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Binance, the largest shareholder of the South Korean cryptocurrency exchange GOPAX, sold the asset claims of GOPAX victims for less than half their face value.

Initially, Binance had promised 100% compensation for the losses (70bn KRW) incurred by the suspension of GOPAX's GOFi service.

Instead, Binance acquired Gopax shares at a significantly discounted price and became their largest shareholder.

However, it has been revealed that Binance did not compensate the victims with its own funds but by selling the victims' asset claims at a low price. This move was essentially a "robbing Peter to pay Paul" strategy.

After Binance sold the victims' asset claims, the prices of crypto assets soared, increasing the amount of damages.

GOFI’s debt is estimated to amount to approximately 100bn KRW as of today, excluding existing repayments.