Scams
Korean authorities confirm search for Do Kwon
Korean authorities confirmed traveling to Serbia in search of Do Kwon last week, but did not comment further.
Samuel Wan 2 min read 
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Regulation
South Korea issues guidance on security tokens, STOs
S. Korea will regulate certain digital assets as securities under the Capital Markets Act and allow STOs under the Electronic Securities Act.
Exchanges
Binance acquires S. Korea-based GOPAX exchange
The funding for the GOPAX acquisition was made from the $1 billion Industry Recover Initiative — a co-investment project led by Binance.
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Exchanges
South Korean authority arrests Bithumb owner on $50M embezzlement charges
Investigations revealed that Kang Jong-hyun is the brother of Kang Ji-yeon who is the head of Inbiogen-an affiliate that holds about 34.2% stake in Bithumb.
Crime
S. Korea indicts 20 people for illegal $170M crypto profiteering
The accused individuals sent around $3.2B out of S. Korea under false pretenses, violating foreign exchange laws, to buy crypto abroad.
Exchanges
Binance annual revenue grew 10x over the past 2 years, while OKX’s grew 4x
In the meantime, Huobi global's quarterly revenue fell -98% since the second quarter of 2021.
Exchanges
Korean tax authorities investigate Bithumb, subsidiaries
The National Tax Service opened a "special tax investigation" into Bithumb, including the individual Kang Jong-hyeon, who is alleged to be the company owner.
Bear Market
Huobi Korea to become an independent entity, breaking ties with Huobi Global
Huobi Korea chairman Jo Guk-Bong will buy the majority stakes from Huobi global founder Leon Lin.
Exchanges
Gopax investors could face $471M loss if Binance acquisition fails
Binance is in the process of acquiring Gopax, however, the South Korean exchange has about $471 million of customers' fund locked in Genesis.