In South Korea, a teacher has been convicted of stealing money from students to purchase cryptocurrency. This case underscores the growing number of digital asset-related crimes in the region.
Court Ruling on the Teacher's Case
The Jeju District Court sentenced the teacher to two years in jail for stealing 80 million won from students. The teacher is also accused of fraudulently selling secondhand goods online, valued at 7 million won. The teacher's lawyers stated that some funds were returned, but the court upheld its verdict.
Increase in Cryptocurrency Interest in South Korea
South Korea is becoming a hub in the global cryptocurrency market. By the end of 2024, the number of crypto users in the country reached 15.6 million, comprising over 30% of the population. The total crypto holdings by South Koreans amounted to 102.6 trillion won in November.
Current Crypto Market Updates
The crypto market cap is at $2.71 trillion, with a 1.70% decline in the past 24 hours. Despite this, bullish sentiment is strengthening as the fear and greed index rises. Bitcoin dropped by 2.48%, and Ethereum is trading at $1,981, showing a 2.54% decrease.
The increasing number of cryptocurrency-related crimes in South Korea highlights the need for stronger oversight and regulation. Meanwhile, interest in cryptocurrencies continues to grow despite market corrections.
