South Korea's FSS chief admits regulator can't keep pace with on-chain fraud
- —Losses from the fake GIWA network are estimated at 2.7–2.8 billion won
- —Roughly 2.8 billion won moved within half a day, some of it 11 minutes after the rumor was denied
- —South Korea has 7.78 million active crypto users and about 6 trillion won in daily volume
- —The lawmaker called for more blockchain forensics staff and stricter exchange oversight
Why it matters: The regulator's admission could speed up tighter oversight of on-chain fraud and major Korean exchanges.
Source: Bloomingbit