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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,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

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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Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

South Korea finds itself in a complex predicament, one that echoes the challenges faced in high-stakes transactions. Let’s delve deeper into the situation:

1. A Multinational Presence: With forces from 19 nations already deployed, South Korea is at a crossroads. Should they engage in conflict or avoid it? If they choose the former, they may have underestimated the scale, as the number of involved parties far exceeds initial expectations.

2. Questionable Gains in Victory: Even if South Korea were to prevail in a conflict, the potential rewards are dubious. Post-war negotiations and decisions will likely be driven by other nations, leaving South Korea with little leverage and few tangible benefits—a poor return on investment.

3. The Dire Consequences of Defeat: On the flip side, losing the conflict would be disastrous. Beyond territorial losses and financial reparations, the country could face long-term subjugation, with the possibility of losing its sovereign standing altogether.

4. The Cost of Inaction: Opting not to fight, however, presents its own set of issues. The ongoing presence of foreign troops strains national resources, and the constant surveillance of international military activities creates a climate of anxiety. Economic stability and public morale are both at risk.

5. Domestic Policy Interference: These foreign forces are not just a resource drain. Their presence could influence internal politics, swaying the nation’s direction and potentially stalling development plans that don’t align with international interests.

6. The Risk of Forced Expulsion: Any move to forcibly remove these troops would invite severe repercussions. International diplomatic backlash, economic sanctions, and potential isolation from global trade could severely impact South Korea’s economy.

7. Sovereignty Under Siege: The longer these troops remain, the more South Korea’s sovereignty erodes. Neighboring countries are starting to view the nation differently, complicating regional diplomacy and making it increasingly difficult to manage international relations.

8. The Path Forward: To regain full sovereignty and independence, South Korea must navigate a delicate balance of interests. The current situation is a political and economic quagmire, one that requires skillful diplomacy and strategic decision-making to avoid further entanglement.

Much like in complex transactions, every decision South Korea makes now must be weighed carefully. Acting without thorough consideration could leave the nation trapped in an unwinnable position, with no easy way out, much like being unable to dismount a charging tiger. The stakes are high, and the consequences could reverberate for years to come.

#southkorea