South Korea’s local media, Newsis, recently reported the case of certain crypto traders who had sent about $3 billion overseas in a bid to profit from the ‘Kimichi Premium.’ Interestingly, the court found 14 out of 16 of these traders not guilty despite their alleged actions.
How This Group Of Crypto Traders Operated
These crypto traders are said to have sent these sums of money through local banks under the guise of these transactions being foreign exchange remittances. However, this was allegedly not the case, as they would then use the funds to purchase virtual currencies abroad and send those crypto assets back to domestic exchanges, where they eventually offload them.
This was done to allegedly profit from the ‘Kimichi Premium.’ This phenomenon occurs when crypto assets are more expensive in South Korea than overseas due to the country’s particular regulations.
This has created an arbitrage opportunity that crypto traders have sought to exploit. Meanwhile, the Kor
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