Seoul shocked by brutal crypto murder in Gangnam district
The South Korean parliament is all of a sudden moving very fast to regulate crypto. This urgency came after the brutal and robbery murder of an 48-year-old woman in the capital Seoul. She had gotten rich through investment in digital currencies and was therefore kidnapped and then gruesomely murdered. The events took place in the famous Gangnam district.
The richest part of Seoul, known as Gangnam-gu, became known for Psy’s global hit in 2012, called Gangnam-style, which has billions of views on YouTube.
A crypto-related murder in Seoul's upscale Gangnam district has added fresh urgency into efforts to get South Korea's first standalone digital-asset bill passed in a vote as early as May https://t.co/QGCUhO4Rc1— Bloomberg Crypto (@crypto) May 18, 2023
Just like Beverly Hills and Hollywood in Los Angeles, Gangnam is the part of the Asian metropolis where only the richest people can afford to buy or rent an apartment. The fact that a brutal crypto robbery took place just there has now prompted MPs to quickly propose crypto regulation.
Three men kidnapped a 48-year-old woman in late March and tortured her in order to gain access to her digital coins, worth some $4 million; Then her body was buried. Then have by now been found and arrested
One of the perpetrators confessed that he had lost a lot of money in a crypto pyramid scheme and wanted revenge. That crime, along with the recent arrest of Do Kwon, the founder of the defunct company Terra labs, which left investors with a $40 billion hole, prompted new tougher crypto regulation in the country.
Back Hye-ryun, an important opposition politician, explained that: “In Korea, wealth growth has been centered on property investment, but it is difficult for young people because real estate is costly. Virtual assets have become an alternative investment for them.”
By now, one in eight Koreans owns at least some digital currencies