🚨 South Korea Crypto Crackdown
A landmark ruling under South Korea’s Virtual Asset User Protection Act:
• Jong-hwan Lee, CEO of a crypto asset firm, sentenced 3 years for manipulating ACE token prices via bots & wash trades → illicit profits ~ 7.1B won ($4.88M)
• Fined 500M won + ordered to forfeit criminal gains
• Former employee: 2-year suspended sentence
• Court partially dismissed some claims due to insufficient evidence
🔹 Broader context:
• First major enforcement under the 2024 law → signal of stricter oversight
• Highlights the risks of automated trading & market manipulation
💥 Separate issue:
• Prosecutors report $47.7M) of seized Bitcoin missing
• Early probe suggests phishing & compromised wallets → operational & security vulnerabilities for authorities
• Shows even regulators aren’t immune to crypto tech risks
⚡ Takeaway:
South Korea is cracking down hard — compliance, security, and transparency are now mandatory in the crypto sector.
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#SouthKorea #CryptoRegulation #BTC #MarketIntegrity #CryptoSecurity