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Over time, cases concerning stealing traditional money to buy cryptocurrencies have grown significantly. In a similar incident, a South Korean court jailed a teacher for stealing money from a student to buy digital assets.
According to a regional media outlet, the Jeju District Court has rejected the appeal of a teacher who was accused of stealing crypto from students and their parents.
Teacher stole million Wons to buy unnamed crypto assets
In the recent hearing, the court sentenced the teacher to two years in jail for stealing 80 million in South Korean currency; the detained educationalist is also accused of fraudulently selling secondhand goods in a cyber scam, which is estimated to be worth 7 million won.
While hearing, the teacher’s legal representatives informed the court that the amount stolen had already been paid to the students. However, the court has considered the argument further, saying there is no reason to change the verdict; the court did the same in November 2024.
Jeju has become the hotspot of crypto-related crime in the past few months, and the reported cases have exceeded the count of 150 cases. In the same hearing, it was also noted that despite all the amount, the teacher also borrowed around $4,000 from other people.
South Korea is becoming a center of attraction in the global crypto market
Over the years, a sudden shift in the usage of cryptocurrencies has been observed in cryptocurrencies in South Korea; at the same time, the usage of the nation’s traditional currency saw a decline in adoption.
By the end of 2024, it was reported that the total number of people using crypto in SK was 15.6 million, comprising over 30% of the nation’s population. On the other hand, the total crypto held by South Koreans reached 102.6 trillion Wons in November, which was recorded at 58 trillion in October 2024.
With the bullish metrics, the nation’s crypto market is expected to grow to a new height by 2035, and the market capitalization is expected to break the $12 billion mark and might test $15 billion.
To support the national market, the government of South Korea has decided to push capital gains taxes over crypto till 2027; as per the original bill, it was said that the nation would impose a 20% tax on yearly income from digital assets exceeding 2.5 million won. Yet, the delay demonstrates the political conflict over crypto.
Most recently, the regulators have opened an investigation into a centralized cryptocurrency exchange, accusing the company of misusing funds with a few officials under the eyes of agencies.
Crypto market price updates
As of writing, the crypto market cap was $2.71 trillion with a decline of 1.70% in the past 24 hours; despite this decline, a strengthening has been observed in the bullish sentiments as the fear and greed index is at 27, which was at 22 on March 20, 2025.
Bitcoin was down by 2.48% in the intraday frame, and until publishing, it was exchanging hands at $84,060. Its market capitalization is down by 1.90%, now at $1.66 trillion.
The correction in Ethereum prices on March 20 seems to be fading; it is currently trading at $1,981, down 2.54%.
