In South Korea, the cryptocurrency market is facing a major crisis with over 33,000 investors unable to access their assets worth approximately $13 million. This unfortunate situation has arisen due to the shutdown of fourteen exchanges in compliance with new regulations set forth by the Virtual Asset User Protection Act. Representative Kang Min-Kuk has expressed concerns that the total amount of funds locked in these halted platforms could reach a staggering 30.7 billion won ($22 million).
Among the affected exchanges, Cashierest holds the largest amount of assets, totaling 13 billion won ($9.4 million). This development has sent shockwaves through the crypto community in South Korea, as investors are now uncertain about the fate of their investments and the possibility of reclaiming their funds. As regulatory pressures continue to mount, there is a looming fear that more exchanges may follow suit, further exacerbating the situation for investors.