{"id":574666,"date":"2024-02-12T18:30:23","date_gmt":"2024-02-12T18:30:23","guid":{"rendered":"https:\/\/wncen.com\/?p=574666"},"modified":"2024-02-12T15:01:12","modified_gmt":"2024-02-12T15:01:12","slug":"strategic-exploit-crypto-traders-harvested-3-billion-from-kimchi-premium","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/strategic-exploit-crypto-traders-harvested-3-billion-from-kimchi-premium\/","title":{"rendered":"Strategic Exploit: Crypto Traders Harvested $3 Billion From ‘Kimchi Premium’?"},"content":{"rendered":"

South Korea\u2019s local media, Newsis, recently <\/span>reported<\/span><\/a> the case of certain crypto traders who had sent about $3 billion overseas in a bid to profit from the \u2018<\/span>Kimichi Premium<\/span><\/a>.\u2019 Interestingly, the court found 14 out of 16 of these traders not guilty despite their alleged actions.\u00a0<\/span><\/p>\n

Related Reading: Bitcoin Bears Brewing: Analyst Predicts A Pullback Before Halving<\/a><\/div>\n

How This Group Of Crypto Traders Operated<\/h2>\n

These crypto traders are said to have sent these sums of money through local banks under the guise of these transactions being foreign exchange remittances. However, this was allegedly not the case, as they would then use the funds to <\/span>purchase virtual currencies<\/span><\/a> abroad and send those crypto assets back to <\/span>domestic exchanges<\/span><\/a>, where they eventually offload them.\u00a0<\/span><\/p>\n

This was done to allegedly profit from the \u2018Kimichi Premium.\u2019 This phenomenon occurs when crypto assets are more expensive in South Korea than overseas due to the country’s particular regulations. <\/span><\/p>\n

This has created an arbitrage opportunity that crypto traders have sought to exploit. Meanwhile, the <\/span>Korean government<\/span><\/a> has tried to prevent traders from doing so.\u00a0<\/span><\/p>\n

That is why the <\/span>prosecution charged<\/span><\/a> 16 people, including someone referred to as Mr. A in the news report, with violating the Specific Financial Information Act. Mr. A and others were accused of illegally transferring foreign currency worth 4.3 trillion won ($3 billion) overseas between April 2021 and August 2022 to exploit the Kimichi premium allegedly.\u00a0<\/span><\/p>\n

The prosecution believes these crypto traders made a market profit of as much as 210 billion won ($158 million). In their defense, the defendants argued against any wrongdoing since they weren\u2019t precisely the ones facilitating the foreign exchange business but the bank. <\/span><\/p>\n

The traders argued they were platform users, not <\/span>virtual asset business operators<\/span><\/a>. <\/span>The bank involved also tried to absolve itself from the case as it claimed it carried out the transaction based on the “false evidence” the defendants submitted.\u00a0<\/span><\/p>\n

Court Finds The Defendants Not Guilty<\/h2>\n

The court agreed with most defendants\u2019 arguments, acquitting 14 (including Mr. A) out of the 16 persons charged. A local Judge who ruled over the case opined that their actions didn\u2019t violate the objective of the Foreign Exchange Transactions Act and, therefore, could not be punished under that law.<\/span>\u00a0<\/span><\/p>\n

The Judge added that there was “nothing to suggest that the defendants operated as virtual asset business operators.” If the reverse was the case, they <\/span>could have been punished<\/span><\/a> for not registering their business or making certain disclosures as required by the law.\u00a0<\/span><\/p>\n

Related Reading: Crypto Drama Unfolds: Ethereum Co-Founder\u2019s 22,000 ETH Transfer Sparks Price Speculation<\/a><\/div>\n

Interestingly, Judge Park further distinguished the current case from a <\/span>Supreme Court<\/span><\/a> precedent as he noted that the highest court did not \u201cexplicitly judge the issues in this case.\u201d The prosecution already submitted an appeal, dissatisfied with the court\u2019s ruling.\u00a0<\/span><\/p>\n

\"crypto
ETH’s price trends to the upside on the daily chart. Source: ETHUSDT on Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

Chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"

South Korea\u2019s local media, Newsis, recently reported the case of certain crypto traders who had sent about $3 billion overseas in a bid to profit from the \u2018Kimichi Premium.\u2019 Interestingly, the court found 14 out of 16 of these traders not guilty despite their alleged actions.\u00a0 Related Reading: Bitcoin Bears Brewing: Analyst Predicts A Pullback Before Halving How This Group Of Crypto Traders Operated These crypto traders are said to have sent these sums of money through local banks under the guise of these transactions being foreign exchange remittances. However, this was allegedly not the case, as they would then use the funds to purchase virtual currencies abroad and send those crypto assets back to domestic exchanges, where they eventually offload them.\u00a0 This was done to allegedly profit from the \u2018Kimichi Premium.\u2019 This phenomenon occurs when crypto assets are more expensive in South Korea than overseas due to the country’s particular regulations. This has created an arbitrage opportunity that crypto traders have sought to exploit. Meanwhile, the Korean government has tried to prevent traders from doing so.\u00a0 That is why the prosecution charged 16 people, including someone referred to as Mr. A in the news report, with violating the Specific Financial Information Act. Mr. A and others were accused of illegally transferring foreign currency worth 4.3 trillion won ($3 billion) overseas between April 2021 and August 2022 to exploit the Kimichi premium allegedly.\u00a0 The prosecution believes these crypto traders made a market profit of as much as 210 billion won ($158 million). In their defense, the defendants argued against any wrongdoing since they weren\u2019t precisely the ones facilitating the foreign exchange business but the bank. The traders argued they were platform users, not virtual asset business operators. The bank involved also tried to absolve itself from the case as it claimed it carried out the transaction based on the “false evidence” the defendants submitted.\u00a0 Court Finds The Defendants Not Guilty The court agreed with most defendants\u2019 arguments, acquitting 14 (including Mr. A) out of the 16 persons charged. A local Judge who ruled over the case opined that their actions didn\u2019t violate the objective of the Foreign Exchange Transactions Act and, therefore, could not be punished under that law.\u00a0 The Judge added that there was “nothing to suggest that the defendants operated as virtual asset business operators.” If the reverse was the case, they could have been punished for not registering their business or making certain disclosures as required by the law.\u00a0 Related Reading: Crypto Drama Unfolds: Ethereum Co-Founder\u2019s 22,000 ETH Transfer Sparks Price Speculation Interestingly, Judge Park further distinguished the current case from a Supreme Court precedent as he noted that the highest court did not \u201cexplicitly judge the issues in this case.\u201d The prosecution already submitted an appeal, dissatisfied with the court\u2019s ruling.\u00a0 Chart from Tradingview<\/p>\n","protected":false},"author":594,"featured_media":574700,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1119,78790,37455,12449,8323,16163,1946,78803,83625],"class_list":["post-574666","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btcusdt","tag-crypto-traders","tag-crypto-trading","tag-eth","tag-eth-price","tag-ethereum","tag-ethusdt","tag-kimchi-premium"],"acf":[],"yoast_head":"\nStrategic Exploit: Crypto Traders Harvested $3 Billion From 'Kimchi Premium'?<\/title>\n<meta name=\"description\" content=\"Newsis reported the case of certain crypto traders who had sent about $3 billion overseas in a bid to profit from the \u2018Kimichi Premium.\" \/>\n<meta name=\"robots\" content=\"index, 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Strategic Exploit: Crypto Traders Harvested $3 Billion From ‘Kimchi Premium’?","url":"http:\/\/wncen.com\/news\/strategic-exploit-crypto-traders-harvested-3-billion-from-kimchi-premium\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/strategic-exploit-crypto-traders-harvested-3-billion-from-kimchi-premium\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/crypto-south-korea-btc-bitcoin-ethereum-eth.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/crypto-south-korea-btc-bitcoin-ethereum-eth.png?fit=1046%2C1038"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btc","btcusdt","crypto traders","crypto trading","eth","eth price","ethereum","ethusdt","kimchi premium"],"dateCreated":"2024-02-12T18:30:23Z","datePublished":"2024-02-12T18:30:23Z","dateModified":"2024-02-12T18:30:23Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Strategic Exploit: Crypto Traders Harvested $3 Billion From ‘Kimchi Premium’?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/strategic-exploit-crypto-traders-harvested-3-billion-from-kimchi-premium\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/strategic-exploit-crypto-traders-harvested-3-billion-from-kimchi-premium\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/crypto-south-korea-btc-bitcoin-ethereum-eth.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/crypto-south-korea-btc-bitcoin-ethereum-eth.png?fit=1046%2C1038\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btc\",\"btcusdt\",\"crypto traders\",\"crypto trading\",\"eth\",\"eth price\",\"ethereum\",\"ethusdt\",\"kimchi premium\"],\"dateCreated\":\"2024-02-12T18:30:23Z\",\"datePublished\":\"2024-02-12T18:30:23Z\",\"dateModified\":\"2024-02-12T18:30:23Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/crypto-south-korea-btc-bitcoin-ethereum-eth.png?fit=1046%2C1038","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/574666","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=574666"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/574666\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/574700"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=574666"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=574666"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=574666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}