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South Korea

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August 2022

ETH merge delay concerns; Buterin’s clown call

The ETH2 merge could once again be delayed. Meanwhile, Vitalik Buterin calls Michael Saylor “a total clown”.

FastForkast headlines

S.Korea Busan Bank employee allegedly embezzles US$1.1 mln to invest in Bitcoin

August 2022

IMF warning shrugged off; US stablecoin bill race

The crypto market shrugs off IMF’s predicted recession risk. Also, U.S lawmakers racing to introduce the stablecoin bill.

Scarred by Terra-LUNA, South Korea moves ahead with digital asset reform

Aiming to uncover the next “BTS in finance,” Chairman Kim Joo-hyun of the Korean Financial Services Commission (FSC) is calling for “bold reforms” in financial regulations, including in crypto assets.

Tesla’s Bitcoin bump; Zipmex freezes withdrawals

Bitcoin drops after Tesla sells 75% of its bitcoin holdings. Meanwhile, South Korean authorities raid 15 companies as part of their Terra Luna investigations.

Crypto trading volumes tank; India’s crypto info call to G20

Crypto trading volumes plummet as the crypto winter continues. Meanwhile, India calls on G20 to share information on crypto.

Failed promises compel South Korea’s game makers to explore foreign shores

The country’s major game developers continue to focus on overseas markets as there are no signs of a thaw in the government’s stance on games that include elements of blockchain and play-to-earn.

Sam Bankman-Fried’s Voyager debt emerges; Celsius reshuffles board

SBF’s Alameda Research debt to Voyager emerges. Meanwhile, South Korea agrees to cooperate with the US on Terra-Luna investigation.

Vauld buyout talks; Celsius fights against bankruptcy

Crypto exchange Vauld is in buyout talks with Nexo. Meanwhile, other exchanges are in a fight against bankruptcy as Celsius pushes on despite short squeeze.

FastForkast headlines

S.Korea Busan Bank employee allegedly embezzles US$1.1 mln to invest in Bitcoin

S.Korea slaps ‘notification upon arrival’ on Terra’s Do Kwon

Illegal foreign exchange trading with Bitcoin ‘Kimchi Premium’ probed in S.Korea

FTX said to be in talks to acquire S. Korea crypto exchange Bithumb

Kakao’s Ground X forms business alliance to expand NFT use cases, services

S.Korea prosecutors raid crypto exchanges as part of Terra-LUNA investigation

Terra subsidiary used as funds channel for overseas affiliates: report

South Korea’s Ifland metaverse dives into play-to-earn

Aespa, NCT’s SM Entertainment builds metaverse studio Kwangya

S. Korea’s Danal, LG CNS to build ‘one-for-all’ Web3 payments platform

South Korea’s SK Telecom to build its first Web3 wallet

South Korea may team up with US to investigate crypto crimes

South Korea’s Uprise said to have lost US$20 mln in client funds on LUNA short

South Korean convenience store CU helps bring booze culture to metaverse

S.Korean dancer NO:ZE uses NFTs to safeguard choreography IP

Samsung produces 3nm chips that can be used for Bitcoin mining

July 2022

S.Korea blocks ex-Terra employees from leaving country amid investigation

Prosecutors said they also wish to interview Terraform Labs Chief Executive Officer Kwon Do Hyung as part of an investigation into the multibillion dollar collapse of the company.

Bitcoin bounces back; South Korea crypto tax delay

Bitcoin recovers from it’s weekend slump, standing at over US$20K. Meanwhile, Elon Musk’s support sees Dogecoin gain 12%.

Inflation bashes crypto market; South Korea’s new listing rules

Inflation hits crypto markets hard as Bitcoin drops almost 8%. Meanwhile, South Korean exchanges work on new rules to prevent another Terra Luna incident.

Litecoin gets the boot; India’s tax typo

Litecoin revealed to have broke privacy laws in South Korea. Meanwhile, the Indian government corrects a typo which mistakenly altered a crypto tax.

Singapore’s digital assets initiative; Shanghai lockdown ends

Singapore announces plans for a digital assets initiative. Meanwhile, Shanghai’s lockdown finally ends, but markets remain hesitant.

FastForkast headlines

Samsung produces 3nm chips that can be used for Bitcoin mining

US Treasury says prioritize sanctioning North Korea for crypto hacking

S.Korea’s Korbit issues employee IDs in CryptoPunk-like NFTs

South Korea’s SK Square said to put off crypto issuance

S. Korea’s 20% crypto tax delayed by two more years

South Korean exchanges cooperate to prevent another Terra-LUNA debacle

Litecoin anonymity update gets it booted from South Korean exchanges

Hyundai Card building its first NFT marketplace and wallet service

Google approves South Korea’s Cyworld metaverse app

To improve focus on studies, South Korean students turn to the metaverse

South Korea arrests man for allegedly stealing crypto based on personal data

South Korea to launch crypto oversight committee after Terra crash

Dunamu denies making US$100 million off of LUNA

June 2022

E-CNY use widens in Chinese schools; Terra faces audit

A hydropower plant in China has been fined for illegally powering crypto mines. Meanwhile, South Korean auditors plan on auditing Terra and other crypto exchanges.

Terra embezzlement alleged; RBI reiterates crypto warning

A Terra employee has been accused of embezzlement. Meanwhile, a crypto mining farm has been found in Russia’s oldest prison.

Terra cofounder Do Kwon’s taxing questions; China’s underground mining

Terra co-founder responds to office closure allegations. Meanwhile, China re-emerges as a crypto mining hub despite 2021 ban.

Knock, knock Do Kwon, investors have quite a lot of questions for you

The man at the center of one of crypto’s biggest flops is trying to resurrect the Terra-LUNA project as his tribe of followers and out-of-pocket investors want to know what went wrong.

Chinese report slams LUNA; Terra’s LUNA revival plan response

Authorities in Asia use the LUNA debacle as rationale for oversight. Meanwhile, the LUNA community offers damage control solutions.

Do Kwon’s wife seeks police protection

The wife of the CEO of Terraform Labs sought protection after an unidentified individual visited their home in South Korea, local police told Forkast.

Terra’s LUNA sacrifice; Australian crypto ETFs launch

Terra’s sacrifice of LUNA pushes the UST up to US$0.84. Meanwhile, South Korea plans the institutionalization of crypto.

Bitcoin’s role in a recession; Virtual NFT vacations

KakaoBank reviews a partnership with a local crypto exchange. Meanwhile, an Indian travel company launches NFTs of travel landmarks.

FastForkast headlines

Dunamu denies making US$100 million off of LUNA

S. Korea finance regulator to audit Terra and related exchanges

S.Korean police probe Terra employee for alleged embezzlement

Terra’s S.Korean office closure ‘purely coincidental’: Do Kwon

LKB, 5 clients file lawsuit against Terra, Do Kwon to ‘Grim Reaper’

LUNA, UST investors in S.Korea want to seize Do Kwon’s properties: report

Netflix Sweet Home producer to build K-drama metaverse in the Sandbox

S.Korean lawmaker proposes summoning Do Kwon to the National Assembly

Kakao’s Klaytn to build blockchain in China with BSN

UST, LUNA mess hits S.Korean P2E tokens; stocks bleed red

South Korean authorities cite LUNA debacle to call for speedier crypto oversight

S.Korean president’s plan to raise crypto tax threshold hits road bump

South Korea hopes to institutionalize crypto by 2024

Bitcoin kimchi premium spikes to 2022 high before dropping to 3%

President-elect’s crypto plans disappoint S.Korean fintech groups

S.Korea’s incoming administration pushes to end ICO drought

S.Korean KakaoBank considers crypto exchange partnerships

S.Korea finance minister nominee wants to delay crypto tax for two years

May 2022

Perpetrator of South Korea’s ‘Bitcoin-gate’ untraceable

A loophole in South Korea’s recent ‘Travel Rule’ means the North Korean hacker behind the stunning espionage saga involving Bitcoin may evade authorities, Forkast learns.

FastForkast headlines

S.Korea finance minister nominee wants to delay crypto tax for two years

Samsung Asset to list blockchain ETF in Hong Kong: report