🚹 South Korea Crypto Crackdown

A landmark ruling under South Korea’s Virtual Asset User Protection Act:

$DOGE $BTC $PEPE

‱ 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

đŸ”č Broader context:

‱ First major enforcement under the 2024 law → signal of stricter oversight

‱ Highlights the risks of automated trading & market manipulation

đŸ’„ 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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THANKS

#SouthKorea #CryptoRegulation #BTC #MarketIntegrity #CryptoSecurity