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Full Grant of the Attachment and Collection OrdersCrypto
Successful Debt Enforcement Case Through Parallel Crypto Asset and Monetary Seizure
The client obtained a favorable judgment in a civil lawsuit against the debtor. While there were no issues with the judgment itself, the client encountered significant difficulties at the enforcement stage. The debtor’s assets were not held in readily identifiable forms such as bank deposits or real estate. Instead, the debtor was presumed to hold assets primarily in cryptocurrency maintained through virtual asset exchanges. Faced with uncertainty as to whether cryptocurrency could be subject to compulsory enforcement, and whether recovery could realistically be achieved through virtual assets alone, the client sought post-judgment enforcement assistance from Decent Law Firm’s Virtual Asset Practice Group.
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Sentence: 7 Years’ ImprisonmentCrypto
Successful Prosecution of Cryptocurrency Fraud
The victims were persuaded to invest based on the defendant’s representations that “a listing on a major exchange was imminent” and “high returns were guaranteed within a short period of time.” The defendant falsely claimed that institutional investment had already been secured and that the project’s development was substantially complete. These statements were later revealed to be entirely fabricated and intended solely to induce investment. The investigation confirmed that there was, in fact, no concrete cryptocurrency development or exchange listing plan in place. The invested funds were not used for any legitimate business purposes but were instead diverted for the defendant’s personal use or to pay returns to earlier investors—constituting a classic Ponzi scheme. Although the victims initially hesitated to pursue legal action out of concern that their losses might be dismissed as ordinary investment risk, Decent Law Firm’s Digital Asset Practice Group determined that the matter constituted criminal fraud rather than a mere investment failure. Acting on this assessment, the firm represented the victims in filing a criminal complaint.
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Provision of a legal review opinionCrypto
Legal Review Opinion on the Compliance of a Crypto Asset Exchange Service (Kimchi Premium Arbitrage)
The client operates a business overseas and had been utilizing a cryptocurrency arbitrage strategy commonly known as the “Kimchi Premium” in order to reduce remittance costs when transferring funds to Korea. During this process, the client began assisting acquaintances with currency exchange transactions in return for a small commission. As the frequency and volume of these transactions gradually increased, the client became concerned about potential violations of the Foreign Exchange Transactions Act and the Act on Reporting and Use of Specified Financial Transaction Information (AML Act). Recognizing that the matter required more than general criminal law advice, the client sought professional legal counsel from Decent Law Firm’s Digital Asset Team, which possesses in-depth knowledge of cryptocurrency technology and regulatory enforcement practices.
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Arrest Warrant DismissedCrypto
USDT OTC Exchange Allegation in Voice Phishing Case, Arrest Warrant Dismissed
The client was urgently arrested on allegations of being involved in the conversion of voice-phishing proceeds into Tether (USDT) through OTC (over-the-counter) crypto transactions. The client had been staying at the residence of an acquaintance who operated a virtual-asset OTC exchange, and the business premises also served as their shared living space. Investigators alleged that the client received illicit cash from a voice-phishing cash collector and converted it into USDT for further distribution. Based on the alleged seriousness of the offense, the possibility of reoffending, and concerns about flight risk and evidence destruction, the prosecution sought an arrest warrant.
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"Non-Prosecution Decision (No Charges)"Crypto
NFT Fraud and Unregistered Securities Allegation: No Indictment (Non-Prosecution)
The client was engaged as a designer for an NFT project based on a friend's suggestion. Initially, the work involved creating and delivering artwork for compensation. However, the client's role expanded to include additional activities like posting updates on the project’s Discord server. The client received payment in cryptocurrency or salary for their contributions. Later, investors filed fraud charges against project participants, claiming the roadmap initially disclosed had not been fulfilled, causing financial losses. Despite also suffering losses as a small investor, the client was named as a defendant due to their involvement in the project.
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Seizure and Enforcement of Cryptocurrency Return Cla...Crypto
Cryptocurrency Debt Enforcement Through Seizure of Return Claims
The client, a creditor, provided 90 Ethereum (ETH) to a debtor under an agreement to exchange it for other cryptocurrencies. However, due to the debtor’s circumstances, the agreed cryptocurrencies were not delivered. Both parties agreed to terminate the contract, and the debtor was obligated to return 90 ETH to the client. Despite this agreement, the debtor failed to fulfill the obligation, leading the client to file a civil lawsuit. The court ruled in favor of the client, confirming the creditor’s entitlement to 90 ETH and the debtor’s obligation to return the agreed amount.
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Successfully Secured the Inheritance of 800 Million ...Crypto
Recovery of 800 Million KRW Worth of Virtual Assets in the Bittrex Exchange Bankruptcy
In 2023, Bittrex, one of the world’s largest cryptocurrency exchanges, declared bankruptcy, putting the inheritance of Ethereum (ETH) 166 and Bitcoin (BTC) 2 at risk for our client. The total value of the assets amounted to approximately 800 million KRW. However, the client missed the creditor filing deadline, making it difficult to claim their inheritance.
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Legal Review Opinion for Token Listing and P2E Servi...Crypto
Legal Review Opinion on Domestic P2E Service for Overseas Token Projects
Decent Law Firm was commissioned by an overseas cryptocurrency foundation to provide a legal review opinion on its token project, particularly regarding its Play-to-Earn (P2E) services in South Korea. The token project aimed to list its tokens on domestic cryptocurrency exchanges, necessitating a legal evaluation of the token’s securities classification and potential regulatory concerns related to P2E services under South Korean law. The review focused on whether the P2E service might violate local regulations and how such risks could impact the token’s listing process.
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Comprehensive Legal Risk Assessment of Large-Scale F...Crypto
Legal Review of Arbitrage Trading via Kimchi Premium and Cross-Border Remittances
The client planned to execute foreign remittances worth several hundred billion KRW monthly. Such large-scale remittances are subject to rigorous monitoring by regulatory authorities, and failure to adhere to proper procedures can result in penalties under the Foreign Exchange Transactions Act. Historical precedents have shown that substantial capital movements based on falsified documents have led to severe penalties by financial authorities, including criminal sanctions depending on the scale of the transactions. To ensure compliance, the client sought a legal review of their proposed large-scale foreign currency remittances.
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Securities Compliance Review and Listing Opinion Pro...Crypto
Legal Opinion and Review for Token Listing and Securities Law Compliance
A token foundation established in the British Virgin Islands (BVI), a jurisdiction known for blockchain-friendly regulations, sought to list its issued tokens on a domestic cryptocurrency exchange. The foundation engaged Decent Law Firm to review and provide legal advice regarding the token's compliance with securities laws and regulatory requirements.
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Provision of Review for AI Automated Trading Bot Pro...Crypto
Legal Review of AI Trading Bot Program Utilizing Cryptocurrency Exchange API
The client is a business that develops and sells cryptocurrency trading programs. They planned to offer an automated trading bot service based on specific algorithms using the Open APIs of domestic and international cryptocurrency exchanges such as Upbit and Bybit. To ensure the safety of their business, the client sought legal advice from Decent Law Firm regarding the legality of the service and the drafting of user agreements.
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Dismissal JudgmentCrypto
Dismissal Judgment in Lawsuit Involving Voice Phishing and Triangular Fraud in Cryptocurrency Investment
The client was a foreigner selling USDT (Tether) in a P2P transaction. Unbeknownst to them, they were identified as an accomplice in a voice phishing crime. The situation was further complicated by the fact that other co-defendants were also foreigners of the same nationality, increasing suspicion against the client. However, the client had no acquaintance with these other defendants. They had simply sold cryptocurrency to buyers who requested it. Ultimately, the client became a defendant in a lawsuit for damages due to unlawful acts and a claim for restitution of unjust enrichment, prompting them to urgently seek assistance from Decent Law Firm.
