South Korean audit finds over $15 million in relief funds mistakenly issued to crypto investors
Jinse Finance reported that South Korean audit authorities have discovered that approximately 269 individual crypto traders received a total debt reduction of over $15 million from the government’s “New Start Fund” established for small and medium-sized enterprises after the pandemic. Among them, one beneficiary, after receiving a $62,000 reduction and a 77% debt cut, still held about $307,000 in crypto assets. Regulators stated that under the current system, it is difficult to verify crypto assets unless voluntarily declared. Legislative amendments have already been promoted, aiming to grant Korea Asset Management Corporation (KAMCO) the authority to inquire about beneficiaries’ unlisted stocks and crypto assets without consent, in order to prevent similar situations from occurring again.
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