Remember the detailed topic on how Seoul deliberately sabotaged one specific crypto? Who could have predicted it wouldn't end there and they would continue to tighten regulations and present more ridiculous reasons as to why the government must take more control over cryptos as a whole? Oh yeah that's right, everyone with a brain could have predicted this, which is basically Seoul now targeting P2P and non-government approved exchanges.
"South Korean regulators have turned their focus to over-the-counter (OTC) crypto trades...According to the Korea Customs Service report, the value of unlawful foreign exchange transactions made using digital currency was estimated to be worth $4 billion last year...The term “OTC crypto market” describes exchanges that are not officially recognized by the government. Digital currency OTC transactions include all transactions outside regulated platforms, including peer-to-peer (P2P) exchanges."
I was interested in this 4 billion Dollar claim because from what I gathered it didn't specify the amount was money from criminal activity which they were sending/laundering in Korea, but merely labeled ''unlawful foreign exchange transactions'' which is basically how Seoul views non-government regulated exchanges. So if this 4 billion entails the total amount send/exchanged via exchanges which do not have the Korean government stamp of approval then only one question remains: Uuhhh, so?
Call me crazy but I really think that's the angle here just by looking at the example of the three arrests they made which Korea claims were "found to be purchasing $70.9 million (94 billion won) worth of digital currency from overseas OTCs at the request of Libyans and then sending it to Korea to be converted into cash". So....where's the crime exactly? Was this stolen money from a bank heist or something converted into crypto and then converted to Korean Won?
The excuse as to why Seoul is acting correctly is because of A) North Korea and B) They were of course ground zero for the Luna debacle which spiraled into a global catastrophe right under Seoul's nose. "The country’s regulators have become more proactive in the wake of Terra’s collapse." Wow, then I guess they were just in time huh?🤡
As for North Korea, I know there's indeed a paper trail leading to them regarding crypto hacks but am 100% convinced Seoul and Washington are just pulling numbers out of their *** and presenting it to the world as facts, and basically just using their own claims as evidence and hence justification to introduce bills and oppressive laws to further restrict cryptos in both countries. "The South Korean government plans to submit a bill to track and freeze North Korean cryptocurrency and virtual assets used to fund Pyongyang's illicit weapons programs....The growth in Pyongyang’s haul from cyber crime has corresponded with a sharp rise in missile tests by the regime."
For starters, anyone who takes what Washington has to say as undisputed truth without doing their own research should directly throw their brain into the trash because they are not using that thing anyway. Which is where most if not all of these "North Korea crypto" claims Seoul makes derive from btw: "About half of North Korea’s missile program has been funded by cyberattacks and cryptocurrency theft, according to Anne Neuberger, the U.S. deputy national security adviser."
Ohhh have they now? You want to see something funny? Here's a chart representing all of North Korea's missile tests:
The largest Bitcoin hacks started around 2011 which is coincidentally the same year North Korea started to rapidly increase its missile tests. Well then, what more proof do you need? Case closed, ban all cryptos, US "evidence" was right. But if you didn't have merely twenty brain cells and could do some independent thinking, you'd also notice that's the same year Kim Jong Un came to power, a rather crucial factor to mention no? It's almost as if these missile tests have more to do with the current leader rather than crypto.🤔
But anyways based on the claims of the US this means that in the last column under that same Kim Jong Un, on average every test in 2022 was funded by crypto hacks. That's the dumbest thing I've read all month and I wrote it myself based on the "evidence" provided by Washington but never concluded and said out loud by a single media. This "crypto North-Korea evidence" is on par with the evidence flat earthers use. It's conspiracy level "evidence" and the irony here is that it's provided by an actual government.😂
Even if we allocate every single hack starting from 2011 to North Korea, which we 100% know for sure is not the case, the amount stolen still does not coincide with the cost of even half of these missile tests, which on average is somewhere between 5- to 10 million Euros per test. And remember, a lot of the stolen crypto has been either tracked down and found to have nothing to do with North Korea or has even been recovered.
You want to know how North Korea is able to afford missile tests? By the only two countries bordering it (excluding South Korea) which have both been continuously sanctioned and vilified by Nato member states since 2010 and have less and less reason to rein in North Korea the way they did before, and are now doing the opposite by actually inching closer to them, end of story. Seriously man, government crypto-conspiracy theories are next level ridiculous.