At first, checks showed that every cryptocurrency exchange in South Korea followed all the rules and laws. Native cryptocurrencies turned out to be why so many exchanges and ecosystems closed this year. The last time this happened was when FTX failed. People think that in January 2020, Flata Exchange will list its token, called FLAT. The media has numerous effects on the volatility of bitcoin. Learn how the media affects changes in the price of bitcoin.
At first, checks showed that every cryptocurrency exchange in South Korea followed all the rules and laws. A representative from the Financial Services Commission (FSC) said, “There are still some things we don’t know about in-house token listings.” Because of this, the FSC said they were getting ready to look into it more.
The government says it will stop looking into big exchanges like Upbit and Bithumb. Instead, they will pay more attention to smaller transactions.
According to a study by CoinGecko, 297,229 different people from South Korea visit FTX.com every month. South Korea is now at the top of the list of places where the end of FTX hurts the most.
Shin Hyun-Seong helped start FTX, and the South Korean government had about $104.4 million (140 billion won) in his name. They did this because they thought he broke the law when he sold LUNA and made money from it.
The Seoul Southern District Court agreed that Shin’s money could be frozen. People will learn more about it. Shin Hyun-Seong, also known as Daniel Shin, was reportedly asked by South Korean officials to talk about why Terraform Labs failed as part of an investigation. The company is being looked into because it is going out of business.
Shin Hyun-lawyer Seong’s Seong was quoted in the news as denying that Shin sold Luna at a high point and made money or made money in other illegal ways.
Shin’s LinkedIn page shows that he hasn’t done anything for the company since January 2020. However, it doesn’t say anything about his interest in Terraform Labs. But that only tells you a little about the investments. Shin started Chai Corporation, which makes financial technology, after that. Shin is now the CEO of this company.
Since Terra fell, many different stories have been told about where Kwon is. Some say he is in Singapore, while others say he is in other countries. But the South Korean has said many times that he isn’t “running away.”
After an order from South Korea’s Ministry of Foreign Affairs in October, Kwon’s passport is no longer valid, no matter where he is. Since Terraform Labs failed, the co-founder of Terra is being sued by investors, investigated by agencies worldwide, and criticized on social media by many crypto users who lost money because Terraform Labs failed.
Since the government has already approved big exchanges like Upbit and Bithumb, they will now look at smaller ones.
The first checks showed that there was not a single illegal platform for trading cryptocurrencies in South Korea. But a representative from the Financial Services Commission (FSC) said “there are still some doubts” about the internal token listings, so it’s likely that they will be looked into more closely.
Regional press estimates say there are about 6,000 Korean investors in FTT and they own 110,000 units. According to data from Similarweb, people in Korea made up 6% of FTX’s total internet traffic in October. Japanese internet users are more critical than Korean internet users.
A study by CoinGecko found that, on average, 297,229 people from South Korea visited FTX.com every month. This means that South Korea is one of the countries that will be hurt the most while FTX is down. The Seoul Southern District Court agreed that Shin’s assets should be put on hold until the investigation was done.
