The assets were obtained from Kernel Labs—a firm close to Terra—and according to court documents, Kernel Labs’ CEO Kim Hyun-Joong served as Vice President of Engineering at Terraform Labs.
In a meeting at the Korea-Vietnam Economic Forum, Gyeongbuk Governor Lee Cheol-woo unveiled the province’s ambitious plans to use the metaverse to stimulate commercial activities between the nations.
Both the Financial Services Commission (FSC) and the Financial Intelligence Unit (FIU) are pushing for the listing of new tokens to be removed from the purview of digital asset exchanges.
It remains unclear why Kwon chose Serbia, but South Korean authorities are not ruling out the possibility that the embattled founder has a “special helper” in the country.
Wemade insists it will not back down after a South Korean court sided with DAXA in delisting WEMIX from exchanges in the country, saying it intends to file a complaint as this breaches the anti-competition law.
Bank of Korea stated that stablecoins pegged to foreign currencies have to comply with the foreign exchange laws of South Korea, while those pegged to the Korean won are automatically under their purview.
Eddie Yue of the HKMA says reducing risks associated with digital assets can be achieved by regulating off-chain activities, while BOK's Rhee is skeptical of whether these assets truly have benefits.
In support of the government's strategic plan, Daesung Group set up a fund focusing on blockchain, AI, and extended reality as it enters the Web3 space to increase metaverse adoption.
South Korea doubled down on its metaverse strategy, with the Science and ICT Ministry releasing a strategic guide that would allow the country to handle emerging technologies better.
A court in South Korea dismissed the arrest warrants against former Terraform Labs workers, comprising four engineers and three early-stage investors, connected to the collapse of UST and LUNA tokens.
Daniel Shin allegedly ignored warnings from the Financial Supervisory Service and continued telling investors that Terra's stablecoin would debut on e-commerce platforms.