southkorean
35,040 views
97 Discussing
Hot
Latest
South Korea Watchdog Says $40 Billion Giveaway Shows New Rules Needed to Tackle Crypto Risks
South Korea’s Financial Supervisory Service FSS has called for tougher cryptocurrency regulations ⚖️ after a major operational error at local exchange Bithumb resulted in the accidental distribution of roughly $40 billion worth of Bitcoin 💰. The incident occurred during a promotional event in which the exchange intended to credit users with small cash rewards of about 2,000 won approximately $1.40 but mistakenly transferred around 620,000 BTC to nearly 700 user accounts. The error briefly caused sharp volatility on the platform 📉 with Bitcoin prices reportedly dropping by as much as 17% before stabilizing.
Authorities quickly intervened 🚨 and Bithumb suspended affected accounts while working to recover the misallocated assets. The exchange has since retrieved about 99% of the mistakenly distributed Bitcoin and announced it would absorb the remaining losses estimated at around $9 million using company funds.
FSS officials stated that the episode exposed serious weaknesses in internal control systems and operational safeguards within crypto exchanges. Governor Lee Chan jin emphasized that such incidents highlight structural risks in digital asset markets including concerns about the potential circulation of unsupported ghost coins 👻. The regulator stressed that stronger compliance standards tighter oversight and improved consumer protection measures 🛡️ are necessary before cryptocurrencies can be treated as stable mainstream financial instruments. The case has intensified policy discussions in South Korea around stricter licensing rules enhanced exchange accountability and more robust risk management frameworks for the digital asset industry.
#crypto #BTC #SouthKorean #Giveaways #bitcoin
$BTC
$GPS
$AXS
South Korea’s Financial Supervisory Service FSS has called for tougher cryptocurrency regulations ⚖️ after a major operational error at local exchange Bithumb resulted in the accidental distribution of roughly $40 billion worth of Bitcoin 💰. The incident occurred during a promotional event in which the exchange intended to credit users with small cash rewards of about 2,000 won approximately $1.40 but mistakenly transferred around 620,000 BTC to nearly 700 user accounts. The error briefly caused sharp volatility on the platform 📉 with Bitcoin prices reportedly dropping by as much as 17% before stabilizing.
Authorities quickly intervened 🚨 and Bithumb suspended affected accounts while working to recover the misallocated assets. The exchange has since retrieved about 99% of the mistakenly distributed Bitcoin and announced it would absorb the remaining losses estimated at around $9 million using company funds.
FSS officials stated that the episode exposed serious weaknesses in internal control systems and operational safeguards within crypto exchanges. Governor Lee Chan jin emphasized that such incidents highlight structural risks in digital asset markets including concerns about the potential circulation of unsupported ghost coins 👻. The regulator stressed that stronger compliance standards tighter oversight and improved consumer protection measures 🛡️ are necessary before cryptocurrencies can be treated as stable mainstream financial instruments. The case has intensified policy discussions in South Korea around stricter licensing rules enhanced exchange accountability and more robust risk management frameworks for the digital asset industry.
#crypto #BTC #SouthKorean #Giveaways #bitcoin
$BTC
$GPS
$AXS
South Korean Crypto Exchange Accidentally Pays Out $40 Billion in Bitcoin 😱💸
A major mishap hit South Korea’s crypto industry after exchange Bithumb mistakenly distributed more than $40 billion worth of Bitcoin to customers, briefly turning hundreds of users into instant multi-millionaires.
The error occurred when Bithumb attempted to credit users with a small promotional reward of 2,000 won (about $1.37). Instead, due to a system glitch, affected accounts received 2,000 bitcoins each on Friday 🪙🚨. Within minutes, balances skyrocketed far beyond normal levels.
Bithumb said it identified the mistake quickly and restricted trading and withdrawals within 35 minutes for the 695 impacted accounts. According to the company, 99.7% of the roughly 620,000 bitcoins mistakenly distributed were successfully recovered.
In a statement, Bithumb emphasized that the incident was not the result of hacking or a security breach, stressing that customer assets and system security were never compromised 🔐. South Korea’s financial watchdog, the Financial Supervisory Service (FSS), held an emergency meeting and said it would investigate the case, adding that any signs of illegal activity would trigger a formal probe.
Bithumb’s CEO, Lee Jae-won, apologized publicly and said the exchange would treat the incident as a lesson, pledging to put customer trust ahead of growth. The company announced compensation of 20,000 won (about $13.66) for all users active on the platform at the time, along with trading fee waivers and additional safeguards.
To prevent future incidents, Bithumb plans to strengthen verification systems and deploy AI-based monitoring to detect abnormal transactions 🤖📊. The episode is already fueling debate about tighter controls and operational risk in digital finance, echoing past errors in traditional banking — including a 2024 case where Citigroup mistakenly credited $81 trillion to a customer account before reversing it.
While the crypto funds were largely recovered, the incident highlights how operational mistakes, not just hacks, can pose systemic risks in both crypto and traditional financial systems ⚠️📉.
#crypto #BTC #SouthKorean #bitcoin
$BTC
The error occurred when Bithumb attempted to credit users with a small promotional reward of 2,000 won (about $1.37). Instead, due to a system glitch, affected accounts received 2,000 bitcoins each on Friday 🪙🚨. Within minutes, balances skyrocketed far beyond normal levels.
Bithumb said it identified the mistake quickly and restricted trading and withdrawals within 35 minutes for the 695 impacted accounts. According to the company, 99.7% of the roughly 620,000 bitcoins mistakenly distributed were successfully recovered.
In a statement, Bithumb emphasized that the incident was not the result of hacking or a security breach, stressing that customer assets and system security were never compromised 🔐. South Korea’s financial watchdog, the Financial Supervisory Service (FSS), held an emergency meeting and said it would investigate the case, adding that any signs of illegal activity would trigger a formal probe.
Bithumb’s CEO, Lee Jae-won, apologized publicly and said the exchange would treat the incident as a lesson, pledging to put customer trust ahead of growth. The company announced compensation of 20,000 won (about $13.66) for all users active on the platform at the time, along with trading fee waivers and additional safeguards.
To prevent future incidents, Bithumb plans to strengthen verification systems and deploy AI-based monitoring to detect abnormal transactions 🤖📊. The episode is already fueling debate about tighter controls and operational risk in digital finance, echoing past errors in traditional banking — including a 2024 case where Citigroup mistakenly credited $81 trillion to a customer account before reversing it.
While the crypto funds were largely recovered, the incident highlights how operational mistakes, not just hacks, can pose systemic risks in both crypto and traditional financial systems ⚠️📉.
#crypto #BTC #SouthKorean #bitcoin
$BTC
JUST IN: 🇰🇷 South Korean exchange Bithumb issues apology for accidentally airdropping large amounts of Bitcoin to customers who then sold it.
"During today's event, an abnormal amount of Bitcoin was paid to some customers...some accounts that received the Bitcoin sold it."
#SouthKorean #BTC
"During today's event, an abnormal amount of Bitcoin was paid to some customers...some accounts that received the Bitcoin sold it."
#SouthKorean #BTC
Binance's Plan for South Korean Market:💥💥🔥🔥🔥🚀
Binance is looking to finish the repayment of Gopax's GoFi users by 2026, which will allow it to enter the South Korean market competitively.The exchange's primary plan is to concentrate on stabilizing and upgrading Gopax while developing new products and services consistent with market demand and trends.GoFi Restitution
Binance took over Gopax in 2023 to save users from a liquidity crisis that occurred when Genesis Global Capital suddenly stopped withdrawals.The restitution wallet contains 11 different cryptocurrencies.Expansion Plans
Binance's first mission will be to stabilize and improve Gopax, then launch new products and services that are compliant with the regulatory framework in South Korea.The exchange is optimistic about the opportunities for stablecoins, tokenization of real, world assets, and institutional adoption in the South Korean market.Future Outlook
Leveraging the high level of adoption and well, regulated environment in the country, Binance is targeting to become one of the leading players in the South Korean market.The exchange is ready to deal with potential obstacles, such as a proposal to limit the shareholding stakes of major shareholders in crypto exchanges.
#market #SouthKorean #crypto #binanace
$BNB
Binance is looking to finish the repayment of Gopax's GoFi users by 2026, which will allow it to enter the South Korean market competitively.The exchange's primary plan is to concentrate on stabilizing and upgrading Gopax while developing new products and services consistent with market demand and trends.GoFi Restitution
Binance took over Gopax in 2023 to save users from a liquidity crisis that occurred when Genesis Global Capital suddenly stopped withdrawals.The restitution wallet contains 11 different cryptocurrencies.Expansion Plans
Binance's first mission will be to stabilize and improve Gopax, then launch new products and services that are compliant with the regulatory framework in South Korea.The exchange is optimistic about the opportunities for stablecoins, tokenization of real, world assets, and institutional adoption in the South Korean market.Future Outlook
Leveraging the high level of adoption and well, regulated environment in the country, Binance is targeting to become one of the leading players in the South Korean market.The exchange is ready to deal with potential obstacles, such as a proposal to limit the shareholding stakes of major shareholders in crypto exchanges.
#market #SouthKorean #crypto #binanace
$BNB
🇰🇷 South Korea ki Central Bank ka Stablecoins ko Support 💸
Ek nayi report ke mutabiq, South Korea ki Central Bank (Bank of Korea) ne kaha hai ke agar stablecoins (jaise ke USDT ya coins jo dollar se pegged hote hain) proper regulation follow karein, to woh unke istemal ke khilaf nahi hai.
🔒 Kya kaha gaya?
Central Bank ne kaha ke agar stablecoins transparent aur secure hon, aur strong rules ke tahat operate karein, to unmein future innovation ka potential hai.
⚠️ Background:
TerraUSD jese stablecoin crash ke baad, regulators zyada cautious ho gaye hain. Ab South Korea bhi clear aur strong regulation banana chahta hai — jisme user protection aur market stability zaroori hisay hain.
📈 Future Impact:
Agar rules theek banaye gaye, to investors ka trust barhega aur stablecoins ka adoption bhi grow karega — na sirf South Korea mein, balkay globally bhi. #SouthKorean #SwingTradingStrategy #CryptoClause
Ek nayi report ke mutabiq, South Korea ki Central Bank (Bank of Korea) ne kaha hai ke agar stablecoins (jaise ke USDT ya coins jo dollar se pegged hote hain) proper regulation follow karein, to woh unke istemal ke khilaf nahi hai.
🔒 Kya kaha gaya?
Central Bank ne kaha ke agar stablecoins transparent aur secure hon, aur strong rules ke tahat operate karein, to unmein future innovation ka potential hai.
⚠️ Background:
TerraUSD jese stablecoin crash ke baad, regulators zyada cautious ho gaye hain. Ab South Korea bhi clear aur strong regulation banana chahta hai — jisme user protection aur market stability zaroori hisay hain.
📈 Future Impact:
Agar rules theek banaye gaye, to investors ka trust barhega aur stablecoins ka adoption bhi grow karega — na sirf South Korea mein, balkay globally bhi. #SouthKorean #SwingTradingStrategy #CryptoClause
🇰🇷 South Korean Bank Adopts Avalanche
NH NongHyup Bank in South Korea has introduced a blockchain-based VAT refund system built on #Avalanche
$AVAX #SouthKorean #bankcrypto #VAT
NH NongHyup Bank in South Korea has introduced a blockchain-based VAT refund system built on #Avalanche
$AVAX #SouthKorean #bankcrypto #VAT
JUST IN: $XRP
holds #1 spot in South Korea with over $95 million in 24-Hour trading volume - Upbit.
#SouthKorean
#SouthKoreaCrypto
holds #1 spot in South Korea with over $95 million in 24-Hour trading volume - Upbit.
#SouthKorean
#SouthKoreaCrypto
🇰🇷 BREAKING: South Korea plans to allow institutional crypto trading by gradually issuing real-name accounts to corporations, starting with non-profits.#SouthKorean #USJobOpeningsSurge #traders #CryptoNewss #BTC
🇰🇷 South Korean companies will be allowed to trade crypto
The South Korean authorities plan to permit companies to open accounts for cryptocurrency trading.
Restrictions will be lifted gradually throughout 2025.#SouthKorean #BullCyclePrediction #Write2Earn #CryptoNewss #TrumpBTCBoomOrBust
The South Korean authorities plan to permit companies to open accounts for cryptocurrency trading.
Restrictions will be lifted gradually throughout 2025.#SouthKorean #BullCyclePrediction #Write2Earn #CryptoNewss #TrumpBTCBoomOrBust
South Korea prohibits leveraged crypto loans and caps rates at 20%
The Financial Services Commission (FSC) of Korea announced new rules for cryptocurrency loans on centralized exchanges:
Maximum annual interest rate: 20%.
Total prohibition of leveraged loans exceeding the value of the collateral.
Loans can only be offered on the top 20 tokens by market capitalization or those listed on at least three exchanges in won.
User protection measures are required:
Loans only with the exchange's own capital; the use of third parties (outsourcing) is prohibited.
Maximum annual interest rate: 20%.
Total prohibition of leveraged loans exceeding the value of the collateral.
Loans can only be offered on the top 20 tokens by market capitalization or those listed on at least three exchanges in won.
User protection measures are required:
Loans only with the exchange's own capital; the use of third parties (outsourcing) is prohibited.
🌍 South Korea to Share Crypto Transactions Worldwide Under OECD Pact
South Korea is ramping up oversight of crypto markets, moving to log and share both domestic and overseas digital asset transactions with tax authorities around the globe.
Starting next year, local exchanges like Upbit and Bithumb will be required to report foreign users’ activity, while the National Tax Service will also receive data on South Koreans trading abroad.
🏛️ Global Crypto Transparency Push
Seoul officially joined the OECD’s Crypto-Asset Reporting Framework (CARF), alongside 48 other nations.
The system enables automatic exchange of tax data on crypto trades, curbing offshore evasion and tightening compliance.
Full-scale data sharing is set to begin in 2027, but collection will start as early as 2026.
“The goal is to implement the Virtual Asset Information Exchange Agreement in detail,” a Finance Ministry official said.
📉 Impact on Exchanges & Investors
Exchanges like Upbit and Bithumb may face tough compliance costs and possible trading volume dips as privacy-focused users exit.
Investors should expect the end of anonymous trading, with regulators in the UK, Germany, Japan, and beyond plugging into the same system.
⚡ Why It Matters
South Korea’s move signals a global crackdown on crypto secrecy. For investors, this means tighter oversight, less privacy — and a future where cross-border trading leaves a permanent, reportable trail.
#CryptoRegulation #SouthKorean #OECD
South Korea is ramping up oversight of crypto markets, moving to log and share both domestic and overseas digital asset transactions with tax authorities around the globe.
Starting next year, local exchanges like Upbit and Bithumb will be required to report foreign users’ activity, while the National Tax Service will also receive data on South Koreans trading abroad.
🏛️ Global Crypto Transparency Push
Seoul officially joined the OECD’s Crypto-Asset Reporting Framework (CARF), alongside 48 other nations.
The system enables automatic exchange of tax data on crypto trades, curbing offshore evasion and tightening compliance.
Full-scale data sharing is set to begin in 2027, but collection will start as early as 2026.
“The goal is to implement the Virtual Asset Information Exchange Agreement in detail,” a Finance Ministry official said.
📉 Impact on Exchanges & Investors
Exchanges like Upbit and Bithumb may face tough compliance costs and possible trading volume dips as privacy-focused users exit.
Investors should expect the end of anonymous trading, with regulators in the UK, Germany, Japan, and beyond plugging into the same system.
⚡ Why It Matters
South Korea’s move signals a global crackdown on crypto secrecy. For investors, this means tighter oversight, less privacy — and a future where cross-border trading leaves a permanent, reportable trail.
#CryptoRegulation #SouthKorean #OECD
South Korea’s Crypto Boom & Security Risks
South Korea’s crypto scene is thriving—driven by tech-savvy investors and institutional adoption—but faces rising cybersecurity threats, including a massive $1.5B hack via Lazarus Group and SIM-swap fraud.
#CryptoSecurity #SouthKorean #Blockchain
South Korea’s crypto scene is thriving—driven by tech-savvy investors and institutional adoption—but faces rising cybersecurity threats, including a massive $1.5B hack via Lazarus Group and SIM-swap fraud.
#CryptoSecurity #SouthKorean #Blockchain
🚨 Breaking Crypto Update 🚨
@Binance News
Binance is reportedly preparing to exit the South Korean market, drawing significant attention from the global crypto community.
The move is being linked to evolving regulatory requirements and increased compliance pressures within the region.
Analysts are closely monitoring how these changes may affect exchange operations and market dynamics. 🇰🇷📉
While an official, detailed announcement is still awaited, the development highlights the growing impact of local regulations on global crypto platforms.
Users in the region are advised to stay alert, follow official Binance communications, and review any guidance related to account access or fund management. 🔔🔐
As the situation develops, further clarity is expected from verified sources.
Staying informed and avoiding speculation remains essential in a rapidly changing regulatory landscape. 🌐📢
#SouthKorean #ZTCBinanceTGE #USTradeDeficitShrink #USNonFarmPayrollReport #pakcoin001
@Binance News
Binance is reportedly preparing to exit the South Korean market, drawing significant attention from the global crypto community.
The move is being linked to evolving regulatory requirements and increased compliance pressures within the region.
Analysts are closely monitoring how these changes may affect exchange operations and market dynamics. 🇰🇷📉
While an official, detailed announcement is still awaited, the development highlights the growing impact of local regulations on global crypto platforms.
Users in the region are advised to stay alert, follow official Binance communications, and review any guidance related to account access or fund management. 🔔🔐
As the situation develops, further clarity is expected from verified sources.
Staying informed and avoiding speculation remains essential in a rapidly changing regulatory landscape. 🌐📢
#SouthKorean #ZTCBinanceTGE #USTradeDeficitShrink #USNonFarmPayrollReport #pakcoin001
Recent Trades
1 trades
BCH/USDT
Breaking News: 🇰🇷 South Korea has lifted the nine-year-old ban on corporate investments in cryptocurrencies, allowing listed companies to invest up to 5% of their capital in the top 20 cryptocurrencies, according to today's Seoul Economic Daily.
Please continue
$BTC #SouthKorean
Please continue
$BTC #SouthKorean
🇰🇷 South Korea's BDACS is partnering with Circle to launch KRW1, a stablecoin backed by the Korean won.#MarketPullback #FranceBTCReserveBill #AltcoinETFsLaunch #WriteToEarnUpgrade #SouthKorean
🚨🚨🚨 NEWS ALERT 🚨 🚨🚨
SOUTH KOREA MONITORS JAPAN’s STANCE ON CRYPTOCURRENCY ETFs
🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🚨🔥
South Korea's financial regulators are closely monitoring Japan's moves towards approving Bitcoin exchange-traded funds (ETFs), with reports suggesting that Seoul may follow suit if Tokyo takes further action.
monitoring Japan’s moves towards approving Bitcoin exchange-traded funds (ETFs), with reports suggesting that Seoul may follow suit if Tokyo takes further action. Since late last year, South Korea’s Financial Services Commission (FSC) has discussed Bitcoin ETF approval, but it has maintained a cautious stance towards crypto. However, recent developments in Japan have sparked new responses from South Korean regulators.
The Japanese Financial Services Agency (FSA) is reportedly considering reclassifying cryptocurrency as an investment tool and approving Bitcoin and altcoin ETFs. This potential shift has caught the attention of South Korean regulators, who have reviewed Japan’s policies and shared their findings within Seoul. The FSA aims to implement new crypto regulations by June, and this could set the stage for further legislative changes by 2025 or 2026.
While South Korean regulators have traditionally been hesitant, some financial chiefs have expressed concern over the country lagging behind rival nations. The FSC has recently indicated that it is unlikely to approve virtual asset ETFs shortly, citing Japan’s approach as a key reason. As Japan pushes ahead with its plans, it remains to be seen how South Korea will respond to these growing crypto policy shifts.
#SouthKoreaCrypto #SouthKorean #ETFvsBTC #JapanCrypto #binance $BTC
$ETH
$XRP
SOUTH KOREA MONITORS JAPAN’s STANCE ON CRYPTOCURRENCY ETFs
🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🚨🔥
South Korea's financial regulators are closely monitoring Japan's moves towards approving Bitcoin exchange-traded funds (ETFs), with reports suggesting that Seoul may follow suit if Tokyo takes further action.
monitoring Japan’s moves towards approving Bitcoin exchange-traded funds (ETFs), with reports suggesting that Seoul may follow suit if Tokyo takes further action. Since late last year, South Korea’s Financial Services Commission (FSC) has discussed Bitcoin ETF approval, but it has maintained a cautious stance towards crypto. However, recent developments in Japan have sparked new responses from South Korean regulators.
The Japanese Financial Services Agency (FSA) is reportedly considering reclassifying cryptocurrency as an investment tool and approving Bitcoin and altcoin ETFs. This potential shift has caught the attention of South Korean regulators, who have reviewed Japan’s policies and shared their findings within Seoul. The FSA aims to implement new crypto regulations by June, and this could set the stage for further legislative changes by 2025 or 2026.
While South Korean regulators have traditionally been hesitant, some financial chiefs have expressed concern over the country lagging behind rival nations. The FSC has recently indicated that it is unlikely to approve virtual asset ETFs shortly, citing Japan’s approach as a key reason. As Japan pushes ahead with its plans, it remains to be seen how South Korea will respond to these growing crypto policy shifts.
#SouthKoreaCrypto #SouthKorean #ETFvsBTC #JapanCrypto #binance $BTC
$ETH
$XRP
South Korea on the Brink of a Crypto Revolution? Exchange CEO Calls for Action!
Jung Eun-bo, the head of the Korea Exchange, made a bold statement that could change the future of cryptocurrency in South Korea. He emphasized that the country ranks third in the world in terms of digital asset trading volume and called for the launch of cryptocurrency ETFs.
Why is this necessary?
According to Jung Eun-bo, cryptocurrencies can give new impetus to the financial industry, but for this to happen, it is necessary to create transparent and regulated conditions. He is confident that the launch of ETF will be an important step in this direction, opening access to cryptocurrencies to a wide range of investors.
Why is this necessary?
According to Jung Eun-bo, cryptocurrencies can give new impetus to the financial industry, but for this to happen, it is necessary to create transparent and regulated conditions. He is confident that the launch of ETF will be an important step in this direction, opening access to cryptocurrencies to a wide range of investors.
🚨 BREAKING:
🇰🇷 Binance eyes a South Korea comeback!
South Korea’s Financial Intelligence Unit (FIU) has officially resumed its review of Binance’s Gopax acquisition.
⚡ Approval is expected by year-end, setting the stage for Binance’s big return after nearly 2 years!
This move could mark one of the biggest re-entries into the Asian crypto market — strengthening Binance’s footprint across key regulatory regions. 🌏💪
#Binance #CryptoNews #SouthKorean #blockchain #Web3
🇰🇷 Binance eyes a South Korea comeback!
South Korea’s Financial Intelligence Unit (FIU) has officially resumed its review of Binance’s Gopax acquisition.
⚡ Approval is expected by year-end, setting the stage for Binance’s big return after nearly 2 years!
This move could mark one of the biggest re-entries into the Asian crypto market — strengthening Binance’s footprint across key regulatory regions. 🌏💪
#Binance #CryptoNews #SouthKorean #blockchain #Web3
#SouthKoreaCryptoPolicy
#SouthKorean
South Korea is rolling out a progressive, multi‑phased crypto regulation framework. Beginning in early 2025, non‑profits, universities, and law enforcement can open real‑name accounts to liquidate virtual assets . By mid‑2025, listed companies and professional investors are expected to join a pilot institutional crypto trading program . Meanwhile, new rules require virtual asset providers to register with the FSC, implement cold‑storage safeguards, and meet AML/KYC standards . Additionally, cross‑border crypto trades will soon be subject to strict monitoring and monthly reporting to the Bank of Korea.
#SouthKorean
South Korea is rolling out a progressive, multi‑phased crypto regulation framework. Beginning in early 2025, non‑profits, universities, and law enforcement can open real‑name accounts to liquidate virtual assets . By mid‑2025, listed companies and professional investors are expected to join a pilot institutional crypto trading program . Meanwhile, new rules require virtual asset providers to register with the FSC, implement cold‑storage safeguards, and meet AML/KYC standards . Additionally, cross‑border crypto trades will soon be subject to strict monitoring and monthly reporting to the Bank of Korea.
Login to explore more contents