A #SouthKorean an government official has been accused of misappropriating approximately $400,000 in public funds over a seven-year period. The funds were allegedly used to invest in cryptocurrencies and stocks.
The accused, a grade six civil servant working at Cheongju City Hall, is suspected of forging documents to cover up the embezzlement. Authorities have seized assets including apartments and vehicles in an attempt to recover the stolen funds.
This incident comes amidst increased #regulatory scrutiny of the crypto industry in South Korea, following the #collapse of Terra-Luna and FTX. The country recently enacted a new #law aimed at #Protecting crypto investors.
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South Korea's crypto market is booming, but spot ETFs remain elusive despite US approvals. Regulatory hurdles and lack of legal clarity are holding back, though both major political parties favor crypto-friendly legislation. While local regulators remain cautious, they're setting up dedicated departments to address the fast-evolving industry.
#SouthKorean #SouthKorea #ETFs #cryptoniteuae

South Korean think tank warns against spot crypto ETFs, citing potential financial risks like resource misallocation & market volatility. Researcher Bo-mi Lee emphasizes insufficient understanding of crypto valuation & premature legitimization through traditional channels. She advises comprehensive research & regulation before introduction, aligning with S. Korea's stricter crypto regulations. This cautious approach reflects global concerns about integrating crypto into traditional markets, highlighting both opportunities & risks.

#SouthKorea #SouthKorean #SouthKoreaCrypto #ETHETFsApproved #BTCFOMCWatch

#CEO of #SouthKorean crypto exchange #Bitsonic arrested for alleged market #manipulation and embezzling $7.6 million in user funds. Jinwook Shin, facing serious charges, manipulated systems from Jan 2019 to May 2021 to inflate asset prices and volumes, concealing the company's financial instability. Shin's actions included withdrawing $7.6 million in user assets following sales to unsuspecting clients. The situation erodes trust in Bitsonic and the wider #crypto market. South Korea formed a special unit to combat crypto crimes, while new rules from the Federation of Korean Banks aim to protect users and curb money laundering.

"Accept your shortcomings. It's tough in investing and trading to accept losses. I often read posts on financial forums urging to 'HODL that crypto! It'll bounce back! You'll see, it'll go up again!' Especially on meme coins like $SHIB, $FLOKI, etc., which have shown good performance recently. I know many will mock me, but you need to hear the truth: those telling you to hold are clueless. They're trying to reassure themselves because they're deep in losses, having invested too late. They've lost money and are now foolishly trying to recover in crypto. The 'diamond hands, never sell' mentality is a big mistake. If you know your investment is bad and its value keeps decreasing, you shouldn't hold onto it just because you're in a loss. It's foolish to abandon other opportunities just because your investment might recover in six months. It's like an investment yielding 10% annually, but rejecting another offering 30% annually because you're still in a loss elsewhere. It's entirely foolish and meaningless; you deprive yourself of bigger opportunities and end up losing money. So, accept you've made a bad decision, and stick to it till the end: don't listen to those telling you to hold your crypto if you believe it has no future or, worse, its value will diminish. Sell it in the short to mid-term. Trust me, you'll earn a lot, even if you think you've lost by now. This post reflects only my opinion. Thanks for reading. Like, comment, share, and subscribe; it helps me a lot. You can also tip me financially if you want to help me out, as teaching you more about the crypto market is the only way I receive payment. Thanks to those who will do it."#northkorea #SouthKorean #Pakistan #indiaceyptotax #Write2Erarn