Binance acquired a majority stake in the South Korean crypto exchange in February 2023.
Gopax, a top-five South Korean crypto exchange by market share and majority-owned by Binance, reportedly sold its users’ deposit claims for half of their face value in August 2023.by local news agency Hankyung, or Korea Economic Daily, Gopax owes a total of 70 billion South Korean won to its users stemming from exposure to failed institutional crypto lending firm Genesis Global, which collapsed in November 2022. Of that amount, Gopax has reportedly paid out 50% to users.
However, the remainder of unpaid digital assets, worth 35 billion at the nadir of the crypto market in November 2022, have allegedly soared to a total of 100 billion won at a price of $69,000 per Bitcoin (Genesis, which halted withdrawals due to a $1.2-billion exposure to the ill-fated Singaporean hedge fund Three Arrows Capital, was the operator of Gopax’s crypto custody service GoFi.
“We paid with Bitcoin obtained by selling the Genesis claim at a low price to a third party, and we are delaying payment of the remaining 50% of the damage, saying we will pay it after the acquisition of Gopax is completed.”in Gopax without revealing the terms of the deal, setting a return for the crypto exchange to the South Korean market., the parent company of Genesis, which argued that its bankrupt subsidiary should pay its customers and creditors no more than the value of the crypto assets.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
CME Looks to Take On Binance and Coinbase, Could Launch Spot Bitcoin Trading: ReportShaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
Read more »
Binance to be under FRA surveillance for next 3 years: ReportAs a condition of Binance's plea agreement, it must undergo monitorship to ensure compliance for the next three years.
Read more »
DOJ taps FRA for Binance's three year monitorship: reportBinance must undergo a three-year monitorship, now with FRA, as part of its plea deal with the DOJ related to illicit financial activity.
Read more »
Binance claps back at WSJ report, affirms strict market surveillance programBinance Exchange is in the headlines again following revelations by insiders that the trading platform had punished an employee after he flagged an incident of market manipulation at its client DWF Labs, according to a Wall Street Journal report.
Read more »
DWF Labs denies report that it did $300 million of wash trading on Binance last yearTrading and market-making firm DWF Labs has denied reports that it engaged in $300 million of wash trading on Binance in 2023.
Read more »
'The entire report was intentional' Fired police chief Prine reacts to Brown Report error'It's absurd for a former federal prosecutor to accuse someone of a crime that never occurred.'That's Mobile County Sheriff Paul Burch's reaction after a startl
Read more »