Altcoin News by Thebittimes.Com

South Korea’s National Tax Service (NTS) has updated its position on virtual assets. In a new statement, NTS clarified its position regarding the owners of decentralized crypto wallet s. Thus, individuals who own virtual assets through non-custodial decentralized wallet s, such as MetaMask, will not be subject to reporting on financial accounts abroad. “Overseas business operators only provide programs to store and store personal encryption keys, etc., and do not have control over them, so they are not involved in selling, buying, or exchanging, or holding virtual assets in wallet s such as cold wallet s are not subject to overseas financial account reporting.” NTS statement The service’s position became clearer after NTS included virtual assets in reporting overseas financial accounts from June 2023, requiring declarations from users with assets exceeding 500 million won. You might also like: South Korea’s FSC proposes rules to safeguard crypto...

One of the country’s largest crypto exchanges has fallen under investigators’ scrutiny over allegations of embezzlement by company executives. According to local news outlet infomax.co.kr, South Korean prosecutors have requested an arrest warrant on Jan.25 for Kang Jong-Hyun, chairman and actual owner of cryptocurrency exchange Bithumb. Jong-Hyun is wanted on allegations of embezzlement related to his activities at the exchange. The same day, the Seoul Southern District Prosecutor's Office Financial Investigation 2nd Division sentenced Kang and two Bithumb executives on charges of embezzlement and breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes. The executives were also charged with conducting fraudulent illegal transactions under the Capital Markets Act.  One of the few public photos of Bithumb Chairman Kang Jong-Hyun | Source: Korea Post English Cointelegraph previously reported on Jan. 10 that Bithumb was placed under a "special ...

DAXA claimed that the circulating number of WEMIX exceeds what has been disclosed by Wemix, much to the chagrin of the issuers. South Korea’s largest crypto exchanges have announced they will delist WEMIX (WEMIX) — the native token of gaming company Wemade’s Blockchain platform Wemix — alleging the firm provided “false information” in response to an investment warning it was issued. Bithumb, Upbeat, Coinone, Korbit and Gopax — which are part of a collective called the Digital Asset eXchange Alliance (DAXA) — announced on Nov. 24 that they would terminate contract support for WEMIX (WEMIX), with trading set to end on Dec. 8. In the investment warning issued on Oct. 27, DAXA alleged that there was considerably more WEMIX in circulation than Wemix had disclosed, and Wemix had pledged to work with DAXA to alleviate these concerns. After news of the decision to delist broke, WEMIX Communication released a statement, claiming it had sincerely responded to requests and concerns raised by...

Regulators worldwide have been seeking the arrest of Terra founder Do Kwon. Several cases have been filed against the executive allegedly blaming him for the wipeout of LUNA and UST—two cryptos belonging to the Terra ecosystem. Towards the end of September, the International Criminal Police Organization [Interpol] issued a Red Notice against Terra founder Do Kwon to foster his arrest. Commenting on the same in his latest interview with Laura Shin on the UnChained podcast, he said, “We have currently made a request to check on the status on the red notice, but as far as I understand it is not an international arrest warrant .” Despite having charges against him, the Terra executive has been blamed for being on the run and not returning back to Korea. Clarifying the same, Kwon stressed the fact that he had “not been living in South Korea” since the end of last year and said that it’s inaccurate that he’s “not returning” back...

Source: AdobeStock / Mahoa Creative The Luna Foundation Guard (LFG), a non-profit organization that supports the Terra ecosystem, has halted the planned distribution of $100 million from its reserve among small UST holders citing litigation concerns. The organization announced the news in a Friday tweet, noting that they are freezing the distribution of LFG's assets due to the threat of litigation. The LFG said they currently don't have a specific date for when they might resume the distribution again. “Our goal is to distribute LFG’s remaining assets to those impacted by the depeg, smallest holders first,” LFG tweeted. “Unfortunately, due to ongoing and threatened litigation , distribution is not possible at this time. While these matters are outstanding, there can be no timeline established for resolution.” The foundation claimed that they are still determined to distribute LFG’s remaining assets among UST holders, starting wit...

Source: Jivimages/Adobe Prosecutors in South Korea have been dealt a blow after a district court rejected their arrest warrant request for a Terraform Labs executive who they think headed the troubled firm’s business operations – with Terra Luna Classic (LUNC) prices rising high in the wake of the news. Yonhap and Newsis reported that Judge Hong Jin-pyo, the head of the warrants issuance division at the Seoul Southern District Court, dismissed the prosecutors’ arrest warrant for an individual surnamed Yoo (first name not disclosed for legal reasons). LUNC prices began to rise sharply in the (UTC) morning of October 7, making gains of 2.1% in the past 24 hours at the time of writing. LUNC prices on October 7. (Source: CoinGecko) Yoo was described as the head of the Terraform Labs business team, and prosecutors wanted to arrest him for alleged violations of the Capital Market Act, as well as fraud and breach of trust. Prosecutors claimed that Yoo ope...