Category: South Korea

CEO Sentenced to 18-Month Jail Term for Accepting Bitcoin Bribes to List a Cryptocurrency

CEO Sentenced to 18-Month Jail Term for Accepting Bitcoin Bribes to List a Cryptocurrency

A South Korean court has sentenced the former CEO of the defunct crypto exchange Coinnest to 18 months in prison. The court also fined him over $61,000, who also was charged for fraud in 2020. Prosecutors Accused Coinnest Executives of Receiving 110 BTC in Bribes According to Fn News, the Supreme Court of Korea determined […]

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South Korean gaming giant Nexon denies reports that it plans to acquire Bithumb

South Korean gaming giant Nexon denies reports that it plans to acquire Bithumb

South Korean gaming giant Nexon has denied that it plans to acquire crypto exchange Bithumb, as local media outlets claimed last week. “NEXON Co., Ltd. has not invested in Bithumb and has no plans to acquire that company,” Nexon spokesperson Jeff Brown told The Block in an email Sunday. “We cannot comment on the investment […]

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Major South Korean Bank Shinhan Is Set to Offer Crypto Custody-Related Services

Major South Korean Bank Shinhan Is Set to Offer Crypto Custody-Related Services

A major commercial bank in South Korea is entering the crypto business by allocating an equity investment in the Korea Digital Asset Trust (KDAC). Shinhan Bank is looking to offer digital asset custody services. Bank Expects to Offer Tech Capabilities to Face Defi-Related Hacking Risks According to inews24, the bank announced the investment in the […]

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South Korean Government to Start Taxing Crypto Trading Profits in 2022

South Korean Government to Start Taxing Crypto Trading Profits in 2022

The South Korean government has issued an amendment to introduce tax on cryptocurrency trading profits. The plan is now a reality after several attempts to delay it by lawmakers. New Rules Impose 20% Tax on Crypto Profits Per Asia Today, the legislative notice details that the amendment will be enacted in February, and profits from […]

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South Korean Gaming Giant Planning to Buy Crypto Exchange Bithumb for $460 Million

South Korean Gaming Giant Planning to Buy Crypto Exchange Bithumb for $460 Million

Nexon, the South Korean multi-billion-dollar gaming conglomerate, is reportedly planning to buy a 65% stake in troubled crypto exchange Bithumb in a deal worth about 500 billion won ($460 million). ● According to local media reports, Nexon is to buy all the shares owned by Bithumb chairman Lee Jung Hoon, including several others totaling up […]

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South Korean gaming giant Nexon is preparing to acquire crypto exchange Bithumb for about $460 million: Report

South Korean gaming giant Nexon is preparing to acquire crypto exchange Bithumb for about $460 million: Report

South Korean gaming giant Nexon is reportedly preparing to acquire Bithumb, the country’s biggest cryptocurrency exchange, for around 500 billion won (~$460 million). Local outlet Maekyung reported the news on Thursday, saying that Nexon is known to have signed a memorandum of understanding with Bithumb at the beginning of this month to acquire its 65% […]

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Breaking: Multi-Billion Dollar Gaming Conglomerate Preparing to Acquire 65% Stake in Bithumb

Bithumb, the largest South Korean crypto exchange is reportedly in talks with Nexon, a multi-billion dollar gaming conglomerate as per several local media reports. The report says Nexon plans to take 65% of Bithumb. The media reports suggest that Nexon signed a Memorandum of Understanding (MOU) at the start of the month which would allow […]

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South Korean Politicians Won’t Be Required to Disclose Their Crypto Holdings After Proposals Failed to Pass the National Assembly

South Korean Politicians Won’t Be Required to Disclose Their Crypto Holdings After Proposals Failed to Pass the National Assembly

South Korean politicians won’t be required to disclose their crypto holdings or crypto-related earnings as no fewer than three cryptocurrency-related bills failed to pass the National Assembly. Proposal Submitted in November 2020 According to the Electronic Times, the bills aimed to require lawmakers and senior public servants to report all their cryptocurrency holdings and their […]

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South Korean Whales Accumulating BTC on Exchanges, Can Coinbase Buyers Hold Bitcoin Above 30k?

Bitcoin is currently trying to solidify its position above $32,000 after experiencing high volatility over the past couple of days after the $5,000 price crash. The price volatility is primarily because of Asian whales dumping large portions of their bitcoin holdings on exchanges during the Asian market time which results in a dip in bitcoin […]

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Production of $2.7 Million-per-Episode: South Korean Crypto-Related TV Drama Series Is Set to Start in 2021

Production of $2.7 Million-per-Episode: South Korean Crypto-Related TV Drama Series Is Set to Start in 2021

A major South Korean TV series with crypto and blockchain-related topics is set to launch its production stage at the beginning of 2021, directed by Gemstone Film, in collaboration with firms in China and the United States. South Korean Crypto-Related TV Drama Series ‘Pumping Time’ Is Set to Start in 2021 According to Financial News, […]

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