South Korea’s Bithumb Launches DEEP Token Trading on Sui Network
Bithumb, one of South Korea’s largest cryptocurrency exchanges, has announced the listing of the DeepBook Protocol (DEEP) token. Starting January 8, 2025, DEEP is available for trading in the Korean Won (KRW) market.
The trading will commence at 3:00 PM with a base price of 230 KRW, giving users the opportunity to trade the token directly against the national currency.
Bithumb Launches DEEP Token Trading on Sui Network
According to the Bithumb notice, DEEP token will work only on the Sui network, and the token deposits from other networks will not be accepted.
The deposits and withdrawals were opened right after the announcement of the official timing limit which was two hours. According to Bithumb, it takes 20 network confirmations for deposits to be credited to users’ accounts.
To foster a fair and secure trading process during its launch, some certain measures have been put in place. New buy orders are not accepted in the primary market during the first five minutes of trading session.
The sell orders are also limited to within ±10% and ±100% of the base price during this time period. Additionally, the automated trading will be allowed only after the first trade has occurred.
An official said in an interview, “These measures are put in place to protect the market and prevent price manipulation during the initial trading period.” The listing of DEEP comes after Bithumb added other tokens like PEAQ and Vana to its KRW market in recent days.
Deposit and Withdrawal Guidelines
In compliance with the Travel Rule, Bithumb has observed that deposits and withdrawals shall only be made through supported exchanges. Tokens received from other unsupported platforms will not be credited to users’ accounts and the refund process may extend to several months.
Before transferring their DEEP tokens, users are recommended to double-check the deposit address as well as the network.
The exchange also informed its users that dealings through restricted exchanges may result in account limitations in accordance with the exchange’s terms of service.
“More specifically, when making deposits or withdrawals, please confirm that the token is on the same network and has the same address as your Bithumb account,” the exchange said.
DEEP Token Performance and Technical Analysis
The DeepBook Protocol (DEEP) has been quite bullish, with the price sitting at $0.1741 and a 24-hour trading volume of $56.1 million as of the time of writing. On the DEEPUSD 3-hour chart, the market has formed a rising wedge pattern, which is a bearish pattern.
During the rally, the price is trading close to the resistance level of $0.1750 with the support levels being at $0.1536(50 MA) and $0.1174 (200 MA).
On the DEEP price chart the short-term 50 moving average is currently positioned above the long-term 200 moving average. This crossover is usually seen as a buy signal, meaning that the token has continued to rise in the short-term.
Nevertheless, it seems that this momentum is slowing down as the price nears the upper border of the wedge. If the price falls downward from the pattern, analysts believe that it may continue to decline to $0.10 levels.
On the contrary, if the $0.1750 level is breached on the upside, then there could be an upward trend.
#Bithumb #SouthKorea #SuiNetwork #CRYPTO #Cryptonews

South Korea's top crypto exchange, Bithumb, has restructured its subsidiary, transitioning from Bithumb Meta to Bithumb Partners, with a fresh focus on short-term investments in stocks and bonds.
With a $2M capital boost and Im Tae-seong stepping in as the new leader, this strategic pivot aligns perfectly with Bithumb's ambitious IPO plans. 📈
LG CNS and other past investors exit amid NFT project challenges.Bithumb Partners will now prioritize streamlined asset management to build investor confidence.
Could this be a game-changer for Bithumb's IPO journey? Share your thoughts below! 💬
#CryptoNewsCommunity #BithumbIPO #SouthKorea

South Korean crypto traders using the largest exchange, Upbit, have found themselves in a debt trap! 💸 In order to trade virtual assets in Korean won, they must open accounts with K Bank, but the situation with loan defaults is rapidly worsening. 📉 Since the partnership began in 2020, the trend has been escalating, and now the bank may not only face financial troubles but also jeopardize an IPO that was supposed to be a major event in the market. 🚨
🔥 Conclusions:
1️⃣ If the situation isn’t resolved, it could lead to a financial crisis not just for K Bank but for the entire crypto ecosystem in South Korea. 💥
2️⃣ Issues with overdue loans could deal a severe blow to Upbit's reputation and cause a loss of trust among users and investors. ⚠️
3️⃣ The potential failure of K Bank’s IPO could have consequences for future crypto projects and slow down the development of the crypto market in the region. 🛑
#SouthKorea #Upbit

Former Lawmaker Accused of Hiding Cryptocurrency Holdings
In one of South Korea’s most high-profile cases, Kim Nam-guk, a former member of the Democratic Party, has been accused of intentionally concealing his cryptocurrency wealth. Prosecutors have requested a six-month prison sentence for Kim for failing to declare a significant amount of crypto assets in mandatory financial disclosures to the National Assembly. This case highlights South Korea’s strict stance against tax evasion involving digital assets.
The incident has reignited debate on cryptocurrency taxation and the need for fair treatment of small investors who often see crypto assets as a financial safety net.
How Did Kim Hide His Crypto Assets?
According to prosecutors, Kim deliberately hid his crypto holdings from the National Assembly’s ethics committee, which oversees financial disclosures of lawmakers. To avoid suspicion, he transferred a significant portion of his cryptocurrency to a regular bank account, making it appear as though he held no digital assets.
Additionally, he reported false information regarding his total wealth, deliberately declaring much lower amounts than he actually possessed. By converting some of his crypto deposits into fiat currency and reporting them as traditional bank holdings, he successfully concealed the true value of his cryptocurrency.
Discrepancies in 2021 and 2022
Kim’s financial disclosures for 2021 and 2022 revealed major discrepancies. In 2021, he declared assets worth approximately 1.2 billion won, but prosecutors estimate he held cryptocurrency valued at 9.9 billion won during that period.
Kim’s Defense: Criticism of the Tax System
Despite the serious allegations, Kim Nam-guk has defended himself by criticizing South Korea’s current tax approach. Last month, he called his party’s efforts to tax cryptocurrency inefficient and unfair to voters. The Democratic Party is currently debating tax reforms, including increasing the tax deduction limit for virtual assets to 50 million won, a promise made during previous elections.
Court Decision Could Set a Precedent
The court will soon deliver its verdict on Kim Nam-guk’s case, a decision that could set a precedent for how similar incidents are handled in the future. To prevent further tax evasion, South Korea will need to implement clear and effective regulations to ensure transparency and oversight of digital assets.
This case underscores the government’s commitment to enforcing zero tolerance toward crypto tax evaders while striving for better regulation of the growing digital asset market.

#cryptotax , #SouthKorea , #cryptoregulation , #CryptoNewss , #digitalassets

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Historic Trading Amidst Martial Law
On December 4rd, South Korea experienced a record-breaking cryptocurrency trading volume, reaching $34.2 billion within 24 hours. This surge occurred during a six-hour period of martial law declared by President Yoon Suk-yeol.
According to CoinMarketCap, leading South Korean exchanges such as Upbit, Bithumb, Coinone, Korbit, and Gopax contributed to this unprecedented volume. Upbit, the largest exchange in the country, alone processed $27.25 billion worth of cryptocurrencies.
A Doubling of Trading Volume from the Previous Day
This 24-hour record nearly doubled the trading volume from December 2nd, which had already garnered attention with $18 billion in transactions, surpassing the daily turnover of the South Korean stock market. Tuesday’s trading activity marked the highest single-day total for 2024, according to the local news portal Digital Asset.
Political Crisis as a Catalyst for Trading
Investor panic was triggered after President Yoon declared martial law, aiming to "protect democracy" from alleged anti-state activities linked to the opposition leftist party. Local traders rushed to sell off their cryptocurrencies, leading to significant price drops on South Korean exchanges.
For example, the price of Bitcoin on Upbit temporarily plunged to 88 million won (approximately $62,182). Similar declines were seen in other cryptocurrencies, while exchanges struggled with technical outages due to a massive surge in user activity.
Situation Stabilizes as Martial Law is Lifted
President Yoon lifted martial law after six hours, following a unanimous decision by lawmakers at an emergency session. Cryptocurrency prices subsequently stabilized, and exchanges resumed normal operations.
Opposition Response and Political Fallout
The opposition party announced plans to charge President Yoon, the Minister of Defense, and the Minister of the Interior with treason. They are also seeking their removal from office.
Speculations About the President's Future
On the decentralized prediction market platform Polymarket, speculations about President Yoon's potential departure surged. The likelihood of him leaving office this year temporarily spiked to 78% before dropping back to 47%. If he serves his full term, Yoon's presidency is set to end in May 2027.
This event highlights the significant impact political crises can have on markets, particularly in countries with active cryptocurrency trading.

#SouthKorea , #Cryptocurrencies ,#CryptoNewss , #CryptoTransactions , #BTC☀

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