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The Bitcoin mining industry is facing new challenges. The mining difficulty index recently hit an all-time high of “92.671 trillion,” raising red flags for miners’ profitability. This is compounded by the aftermath of halving, which was implemented in April. With…
North Korean hackers are distributing a new malware called “COVERTCATCH” via LinkedIn. They are attacking developers disguised as job ads, and are specifically targeting the Web3 and cryptocurrency sectors. The cyber attack takes place in the following order: a hacker…
Cryptocurrency scammers utilizing AI-powered deepfake videos increased their activity in the second quarter of 2024, according to a new report. Software firm Zen Digital has tracked a group of crypto scammers called “CryptoCore,” who are exploiting official videos of renowned…
Kim So-young, vice chair of the Financial Services Commission, and Mark Uyeda, senior commissioner of the U.S. Securities and Exchange Commission (SEC), met to discuss the impact of the proposed regulation of non-bank financial institutions and trends in virtual asset…
Partner Attorney Ohoon Kwon of Cha & Kwon Law Offices co-authored “Startup Law Guide 3.0 (3rd Edition),” a comprehensive legal guide for startup founders and entrepreneurs that covers a wide range of legal issues that may arise during the entire…
South Korea’s banking industry is taking a more positive stance on working with crypto exchanges. This is evident in concrete moves such as Bithumb, one of the largest cryptocurrency exchanges in South Korea, entering into an agreement with KB Kookmin…
Cha & Kwon Law Offices conducted a legal review for a client who is planning to start a business that processes payment data to determine whether it qualifies as an electronic financial institution under the Electronic Financial Transactions Act and…
The cryptocurrency industry has been thrown into turmoil. The Financial Supervisory Service (FSS) said that closing a business does not mean a loss of business status and that exchanges must fulfill their obligations to protect their users. Under the Virtual…
South Korea’s National Pension Service (NPS) is increasing its exposure to cryptocurrencies through indirect investments, as highlighted in a recent report. According to a Securities and Exchange Commission (SEC) filing, the NPS purchased approximately $34 million worth of MicroStrategy shares…
In a case where the immigration service reviewed extending the period of stay, Cha & Kwon Law Offices obtained a decision to extend the period of stay. The client was involved in a drunk driving and intimidation case during his…
South Korean cryptocurrency exchanges are facing a new annual supervision fee of approximately 6 billion won starting next year, following the implementation of the Virtual Asset User Protection Act. The Financial Supervisory Service (FSS) has set the fee rate at…
An investor who sued the cryptocurrency exchange Upbit for $100 million in damages has won his case. The lawsuit was filed because the exchange failed to transfer his Lunar Coins in a timely manner before the Lunar-Terra crash in 2022,…
The Seoul Southern District Prosecutors’ Office’s Joint Investigation Team for Cryptocurrency Crimes has indicted 41 individuals for cryptocurrency fraud, seizing and recovering 140 billion won ($141 million) over the past year. The task force has confiscated assets worth 84.6 billion…
With the implementation of the Virtual Asset User Protection Act, cryptocurrency providers like Upbit, Bithumb, and Coinone must pay supervision fees based on operating revenue. This change follows amendments to the ‘Enforcement Decree of the Act on the Establishment of…