT-led liquidity crisis.

South Korea, Singapore and Japan were the biggest users of FTX.com based on the number of monthly unique visitors from January to October 2022

Terra cofounder Daniel Shin reportedly told S.Korean prosecutors during an investigation on Thursday that he did not sell LUNA at a high point.

S.Korean crypto exchange GOPAX halted withdrawal of principal and interest payments in its DeFi service which brokers products from Genesis.

Terra’s former executive Daniel Shin’s US$100 million were frozen on Thursday; Do Kwon tweets that the Terra team did everything to save UST

Temasek says its belief in Sam Bankman-Fried may have been ‘misplaced.’

Korbit, one of South Korea’s five fully licensed crypto exchanges, announced Wednesday that it will reveal its full list of crypto reserves.

AAX wants to reopen withdrawal services with additional capital, while VP Caselin told Forkast AAX is caught in a market-wide vulnerability.

Daniel Shin’s Chai Corporation, which partnered with Terraform Labs in 2019, is accused of violating capital market rules in past dealings with Terra.

What to do when one of the world’s most trusted crypto exchanges implodes? For many it’s finding a safer place for their assets, and that is typically hardware wallets.

Daniel Shin has been summoned by South Korean prosecutors to attend an investigation as a suspect for allegedly earning ill-gotten profits with LUNA.

Hong Kong-based crypto exchange AAX is suspending withdrawals for seven to 10 days for a scheduled system upgrade to protect users.

Tron founder Justin Sun’s plans to save FTX include debt, equity investments and a full takeover, he told BloombergTV on Friday, Asia time.

The following is a running compilation of views and comments on the possible short- and long-term outcomes of FTX’s liquidity crunch.

The state of California has launched an investigation into the ‘apparent failure’ of crypto asset platform FTX.

The Securities Commission of the Bahamas has frozen assets of FTX and related parties, and has suspended its registration.

The following is a running compilation of views and comments on Binance’s announcement that it will not go ahead with the acquisition of FTX.com.

“Pharma bro” Martin Shkreli has tried to reassure Terra chief Do Kwon that life in jail is “not the worst”, while they discussed the Binance-FTX deal on the UpOnlyTV podcast.

The following is a running compilation of views and comments on Binance’s takeover of the FTX exchange amid speculation of solvency problems at FTX.

Japan needs to further relax rules for its crypto industry, said lawmaker of Japan’s ruling Liberal Democratic Party Masaaki Taira.

Meta Platforms Inc. is planning its first significant mass layoff later this week that may affect many thousands of employees.

LG Electronics is recruiting chief technical officers (CTOs) to lead the company’s growing Web3 business.

KakaoBank, one of South Korea’s online-only banks with nearly 20 million users, said it will start providing accounts for users of Coinone exchange in November.

The South Korean founder of the collapsed Terra stablecoin faces multiple allegations of wrongdoing, the latest being price manipulation.

Binance is preparing to operate in South Korea’s crypto market, said CEO Changpeng Zhao at the Web Summit 2022 held in Lisbon.

NEAR Foundation is establishing a Web3 hub in South Korea to expand its allegiance with blockchain projects in Korea and Asia.

Naver Z Corp. announced its partnership with INHOPE to protect youth from sexual abuse and exploitation on the virtual platform.

The country looks to pass an initial bill that focuses on protecting digital asset investors and preventing unfair trade acts, ahead of wider legislation.

Bitcoin and Ether prices fell in Tuesday morning trading time in Asia, while memecoin Dogecoin and Shiba Inu had the biggest gains among the top 10.

South Korea-based blockchain game developer Wemade is working on a fix for WEMIX after four major crypto exchanges in the country added the cryptocurrency to an “investment warning” list for inaccurately reporting circulation numbers.

A hearing is scheduled in Singapore on a lawsuit filed against Terraform Labs’ Do Kwon on behalf of investors who lost about US$57 million in the collapse of Terra-LUNA.

The use of blockchain technology in finance will have an impact similar to that of YouTube on the media industry, said Lee Jun-haeng, CEO of South Korea-based blockchain company Streami.

Busan, S. Korea’s designated blockchain city, plans to make itself a global center for the technology. Binance, the world’s largest crypto exchange, plans to help.

Binance CEO Changpeng Zhao believes education is key to a wider, safer adoption of blockchain technology.

Bankman-Fried says the global crypto industry needs a “passporting” policy framework that lowers barriers for crypto businesses.

The future of the burgeoning Web3 sector will be gaming and non-fungible tokens, said Eric Anziani of global digital asset exchange Crypto.com.

A stablecoin that is not stable is an ‘oxymoron,’ said Henry Chang, CEO of South Korea-based blockchain game developer Wemade.

As a leading financial institution of South Korea, Shinhan is gearing up for business expansion into crypto — while a local ban remains on the books.

South Korea’s Busan signs agreements global cryptocurrency exchanges Crypto.com and Gate.io to grow the city’s blockchain ecosystem.

Apple is allowing NFTs in applications, but will not allow them to be used to unlock in-app content or features.

Meta shareholder Altimeter Capital’s CEO Brad Gerstner wrote a letter to Mark Zuckerberg suggesting a cut in headcount and in metaverse investments.

WEMADE, a South Korean blockchain game developer, recently launched its stablecoin, WEMIX$, for growing its blockchain ecosystem, which houses NFTs and DeFi.

South Korean police raided local software company Hancom and home of chairman Kim Sang-cheol on Thursday amid speculation that Kim created a slush fund using crypto token Arowana, according to local media reports.

The U.S. Securities and Exchange Commission (SEC) has handed over internal documents to Ripple Labs Inc. containing comments by former SEC Corporation Finance Division director William Hinman on cryptocurrencies, Ripple’s general counsel Stuart Alderoty said on his verified Twitter handle on Friday.

South Korea is mulling the uploading of headshots of sex offenders rendered on the three-dimensional metaverse, to help the public identify offenders, said Minister of Gender Equality and Family Kim Hyun-sook on Tuesday in a local radio interview. See related article: S.Korea’s science ministry announces ethical principles for the metaverse Fast facts Kim mentioned the […]

Japan’s Virtual and Crypto assets Exchange Association (JVCEA), the self-regulatory body that oversees local crypto exchanges, will allow platforms to list cryptocurrencies without an existing lengthy screening process, according to Bloomberg. See related article: Japan pushes for tougher crypto AML regulations amid N. Korean cyberattacks Fast facts The easing is expected to take place as […]

Kwon Do-hyung, the cofounder and chief executive officer (CEO) of Terraform Labs Pte. Ltd., also known as Do Kwon, left Singapore last month and landed in Dubai, United Arab Emirates, South Korean prosecutors confirmed with Forkast.

Kwon has been issued with an Interpol “red notice” requesting his extradition on charges brought by South Korea related to the implosion of the Terra Luna cryptocurrency project he founded

The Japanese government approved amendments to existing financial regulations to prevent money laundering utilizing cryptocurrencies and increase penalties on those involved, according to local media reports. See related article: North Korea’s Lazarus Group attacks Japanese crypto firms, police say Fast facts The Cabinet, Japan’s executive body, approved the revisions to laws associated with the country’s […]

Konami Digital Entertainment Co., Ltd., a Tokyo-based video game company, announced a recruitment effort for 13 new positions to integrate its game titles with Web3 and metaverse technologies. See related article: NFTs may be the next killer app for video games, but some traditional players object Fast facts The game developer is planning to launch […]

Meta Platforms Inc.’s internal documents show the company’s metaverse platform Horizon Worlds is underperforming in terms of attracting and maintaining users, the Wall Street Journal (WSJ) reported Saturday. See related article: Meta’s attempts at building a metaverse will ‘misfire’: Vitalik Buterin Fast facts Meta’s initial goal was to gather 500,000 monthly active users (MAU) on […]

North Korea-backed hacker group Lazarus has been sending phishing emails to Japanese crypto exchange employees to infect their computers with malware, causing some companies to have their systems hacked and cryptocurrencies stolen, Japan’s National Police Agency announced last week. See related article: DPRK hackers sneak US$52 mln in crypto into S.Korean exchanges: Chainalysis Fast facts […]

South Korea’s Supreme Prosecutors’ Office is looking to hunt down illegal crypto funds by purchasing a software program that tracks down crypto transactions and sources, a local media outlet reported Friday. See related article: DPRK hackers sneak US$52 mln in crypto into S.Korean exchanges: Chainalysis Fast facts The tracking program is expected to be used […]

Crypto-asset related activities may pose “novel risks” to banks and their customers, prompting the U.S. Federal Reserve to develop further regulations, Fed vice chair for supervision Michael Barr said in a speech Wednesday at D.C. Fintech Week. See related article: U.S. Fed has growing interest in CBDCs, says Jeng at Crypto Council for Innovation Fast […]

South Korean media has reported that local crypto exchanges may become a “playground” for North Korean hackers.

Bank of New York Mellon Corp., a 238-year-old bank based in the U.S., is now allowing select U.S. clients to hold and transfer Bitcoin and Ether, the bank announced in a press release on Tuesday. See related article: Crypto self-custody is no longer a choice. It’s an imperative. Fast facts BNY Mellon will store private […]

Bitcoin mining difficulty climbed to a record high on Monday, a large part of which is attributed to Ethereum’s “Merge” upgrade freeing up more room for Bitcoin miners, according to Bloomberg. See related article: Brazil police bust crypto group led by ‘Bitcoin Sheikh’ Fast facts Bitcoin mining difficulty, a measure of the amount of work […]

The National Assembly wanted to get to the bottom of the Terra-LUNA collapse on Thursday. At the end of a long and speech-filled day, lawmakers left empty-handed.

Yoo (full name was not revealed), the head of general affairs at Terraform Labs Pte. Ltd. and close associate of unlocated chief executive officer (CEO) Kwon Do-hyung, or Do Kwon, has been released from custody since being arrested Thursday as part of an ongoing investigation into Terra-LUNA. Yoo is not contending his alleged association with […]

Widespread damage from the Terra-LUNA collapse can be attributed to a poor local regulatory framework, said Lee Sir-goo, CEO of South Korea’s blockchain and fintech company Dunamu Inc. at a special session of the National Assembly. See related article: S.Korea gov’t failed, special prosecutor needed on Terra-LUNA, lawmaker says Fast facts Lee appeared before lawmakers […]

Validators of Terra blockchain had no knowledge of the US$60 billion collapse of Terra-LUNA prior to the crash, said South Korean blockchain infrastructure provider DSRV Labs chief Kim Ji-yun. in response to the National Assembly’s parliamentary audit on the Financial Services Commission on Thursday. See related article: Terra CEO Do Kwon to lose his passport […]

South Korean prosecutors have arrested a Terraform Labs employee, in their first arrest under the investigation of the Terra-LUNA collapse. A bench warrant, which allows law enforcement to take suspects into custody, was issued on Wednesday for the arrested employee. See related article: Terra CEO Do Kwon to lose his passport within a month  Fast […]

South Korean ruling party lawmaker Yoon Sang-hyun asserted that the country needs to appoint a special prosecutor to investigate the Terra-LUNA collapse, which affected over 280,000 people locally, in comments at the National Assembly’s parliamentary audit on the Financial Services Commission (FSC), South Korea’s top financial regulator. See related article: South Korea’s investigation of Do […]

Kim Joo-hyun, the chairman of South Korea’s top financial regulator, the Financial Services Commission (FSC), said on Thursday the agency will promote blockchain technology and user protections in the crypto market. See related article: South Korea’s all-encompassing crypto law is coming — what we know so far Fast facts “In cooperation with the National Assembly, […]

South Korea’s Ministry of Foreign Affairs posted a notice on its website on Wednesday saying the passport belonging to Terraform Labs Pte. Ltd. chief Kwon Do-Hyung, also known as Do Kwon, will be nullified in four weeks if Kwon does not return his passport. See related article: South Korea’s investigation of Do Kwon ‘unfair’: Terraform […]

Terraform Labs Pte. Ltd. cofounder Daniel Shin, or Shin Hyun-sung, has submitted a statement to South Korea’s National Assembly with reasons not to appear before lawmakers on Thursday as a witness in the Terra-LUNA meltdown, according to local news agency News1. See related article: Terraform cofounder Daniel Shin to testify in South Korean parliament Fast […]

The country’s judiciary says Bitcoin loans not affected by interest limitation act, as crypto is not ‘money’

Japan’s Prime Minister Fumio Kishida announced plans to expand investments in non-fungible tokens (NFTs) and the metaverse in a policy speech on Monday. See related article: Japan plans new crypto transfer rules to combat money laundering Fast facts Kishida says the country will further its investment in digital transformation and expand the use of Web3 […]

Dunamu Inc., the mother company of South Korea’s largest crypto exchange Upbit, and Hybe Co., Ltd., the music agency behind K-pop mega group BTS, launched a K-pop digital collectible platform on Tuesday via their Los Angeles-based joint venture, LEVVELS Inc. See related article: Dunamu looks to K-pop group BTS NFTs to beat ‘Crypto Winter’ Fast […]

Tim Cook, the chief executive of Apple Inc., said in a recent interview that augmented reality (AR) will become the biggest technology of the future, while he devalued metaverse and virtual reality (VR) technology. See related article: The metaverse is already here. What’s holding back the party? Fast facts “I think AR is a profound […]

South Korea’s National Assembly intends to get to the bottom of the Terra-LUNA debacle in its next audit in October along with several other issues surrounding the local crypto industry.