Koreans | Crypto

How the $36 million hack of Upbit led to surging altcoin prices, China’s mining ban less effective than ever, Thailand vs WRLD: Asia Express Korean crypto traders are having an outsize effect on local altcoin prices following a major hack at South Korean exchange Upbit, according to CryptoQuant CEO Ki Young Ju. Upbit got hacked and paused withdrawals, but Koreans are pumping alts since arbitrage bots are no longer running, Ju said in an X post on Thursday, shortly after the exchange halted transaction activity after detecting an abnormal transaction with a value of around $36 million. With arbitrage activity suspended, local buy orders are having more significant pressure on prices, allowing Korean-listed altcoins to surge, as the selling pressure that typically puts a ceiling on price increases has disappeared. Read more

Over 25% of Koreans in their 20s to 50s now hold crypto, with 70% looking to expand their investments as virtual assets become central to retirement planning. More than a quarter of South Koreans in their 20s to 50s now own digital assets, with their crypto investments making up 14% of their total financial portfolios, according to a new report from the Hana Institute of Finance released Sunday. The study, titled 2050 Generation’s Virtual Asset Investment Trends, shows that interest in crypto cuts across age groups. Those in their 40s led participation at 31%, followed by people in their 30s at 28% and 50s at 25%. 78% of respondents in their 50s said they use crypto as a way to amass funds, while 53% said they were preparing for retirement through crypto investments. More respondents now cite growth potential, diversification, and structured savings plans as key motivations for investing. Read more