South Korea's cryptocurrency leaks earned around 57 trillion won in the first quarter, making up almost half of it as users move their funds into overseas exchanges.
Almost half of the cryptocurrencies sent overseas from South Korea's major crypto exchanges in the first quarter were dollar-based stubcoins, Democrat MP Min Byung-duk revealed, citing data from Financial Supervision Services.
According to Byung-Duk, approximately 56.8 trillion won (approximately $40.6 billion) of cryptocurrency was transferred overseas by five crypto exchanges, Upbit, Bithumb, Coinone, Cobbit and Gopax between January and March. Of this amount, 26.87 trillion won, or 47.3%, was in stub coins like tethers (USDT) and USD coins (USDC).
The report points out that Stablecoins may be widely used as they are a key currency for purchasing tokens from overseas crypto exchanges such as Binance and Bybit. Still, Stablecoin Outflows fell in March as the Crypto market slowed and fewer users turned to crypto exchanges overseas.
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Crypto adoption continues to rise in Korea. As of February, 16.29 million people in the country had around 32% of the population (about 32% of the population), according to data submitted to South Korean Party MP Chai Kyeong. The numbers were based on the user accounts of five major exchanges in Korea: Upbit, Bithumb, Coinone, Korbit and Gopax, which are steadily growing in early 2024.
It's not just regular investors. Nearly one in five civil servants who submitted their assets declaration this year have reported that Crypto will be held. Of the 2,047 officials, 411 listed crypto-related assets in the declaration.
Some of them have established important positions, including the Executive Director of the Labor Management and Development Foundation, the President of the National Police University of Korea, and the Vice President of the Korea Water Resources Corporation.
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