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South Korea

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October 2022

Horizon Worlds fails to lift Meta as users stay away

Top blockchain and crypto news: Mark Zuckerberg’s empty metaverse. South Korea to roll out blockchain IDs. Macau bets on digital money.

South Korea indicates fugitive Do Kwon’s passport still valid; his location unknown

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

DPRK hackers sneak US$52 mln in crypto into S.Korean exchanges: Chainalysis

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

S.Korea’s parliament audit on Terra-LUNA falls short of expectations

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.

FastForkast headlines

Software maker Hancom raided amid suspicions over token Arowana, slush fund

South Korea mulls uploading headshots of sex offenders on 3D metaverse

Terra CEO Do Kwon, wanted in South Korea, left Singapore and flew to parts unknown via Dubai

South Korea seeks software to track US$7.2B in illegal crypto

Arrested Terra employee, Do Kwon associate, released from custody amid S. Korea Terra-LUNA probe

Terra’s network validator DSRV Labs CEO denies prior knowledge of Terra-LUNA collapse

South Korea makes first arrest in Terra-LUNA investigation

S.Korea gov’t failed, special prosecutor needed on Terra-LUNA, lawmaker says

S.Korea financial regulator restates support for blockchain, crypto protections

Terra CEO Do Kwon to lose his passport within a month

Terra cofounder Daniel Shin pulls out of S.Korean parliamentary audit, report says

Dunamu, BTS’ Hybe launch first K-pop digital collectibles platform

October 2022

South Korea’s investigation of Do Kwon ‘unfair’: Terraform Labs

Terraform Labs Pte. Ltd., the firm behind the collapse of the Terra-LUNA stablecoin project said South Korean prosecutors’ measures in pursuing its chief executive officer Do Kwon violate his basic rights under Korean law.

Do Kwon denies cashout allegations

The man behind Terra-LUNA contradicts the basis of the new action South Korean authorities took to corner and locate him.

South Korea’s industrial city to reinvent itself in the metaverse

Changwon is the latest addition to South Korea’s growing list of cities seeking a presence in the metaverse, signaling the country’s adoption of Web3.

Interpol issues red notice for Do Kwon, says South Korean prosecutor

South Korea is pursuing different options to get custody of Do Kwon as the Terraform Labs CEO faces charges for his alleged involvement in the multibillion collapse of the Terra-LUNA stablecoin project.

South Korea’s Busan city wants to be blockchain central. Did everyone get the memo?

The coastal city was a prominent manufacturer of footwear, fabric and other light industries during the 1970s and 80s, and then grew into one of the world’s biggest container ports. Now it’s trying to reinvent itself in the digital world of blockchain.

South Korea unlikely to push out crypto regulation before the U.S., authority says

South Korea’s top financial watchdog Monday said it is difficult for the country to establish laws overseeing the cryptocurrency industry in the country ahead of a common global regulatory framework as cross-border enforcement would be a key determinant of effectiveness.

Busan’s big blockchain plans

Welcome to The Daily Forkast – September 16, 2022 – presented by Joel Flynn. Coming up on today’s show: Could Busan be the next crypto hub? Will help from Binance and FTX finally establish South Korea’s second largest city as the crypto haven it’s trying to be? We’ll have more on those stories — and […]

For South Korea, making Do Kwon pay for his alleged crimes easier said than done

A member of the prosecuting team tells Forkast additional charges are likely to be leveled against Terraform Labs Chief Executive Officer Do Kwon following this week’s issuance of an arrest warrant for violating the country’s Capital Markets Act.

Terra CEO Do Kwon faces ‘illegal alien’ status in Singapore as Seoul cancels passport

Prosecutors investigating the man behind the US$37 billion wipeout of the Terra-LUNA cryptocurrency project are raising the stakes to get him back to South Korea.

Securities or not? South Korea to evaluate Terra’s LUNA token

Identifying characteristics of securities in Terra’s tokens could help South Korea with new charges on Terraform Labs and CEO Do Kwon.

Crypto could pose ‘major’ risk to S.Korea’s financial stability, think tank says

The country’s growing ties to crypto could expose its financial sector to volatility and ‘damage its credibility,’ a researcher says.

South Korea’s taxman keeps circling crypto – airdrops look to be the next target

South Korea last week said crypto token airdrops are subject to a gift tax of as much as 50% under existing laws, but what is the likelihood this rule can be applied to digital holdings?

FastForkast headlines

Dunamu, BTS’ Hybe launch first K-pop digital collectibles platform

Busan taps K-pop metaverse to win 2030 World Expo bid

Upbit exchange to use LUNC fees to set up crypto monitoring center

South Korea’s crypto market capitalization drops 58%; user numbers rise

Dunamu looks to K-pop group BTS NFTs to beat ‘Crypto Winter’

South Korea seizes US$184 mln in crypto towards unpaid taxes

South Korea and Meta to ramp up metaverse safety

Do Kwon says “not on the run” as S.Korea calls for Interpol’s red notice

S.Korea finance regulator: crypto can be subject to capital markets law

South Korea will not rule the metaverse with game laws, science ministry says

South Korea’s Seongnam city to provide citizenship rights through NFTs

South Korea issues arrest warrant for Terraform Labs CEO Do Kwon

Should K-pop’s BTS get pass on military duty? Metaverse jury still out

Huobi becomes third global exchange to sign with S.Korea’s Busan city

S.Korean man sentenced to four years for sexual abuse in metaverse

S.Korea to set up securities market for crypto tokens

SK Telecom’s Ifland metaverse adds cashable in-app economy

S.Korea TV network partners with metaverse gaming platform The Sandbox

Naver’s Zepeto metaverse teams with Thailand’s telecom giant True

LG Electronics to launch Hedera-based crypto wallet

September 2022

Merge prep rush; Scams down, hacks up

CME prepares to launch ETH options as the merge gets closer, Meanwhile, a Chainalysis says crypto scams are down.

Korea Blockchain Week points to games leading the way into a Web3 savvy world

Follow the money? Korea Blockchain Week concludes this weekend in Seoul and one of the overarching themes is enthusiasm for blockchain-based gaming as the key to opening up a Web3 world to a broader audience.

Diving into Web3 at Korea Blockchain Week

Today’s special episode of The Daily Forkast, we take a deeper on location in Seoul, at the sold-out Korea Blockchain Week.

Klaytn chief says reducing ‘human elements’ can prevent hacks

After high-profile cyberattacks on decentralized apps, the blockchain industry is in a hurry to ramp up security. Sam Sangmin Seo, head of Klaytn, tells Forkast that minimizing human error may be the key.

Digital dollar push; Tornado Cash blacklisted

Welcome to The Daily Forkast – August 9, 2022 – presented by Angie Lau. Coming up on today’s show: US lawmakers aim to push Fed on digital dollar. Circle freezes smart contract addresses linked to blacklisted Tornado Cash. Also, Hodlnaut freezes withdrawals, swaps and deposits. Zipmex to release specific amounts of Bitcoin and Ether. And […]

South Korea’s all-encompassing crypto law is coming — what we know so far

Lawmakers are pulling together regulations for trading in digital assets. If all goes to plan, the so-called Digital Asset Basic Act will be in shape by the first half of 2023.

FastForkast headlines

LG Electronics to launch Hedera-based crypto wallet

FTX agrees to help South Korea’s Busan build its own crypto exchange

Operating profit at Upbit parent Dunamu drops 70%

S.Korea’s internet-only KakaoBank partners with crypto exchange Coinone

S.Korea’s science ministry announces ethical principles for the metaverse

Binance to help S. Korea’s Busan build first city-backed exchange

S. Korea tax authority says crypto airdrops subject to gift tax: report

South Korea to block access to 16 unregistered crypto companies

South Korea’s top financial regulator to accelerate new crypto legislation

Naver’s Zepeto metaverse starts blockchain initiative with Solana

Issue tokens later for growth, not for initial fundraising, advises Binance chief Changpeng Zhao

Wemade CEO expects South Korea to lift ‘absurd’ ban on P2E next year enters South Korea market with two local startup acquisitions

Netflix K-drama hit Extraordinary Attorney Woo to launch NFT project with Polygon

S.Korea’s Bithumb links system with Samsung Securities, mobile apps

S.Korea’s Hashed plans new VC fund round after losing US$3.6B in Terra LUNA, K-pop agency Fantagio enter joint NFT venture

MetaKongz NFT prices drop on OpenSea over internal conflicts