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Media Coverage NEWVoice Phishing Scams Using Wallet Addresses: Rising Threats in the Crypto Space
Criminals are increasingly exploiting cryptocurrencies in voice phishing scams, coercing victims into directly transferring Bitcoin (BTC), Tether (USDT), and other digital assets. Unlike traditional bank transfer schemes, these scams lead victims to withdraw from crypto exchanges or transfer between wallets—making funds significantly harder to trace. In many cases, perpetrators contact victims under the guise of “debt recovery,” “investment refunds,” or “international remittance processing,” and then request crypto transfers. Once received, the assets are quickly dispersed through multiple transactions, complicating any attempts at tracking. In some instances, assets sent from domestic exchanges have been moved to overseas wallets within hours or disappeared through mixing services. (omitted) Hyunsoo Jin, Managing Attorney at Decent Law Firm, stated, “Crypto-based voice phishing scams are far more difficult to recover from compared to traditional account-based fraud. Rapid initial response and preservation of digital evidence are crucial. It’s important to secure transaction history, wallet addresses, exchange account data, and phone recordings to support both criminal complaints and civil recovery.” He added, “If the scammers’ wallets or exchanges can be identified, victims may request emergency freezes or pursue international cooperation through investigative agencies. Immediate legal consultation is essential for assessing the situation and pursuing both criminal and civil remedies in parallel.”
2025-04-14 경향게임스 -
Media Coverage NEW
OTC Crypto and Stablecoin Trading Surge Following Trump’s Inauguration
OTC (over-the-counter) trading volume for cryptocurrencies and stablecoins saw a fivefold increase in Q1 2025 compared to the same period last year, following the inauguration of U.S. President Donald Trump. This dramatic growth is attributed to rising institutional interest as regulatory discussions surrounding stablecoins gain momentum in the United States. According to the Q1 2025 report by digital asset trading technology firm Finery Markets, OTC trading volume among 2 million institutional spot transactions analyzed between January and March surged by 141% year-over-year. Stablecoin-related trading activity grew by 158% during the same period. (omitted) Commenting on this trend, Hyunsoo Jin, Managing Attorney at Decent Law Firm, noted, “The sharp rise in stablecoin activity in OTC markets indicates that regulatory discourse is translating into actual institutional engagement. Stablecoins are emerging as a crucial bridge between traditional finance and digital assets, and their regulatory trajectory may significantly influence global capital flows.” He further emphasized, “For businesses, managing risks associated with potentially regulated asset classes is critical. Legal and operational preparedness is essential to ensure transparency in transaction structures and fund flows.”
2025-04-14 Tokenpost -
Our News
Haru Management Ltd. (Haru Invest) Bankruptcy Claims Filing Notice
In November 2024, the Seoul Bankruptcy Court declared the bankruptcy of Haru Management Limited, the operator of Haru Invest. Although Haru Management was established in the British Virgin Islands (BVI), its actual operations were conducted in Korea, leading the Korean court to assert jurisdiction over the case. This case involves allegations of virtual asset fraud amounting to KRW 1.4 trillion, significantly impacting numerous investors both domestically and internationally. Claim Filing Deadline and Procedures Filing Deadline: January 31, 2025 (Korean Standard Time) Submission Deadline: January 24, 2025 (Korean Standard Time) * We will announce specific guidelines (attorney fees, engagement letter etc.) in the near future. Important Notes If you do not file your claim by the deadline, you may lose the right to participate in distributions or attend the creditors' meeting, which could affect your ability to recover your losses. To avoid any issues, please ensure that all necessary documents are prepared and submitted before the deadline. Claim Filing Assistance by Decent Law Firm Decent Law Firm will file debt claim application on behalf of Haru Invest creditors. We will communicate important dates to our clients. We will close our submitting system a few days earlier on January 24, 2025 in order to make sure we file on time. - Application Link: https://decentlaw.io/en/haruinvest - Submission Deadline: January 24, 2025 (Korean Standard Time) For any inquiries or assistance, please contact us promptly to ensure a smooth filing process.
2024-12-06 -
Media CoverageDecent Law Firm Expands International Legal Services through MOU with Philippine Law Firm
Decent Law Firm (represented by Managing Attorneys Hyeonsu “Elliot” Jin and Pureun “Ian” Hong) announced that it has signed an MOU with the Philippine law firm Respicio, expanding its international legal services to target the legal markets in both Korea and the Philippines. The Philippines is considered an attractive country for domestic investors and companies due to its unique geographical location and diverse resources. With its high growth rate and stable economic conditions, more domestic companies are considering expanding their businesses or exports to the Philippines, as it offers favorable conditions for enterprises. In response, Decent Law Firm is partnering with Respicio to provide international legal services to companies and individuals either seeking to enter the Philippine market or those involved in legal disputes with locals or members of the Korean community in the Philippines. The target clients for these international legal services include those residing in the Philippines and involved in administrative, criminal, or civil litigation, requiring legal assistance, or those planning to enter the Philippine market and needing legal consultation. The firm will also provide tailored legal advice and support for Filipino companies wishing to enter the Korean market. Through its collaboration with a local law firm staffed by Filipino lawyers, Decent Law Firm expects to offer more efficient and timely services to local entrepreneurs and the Korean community. Hyeonsu “Elliot” Jin, Managing Attorney of Decent Law Firm, stated, “Our international legal team at Decent is composed of lawyers with extensive overseas experience and excellent English proficiency. We aim to be a reliable support for both individuals and businesses in Korea and the Philippines.
2024-10-16 The JoongAng -
Blogs
MBK's Tender Offer for Korea Zinc: Key Legal Insights and Implications
What is a Tender Offer? A tender offer is a system where a party acquires a significant number of shares from multiple shareholders of a listed company to obtain management control. Under Article 134 of the Financial Investment Services and Capital Markets Act (FSCMA), tender offerors must publicly announce their offer and submit a tender offer statement to the Financial Services Commission and the stock exchange. MBK's recent tender offer for Korea Zinc serves as a notable example of how this system is applied in practice. MBK’s Tender Offer Terms and Comparison to HYBE’s SM Case MBK specified the tender offer price at 660,000 KRW per share and set the minimum purchase quantity at 6.98% of the total issued shares. This conditional tender offer ensures that the offeror can withdraw if the minimum purchase requirement is not met. In contrast, during HYBE’s tender offer for SM Entertainment, no such condition was established. Despite a significant increase in SM's stock price due to competing offers, HYBE had to purchase all shares tendered, resulting in substantial losses. Impact of Competing Offers and Stock Price Volatility Korea Zinc’s current stock price (735,000 KRW) exceeds MBK’s tender offer price (660,000 KRW), reflecting market speculation about a potential competing tender offer. If a competing offer emerges, stock prices often rise to levels comparable to or higher than the tender offer price, increasing volatility in the market. If MBK fails to meet the minimum purchase threshold or decides to withdraw due to a sharp increase in Korea Zinc’s stock price, they can legally cancel the tender offer under Article 139 of the FSCMA. However, existing shareholders would not be entitled to seek damages or penalties against MBK in such a case. Legal Effects of Tender Offer Withdrawal Should MBK’s tender offer be withdrawn or fail to meet its minimum purchase condition, the company is not obligated to proceed with the acquisition. Shareholders are left with no legal recourse to claim compensation for the failed tender offer. Conversely, if MBK raises the tender offer price through an amended filing to meet market expectations, Korea Zinc’s stock price could see further increases during the tender period. Conclusion: Caution for Individual Investors During the tender offer period (September 13, 2024 – October 4, 2024), Korea Zinc’s stock price is expected to experience significant volatility due to factors such as competing offers and adjustments to the tender price. Individual investors are advised to carefully evaluate the risks and opportunities before making investment decisions in this highly dynamic environment. MBK’s tender offer highlights critical legal and financial considerations in tender offers, providing valuable insights for future cases in the market.
2024-09-22 X (Twitter) -
Blogs
Tax Obligations for Domestic Virtual Asset Trading
Currently, there is no explicit legal basis for taxing income from virtual asset trading under the current tax laws in South Korea. As a result, no taxation is imposed. Courts have also weighed in on this matter with rulings that clarify the legal stance. Seoul Administrative Court Ruling The Seoul Administrative Court ruled: "Under the current tax laws, income from virtual asset trading by individuals (residents and non-residents) and foreign corporations is not listed as taxable income under the Income Tax Act and is therefore not subject to taxation." The court provided the following rationale for its decision: Virtual Assets as Non-Tangible Domestic Assets Virtual assets do not qualify as "domestic assets other than real estate" under the former Income Tax Act (Article 119, Paragraph 12, Subparagraph (m)). As virtual assets are stored and maintained across a global network of computers connected through blockchain, they cannot be considered assets located within Korea. Exclusion from Economic Benefits Clause Income from virtual asset transactions does not meet the criteria for "economic benefits derived from assets located within Korea or similar income" under the same statute (Subparagraph (k)). Principle of Tax Legality Under the principle of legality in tax law, tax regulations must be strictly interpreted as written without expansion or analogy unless special circumstances justify otherwise. Enumerative Tax System The Income Tax Act employs an enumerative system, meaning only income explicitly listed in the law can be taxed. Unlisted income remains untaxed. Planned Taxation of Virtual Asset Trading Income The South Korean government plans to implement taxation on virtual asset trading income starting January 1, 2025. Key Provisions of the Revised Tax Laws Income Classification: Revised Income Tax Act (Article 21, Paragraph 1, Subparagraph 27) categorizes "income from the transfer or lending of virtual assets" as other income. Source of Income: Revised Income Tax Act (Article 119, Paragraph 12, Subparagraph (n)) designates this income as domestic source income for non-residents. Withholding Tax Rates: Revised Income Tax Act (Article 156, Paragraph 1, Subparagraph 8, Clause (b)) specifies withholding tax rates for virtual asset trading income, differentiating cases based on whether the acquisition cost is verifiable. Corporate Tax Inclusion: Revised Corporate Tax Act (Article 93, Paragraph 10, Subparagraph (k)) includes virtual asset income as domestic source income for foreign corporations. Implementation Timeline Initially scheduled for January 1, 2022, the enforcement was delayed twice and is now set to commence on January 1, 2025. The taxation will apply to transfers or lending of virtual assets occurring after this date. However, there remains a possibility of further postponement. Current and Future Taxation Implications As of now, there is no tax obligation for income generated from virtual asset trading due to the lack of explicit legal grounds. However, once the revised laws come into effect on January 1, 2025, tax obligations will likely arise. Monitoring and Considerations Tax regulations and their interpretation may evolve. Therefore, continuous monitoring is essential. Specific issues, such as the determination of acquisition costs, handling of transactions through foreign exchanges, and taxation of various virtual asset transaction forms (e.g., DeFi, NFTs), are expected to be clarified before the tax implementation. Stakeholders should stay informed on these developments.
2024-09-14 X (Twitter)
