#south korea
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50 People Fall for a Honeypot Scam in South Korea
The Gwangju Police Agency Cyber Crime Investigation Unit has arrested 28 individuals involved in a cryptocurrency investment fraud scheme under Article 345 of the Criminal Code of the Republic of Korea. The group duped their victims out of more than $13 million. 
Effective July 19, South Korea's new Virtual Asset User Protection Act will come into force, criminalizing market manipulation, illicit and insider trading within the cryptocurrency sector. Offenders face severe penalties, including a minimum fine of three times the amount of profit gained or imprisonment. 
The Financial Supervisory Service of South Korea (FSS) intends to meet with business representatives and the US Securities and Exchange Commission (SEC) to gather detailed information about Bitcoin ETFs. These plans were announced by the FSS Governor, Lee Bok-hyun, during a presentation in Seoul outlining his action plan for the near future. 
The South Korean government has expressed opposition to the approval of Bitcoin or any other cryptocurrency-based ETFs, in light of the recent shifts in the U.S. financial policy. This stance was articulated by a representative of the South Korean Financial Services Commission (FSC). 
From 2024, South Korea will update its regulations regarding the disclosure of personal assets for government officials. About 5,800 state officials will be required to publicly disclose their crypto asset holdings and other properties using a designated electronic system. 
The law enforcement of South Korea is set to confiscate the Belgrade apartment of Terraform Labs' founder, Do Kwon, situated in Serbia. Estimated at $2.2 million, the apartment is in the capital's elite district, populated by high-profile individuals like legislators, police officials, and entrepreneurs. 
The South Korean government intends to establish specific regulations targeting cryptocurrency mixers, which are used to obscure the origin of digital assets. This initiative is driven by the challenges these services pose in tracking money laundering conducted by criminal organizations. Crypto Regulations in South Korea: Key Features
South Korea stands at the forefront of cryptocurrency innovation, boasting the highest trading volume in Asia. The nation's regulation of digital currencies began in 2017, coinciding with the first significant bull run of BTC and other cryptocurrencies. 
The Appeals Court of Montenegro has revoked the decision to extradite Terra founder Do Kwon to the United States or South Korea. Now, for the subsequent extradition of the criminal, the case needs to be processed from the beginning through all the required procedures. 
