South Korea’s FSC Expands Travel Rule, Tightens Oversight of Crypto Transactions

India is currently reviewing its Virtual Digital Assets (VDA) framework to enhance investor protections and align local regulations with global standards. This review is part of a broader effort to reinforce the digital asset infrastructure in the country without implementing sweeping changes.

Upbit, South Korea's largest cryptocurrency exchange, has initiated an accelerated security overhaul following a cyberattack that resulted in the unauthorized withdrawal of approximately $36 million from its Solana network. The exchange has temporarily suspended all deposits and withdrawals as investigations continue into the breach, which authorities suspect is linked to North Korea's Lazarus Group.

Upbit, South Korea's largest cryptocurrency exchange, has reported a significant hack resulting in the unauthorized withdrawal of approximately $36 million in assets from its Solana network. The exchange has suspended all deposits and withdrawals while an investigation is underway, with authorities suspecting the involvement of North Korea's Lazarus Group in the breach.

Upbit, South Korea's largest cryptocurrency exchange, has reported a significant security breach involving its Solana hot wallet, resulting in a loss estimated at approximately $36 million. The exchange has suspended all deposits and withdrawals while investigating the unusual transactions that prompted this action.

Switzerland's Federal Council has announced a delay in the automatic exchange of cryptocurrency account data with foreign tax authorities until at least January 2027, despite plans to implement new rules in 2025. This postponement affects the global framework for crypto tax reporting, which is crucial for international compliance.

South Korea has initiated a comprehensive anti-money laundering (AML) overhaul targeting cryptocurrency transfers below $680, introducing stricter reporting requirements and banning offenders from owning virtual asset service providers (VASPs). This move aims to prevent illicit crypto flows and enhance regulatory compliance in the sector.

South Korean authorities have linked a $30 million hack of the Upbit cryptocurrency exchange to North Korea's Lazarus Group, a state-backed hacking organization. This breach, which occurred in November, has raised significant concerns about cybersecurity within the cryptocurrency sector, especially given the group's history of cyberattacks.

South Korea's largest cryptocurrency exchange, Upbit, has suspended all deposits and withdrawals following the detection of unusual activity involving Solana tokens, leading to a reported loss of approximately $36 million. Authorities suspect that the North Korea-linked Lazarus Group is behind this significant breach, raising concerns about the security of digital assets in the region.