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17.8 Billion Won in Damages from ‘Fraudulent Exchanges’ in South Korea

BitcoinWorld LogoBitcoinWorld1w ago

17.8 Billion Won in Damages from ‘Fraudulent Exchanges’ in South Korea - BitcoinWorld

Quick Summary:

17.8 Billion Won in Damages from ‘Fraudulent Exchanges’ in South Korea In a concerning update for the South Korean cryptocurrency community, the Financial Services Commission (FSC) has disclosed that customer deposits totaling 17.817 billion won (approximately $12.9 million) are held by 11 crypto exchanges that have suspended operations since last year.

As authorities strive to gain a clearer understanding of the extent of unreturned deposits, the incident serves as a stark reminder of the need for robust regulatory oversight and enhanced security measures.

Despite ongoing investigations, authorities still lack a comprehensive understanding of the total unreturned deposits from these fraudulent exchanges that have temporarily halted their services, including deposits and withdrawals.

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Article Details

Author / Journalist: Sonam Aggarwal

Category: Crypto

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-22 @ 08:51:13 (1 weeks ago)

News Timezone: GMT +8:00

News Source URL: bitcoinworld.co.in

Language: English

Article Length: 676 words

Reading Time: 4 minutes read

Sentences: 29 lines

Sentence Length: 24 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © BitcoinWorld

News ID: 23197532

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About BitcoinWorld

BitcoinWorld Logo

Main Topics: Crypto

Official Website: bitcoinworld.co.in

Update Frequency: 11 posts per day

Year Established: 2020

Headquarters: India

News Last Updated: 11 hours ago

Coverage Areas: India

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #121

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The story "17.8 Billion Won in Damages from ‘Fraudulent Exchanges’ in South Korea" was covered 1 weeks ago by BitcoinWorld, a news publisher based in India.

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  • URL: https://beamstart.com/news/178-billion-won-in-damages-17295881575837

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