Nowadays, earning massive profits in cryptocurrencies by tricking has become one of the most common ways to become rich in a shorter period. A similar tricking event has been reported by Jose Ilbo, that an unnamed former employee of Worri Bank has tampered with the loan documents in order to embezzle funds from the bank to his account.
The identified individual has been sentenced to 15 years behind bars for embezzling a million dollars to reportedly buy cryptocurrencies.
The accused utilized approximately 15 billion won of the crime’s proceeds to acquire virtual assets, around 2.7 billion won to settle loan debts, and roughly 300 million won for personal expenses, including a jeonse deposit and living costs.
The final hearing over the case was held on October 15 in which the prosecution noted “Of the damages, 10.5 billion won has not yet been recovered, and even if we exclude the 4.4 billion won secured through pre-indictment confiscation, the damages that are virtually irreparable exceed 6 billion won.”
On the other hand, the representative attorney of the accused argued to the court that ” Please take into account the fact that Woori Bank, the victim, was also responsible for poor management and supervision and that Mr. A turned himself in after paying off 7 billion won.”
Will South Korea ease oversight on Crypto?
As per available information trading of crypto is not restricted in the region, however, the nation is yet to identify it as a legal tender. The residents of the nation are not barred from trading, they can own, buy, or sell crypto using a licensed exchange.
The report notes that the size of South Korea’s Crypto market is expected to reach the overall milestone of $900 million.
In the past few quarters, South Korea has continued to tighten its grip over the bad actors and illicit activities concerning cryptocurrencies, reports also claim that the regulatory commission of the nation has reportedly seized billions of illicit digital assets and has also collected significant penalties over these kinds of cases.
South Korea’s trading volume surged by approximately 50%, hitting a record-breaking $18 billion on December 2. This milestone was accompanied by a 22% increase in stock market activity.
On the same day, Todayq reported that the South Korean government is considering postponing the implementation of a cryptocurrency trading tax until 2027. Park Chan-dae, a prominent figure in the Democratic Party, confirmed that the proposed tax, originally planned for 2025, is likely to be deferred.
Crypto Market Price Updates
As of writing the cryptocurrency market capitalization was $3.65 trillion, with an intraday decline of 3.07 percent, at the same time the trading volume of the vast has crossed the milestone of $205.34 billion.
Bitcoin, the most adopted cryptocurrency, has lost 2.79 percent of its trading prices in the past 24 hours, trading at $104.211.
It is worth noting that, some known crypto tokens and coins lost significant a portion of their trading price in the intraday trading session, the list is ruled by HNT which lost 10.44 percent reaching $8.03, followed by Dogwifhat at $2.54 with a loss of 9.45 percent, PYTH lost 10.20 percent, DYDX fell 9.05 percent.
