Do Kwon says five-year US sentence is enough as he faces 40 years in South Korea

Upbit, South Korea's largest cryptocurrency exchange, reported a significant loss of approximately $36 million after a security breach involving its Solana hot wallet on November 27, 2025. The exchange has since suspended all deposits and withdrawals while investigating the incident and has pledged to cover customer losses.

Do Kwon has requested that his prison sentence in the United States be limited to five years in connection with the TerraUSD crash, which resulted in a loss of approximately USD 40 billion. He cites time already served and asset forfeitures as reasons for this request.

South Korea's financial sector has been targeted by a coordinated supply chain attack involving Qilin ransomware, resulting in the theft of 2 TB of sensitive banking data attributed to a collaboration between Russia and North Korea.

Kakaobank has initiated the development of a won-pegged stablecoin, named 'Kakao Coin,' and is actively hiring blockchain experts to support this project. This move comes as South Korea's regulatory landscape evolves, particularly concerning security token offerings and stablecoin frameworks.

Naver Financial, a prominent South Korean internet company, is set to launch a stablecoin wallet service next month, marking a significant step in the cryptocurrency sector. This initiative aims to enhance digital currency transactions and provide users with a secure platform for managing stablecoins.

Upbit, South Korea's largest cryptocurrency exchange, is considering appealing a $25 million fine imposed by the Financial Intelligence Unit (FIU), which it claims has made errors in the past that were overturned in court. This fine is related to alleged deficiencies in Upbit's anti-money laundering practices.

South Korea's efforts to establish a stablecoin framework have stalled as regulators and the Bank of Korea disagree on the role of banks in issuing won-backed stablecoins. This impasse has delayed the implementation of a long-anticipated regulatory framework that was expected to be finalized this year.

South Korea's efforts to establish a stablecoin framework have encountered significant delays as regulators and the Bank of Korea disagree on the role of banks in issuing won-backed stablecoins. This disagreement has stalled the implementation of a long-anticipated regulatory framework that was expected to be finalized this year.