With the growing popularity of cryptocurrencies globally, cases of theft for their purchase have surged. A recent incident has been reported in South Korea, where a government official misappropriated flood relief funds to invest in cryptocurrency.
Incident of Theft in South Korea
A South Korean official fraudulently used the mayoral stamp to open a bank account in the name of Cheongju City Hall, diverting $341,930 in public funds. He was sentenced to five years in December 2024 but is still receiving pensions and other benefits. Authorities might reduce these benefits and strengthen punishments for those involved.
Increasing Activity of Crypto Hackers
Crypto hackers in South Korea continue to trouble the market. A recent hack of a centralized exchange resulted in losses over $1.2 billion. About 16 million crypto investors are noted in the country, with continued growing interest.
Crypto Market Price Updates
As of writing, the market capitalization was $2.64 trillion, with a decline of 13% in the past week. Bitcoin fell below $82k, marking a 12% decline. Intraday losers included Ethena, Hyperliquid, Aptos, while Kaspa, Bittensor, Celestia showed gains.
With growing cryptocurrency popularity in South Korea, criminal activity cases are rising. Nonetheless, interest in cryptocurrencies continues to grow despite market volatility.
