...
...
Haider Jamal

Aug 29, 2024

Man Stabs Crypto CEO Multiple Times During Trial In South Korea

On 28th August, 2024, in South Korea, the CEO of crypto company Haru Invest was attacked during his trial for alleged fraud involving over $800 million. Hugo Hyungsoo Lee was repeatedly stabbed in the neck by a man in his 50s, as reported by local media, and was quickly rushed to the hospital. His injuries were not considered life threatening. The assailant was said to be a former client of Haru Invest.

 

A Controversial Issue

The trial has garnered significant attention and controversy not just due to the substantial sum of money at stake but also because it coincides with updates to South Korean consumer protection laws. Lee was one of three executives apprehended in February for charges related to embezzlement involving 1 trillion Won worth of cryptocurrency (about $748,900,000 USD).

In response to growing concerns over crypto regulations, South Korea introduced its first law aimed at safeguarding crypto investors. The Virtual Asset User Protection Act seeks to address unfair trading practices and follows past incidents such as the Terra-Luna crash and the collapse of FTX. This law came after South Korean crypto exchanges had previously attempted to prevent widespread delistings.

 

An Effective Response

According to the prosecution, the executives were accused of accepting deposits by approximately 16,000 clients between March 2020 and June 2023, claiming to manage these funds with a stable, diversified investment strategy, but suspending withdrawals without notice after June 2023.

In response to these issues, the South Korean government enacted the aforementioned Virtual Asset User Protection Act in June 2023, which came into effect a year later. This legislation aims to address unfair trading activities, enhance market oversight, and empower the Financial Services Commission to regulate the sector more effectively.

 

Top News


Read more latest news

Press Releases

...
Terra
Do Kwon Trial Begins Despite The Founder

7 months ago Mar 26, 2024

The civil fraud trial involving Ter... Read more

...
Goldman
Goldman Sachs Clients Look To Get Back

7 months ago Mar 25, 2024

Institutional clients served by the... Read more

...
Payments
New Payment Limit For Crypto Wallets Scrapped

7 months ago Mar 25, 2024

The recent Anti-Money Laundering re... Read more

...
Bitcoin
Bitcoin Undergoes Price Correction As International Economies

7 months ago Mar 24, 2024

A significant portion of the crypto... Read more

Join Our Newsletter

Get the latest trends and updates on our crypto community.