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Korean stock market forced liquidation volume reaches 344.2 billion KRW in July, credit leverage risks continue to escalate
According to data from the Korea Financial Investment Association, driven by a significant downturn in the stock market, on-exchange credit leverage has entered a phase of concentrated deleveraging. The cumulative forced liquidation amount for July has already reached 344.2 billion KRW, with a single-day liquidation volume of 142.2 billion KRW on July 9 alone. Due to a two-trading-day delay in the reporting of liquidation data, the clearing pressure triggered by the sharp drop in the KOSPI on the 13th has not yet been fully reflected in the statistics, leading market forecasts to anticipate a further increase in subsequent liquidation volumes.On July 13, the Korean stock market experienced severe volatility, with the KOSPI closing down 8.95% and triggering both the Sidecar selling suspension mechanism and a Level 1 circuit breaker during the session. The semiconductor sector led the decline, with SK Hynix falling 15.37%, marking its largest single-day drop in history, while Samsung Electronics closed down 10.7%. Currently, the margin balances and credit financing balances of Korean retail investors continue to shrink, with the market entrenched in a negative deleveraging cycle of "falling stock prices → forced liquidation → further decline in stock prices." (WSJ)
Bitplanet Partners with Antalpha to Advance Bitcoin Mining, Testing the Feasibility of the "Mining-Based Reserves" Model
According to CryptoSlate, South Korean Bitcoin treasury company Bitplanet has signed a strategic memorandum of understanding with Nasdaq-listed company Antalpha and related partners, planning to introduce 15 billion KRW worth of Bitcoin mining equipment and launch full operations within the month. This move signifies that Bitplanet is shifting from a reserve model of simply purchasing Bitcoin through financing to continuously generating Bitcoin revenue through mining.
South Korean listed company ITCEN Global raises KRW 40 billion to expand its Web3 business
According to Chosun, Korean-listed IT service provider ITCEN Global announced raising KRW 40 billion (approximately USD 3 million) through the issuance of convertible bonds. The funding round was fully subscribed by ITC Holdings, which is wholly owned by the KCGI Innovation Growth ESG Fund. The proceeds will be used to expand new businesses, including Web3 and security token offerings (STOs). The company stated that if South Korea’s digital asset regulatory framework is finalized in the second half of the year, these initiatives are expected to accelerate.
South Korea’s delayed cryptocurrency legislation hampers NAVER’s merger process; DS Securities lowers target price to KRW 300,000
According to The Asia Business Daily, DS Investment & Securities issued a research report lowering NAVER’s target price from its previous level to 300,000 KRW, while maintaining a “Buy” rating. Analyst Choi Seung-ho noted that the downward revision is primarily driven by two factors: first, NAVER’s operating profit margin for this year is projected to decline from 18.3% to 17.6%, due to rising advertising and e-commerce marketing expenses as well as depreciation costs; second, delayed legislative progress on cryptocurrency-related regulations is directly affecting the proposed merger between NAVER Financial and Dunamu, raising the possibility of further postponement beyond the originally scheduled completion in September. Previously, DS Securities had assigned a valuation of 15 trillion KRW to NAVER’s cryptocurrency business within its Sum-of-the-Parts (SOTP) valuation; this portion has now been removed from the updated report. Choi Seung-ho added that the e-commerce business remains NAVER’s core growth engine going forward, with annual e-commerce sales expected to reach approximately 2.7 trillion KRW.
Bithumb Fined 210 Million KRW for Illegally Transmitting User Information to Overseas Platforms
According to The Block, South Korea’s Personal Information Protection Commission fined cryptocurrency exchange Bithumb 210 million Korean won (approximately USD 136,000) for transferring users’ personal information to overseas platforms without obtaining adequate user consent.
SK Hynix plans to launch a shareholder return program of up to KRW 100 trillion in Q4 2026
According to Korea Economic Daily, after completing its U.S. ADR listing, SK hynix plans to implement a shareholder return program worth up to 100 trillion Korean won in Q4 2026, comprising share buybacks and cash dividends. The share buyback is reportedly expected to amount to approximately 2% of the company’s total outstanding shares. The report notes that SK hynix aims to leverage its ADR listing to secure a corporate value re-rating in global capital markets while simultaneously increasing investments in AI infrastructure.
South Korean police launch first investigation into Polymarket users for suspected illegal gambling
According to The Korea Business, South Korean police are investigating domestic users of Polymarket—the world’s largest prediction market platform—for alleged violations of Article 246 of the Criminal Act (gambling offenses), which carries a maximum fine of KRW 10 million. This investigation—led by the Gangwon Provincial Police Agency upon delegation from the National Police Agency—is the first criminal probe targeting Polymarket users in South Korea, covering users nationwide. It is reported that South Korean users placed bets on the platform using USD-pegged stablecoins, with no restrictions imposed by the platform; for instance, the June 3 local elections alone attracted hundreds of billions of won in betting volume.
South Korean Incheon mayoral candidate accused of falsifying assets, suspected of failing to declare spouse’s cryptocurrency holdings
According to Yonhap News Agency, on June 1, the Incheon Metropolitan City Election Commission formally filed a complaint with the Incheon Police Agency against Yoo Jeong-bok, the presidential candidate of the People Power Party for Incheon mayor, citing violations of the Public Official Election Act. Yoo is accused of submitting false information in his candidate asset disclosure: his spouse’s actual assets amount to approximately 518.57 million KRW—significantly higher than the declared amount of 439.88 million KRW—and their combined household assets should total approximately 1.92297 billion KRW, not the declared 1.84472 billion KRW. Earlier media reports indicated that his spouse held 21,000 units of virtual assets and transferred them to overseas exchanges to evade local election asset disclosure obligations. The Incheon Police Agency’s Anti-Corruption Investigation Unit will merge this complaint with a related case previously filed by the Democratic Party of Korea for joint investigation.
OKX confirmed to invest $53 million to acquire a 20% stake in Coinone, a South Korean crypto exchange
OKX Ventures, the investment arm of OKX, announced it will acquire a 19.6% stake in Coinone, one of South Korea's five licensed digital asset trading platforms. Coinone has signed a strategic equity investment agreement with OKX Ventures, Korea Investment & Securities (KIS), as well as Com2uS and its affiliates.OKX Ventures and KIS will each invest 80 billion KRW ($53 million). Upon completion of the investment and receipt of regulatory approval, both companies will each hold a 19.6% stake in the platform. Together, they will become the third-largest shareholders of the South Korean exchange, trailing only Coinone CEO Cha Myung-hoon (27.8%) and Com2uS Holdings and its affiliates (25%).According to the announcement, the investment will be carried out through a combination of purchasing secondary market shares from Cha and Com2uS, as well as subscribing to newly issued shares. (The Block)
South Korea’s petition to abolish the 22% cryptocurrency tax surpasses the 50,000-signature threshold, sparking regulatory debate amid ongoing market contraction
According to Cointelegraph, a petition in South Korea calling for the abolition of the 22% tax on cryptocurrency investment gains has surpassed the 50,000-signature threshold, triggering the mandatory review mechanism of the National Assembly’s Committee on Strategy and Finance. The petition currently has over 52,000 signatures. This tax policy is scheduled to take effect in January 2027. Petitioners argue that taxing crypto assets is significantly heavier than taxation applied to other asset classes, which will increase investors’ burdens, restrict upward mobility—especially for younger demographics—and potentially lead to industry contraction and capital and talent flight. Meanwhile, South Korea’s cryptocurrency market continues to shrink: total crypto asset holdings have declined from approximately 121.8 trillion KRW (about $83.3 billion) in January 2025 to roughly 60.6 trillion KRW (about $41.4 billion) in February 2026. Daily trading volume across the country’s top five exchanges has also plummeted—from $11.6 billion in December 2024 to $3 billion.
Target price raised by 24%: KIS increases SK Hynix target price to 4.7 million KRW
Citrini analyst jukan posted on platform X, stating that KIS has raised its target price for SK Hynix by 24% to 4.7 million KRW, with today's closing price at 1.41 million KRW.
WEMIX Stablecoin Hacked, Approximately $6.25 Million WEMIX$ Abnormally Outflowed
According to "Digital Assets", South Korean blockchain platform WEMIX released an official announcement on July 27, acknowledging a security incident involving its stablecoin WEMIX$ (WEMIX Dollar) smart contract. The incident occurred at 6:18 PM on July 26, when the owner permissions of the WEMIX$ smart contract were hijacked, resulting in approximately $6.25 million (approximately 87 million KRW) worth of WEMIX$ being abnormally minted and transferred to external addresses. WEMIX stated that it has identified the addresses suspected of being used in the attack and is conducting on-chain tracking, while collaborating with major exchanges and blockchain security agencies to monitor the flow of stolen assets, and will cooperate with law enforcement agencies if necessary.
Upbit Will List Euler (EUL) KRW Trading Pair
According to Upbit's announcement, South Korean crypto exchange Upbit will list Euler (EUL) on the Korean Won (KRW) market on July 26 at 12:00 (KST), supporting deposits and withdrawals on the Ethereum network. Within approximately 5 minutes after trading opens, buy orders and some sell orders will be restricted; within approximately 2 hours after opening, only limit orders will be supported. Euler is a decentralized finance lending protocol based on Ethereum, allowing users to create lending markets and deposit or borrow assets. Euler v2, launched in 2024, adopts a modular Vault structure, supporting users in building lending markets based on different assets and risk preferences, and can be extended to scenarios such as RWA, synthetic assets, and NFTs. The EUL token is primarily used for governance, Fee Flow bidding, and reward mechanisms.
Samsung Electronics Considers Outsourcing Backend Design for Google's 2nm TPU I/O Die
Odaily News: Citrini analyst jukan posted on X, stating that Samsung Electronics is considering outsourcing the backend design work for the I/O Die of Google's 10th generation 2nm TPU "Icefish," and has already inquired with design solution partners about requirements. This TPU is used to run Google's AI models, including Gemini. Google is reportedly co-designing this chip with MediaTek, with mass production planned as early as 2028. The TPU consists of a compute processor and an I/O Die; the compute processor is expected to be manufactured by TSMC using a 1.4nm process, while the I/O Die will be manufactured by Samsung Electronics using a 2nm process. Recently, Samsung Electronics is said to have secured Anthropic and DeepX as 2nm customers, in addition to Google and Tesla.ADTechnology, Gaonchips, and Alphachips have been mentioned as potential outsourcing contractors. Among them, ADTechnology is focusing on a 2nm CPU project "ADP620," targeting an annual revenue exceeding 1 trillion KRW between 2028 and 2029. Gaonchips is preparing to participate in the "K-On-Device AI" project, which has a budget of approximately 800 billion KRW from the Ministry of Trade, Industry and Energy. Alphachips is reportedly viewing the Google TPU project as a growth driver and is becoming more actively involved.
Citrini Analyst: SK Hynix Operating Profit Expected to Reach 60.4 Trillion KRW, 8% Below Market Consensus
Odaily news, Citrini analyst jukan posted on X platform, stating that local South Korean brokerages expect SK Hynix's operating profit to reach 60.4 trillion KRW, a 61% increase quarter-over-quarter and a 556% increase year-over-year, but still 8% below the market consensus of 65 trillion KRW. The shortfall is mainly due to SK Hynix's higher proportion of HBM revenue compared to its peers, resulting in its average selling price growth being lower than the market average.
Today, foreign investors sold off approximately $1.493 billion worth of stocks in the South Korean market, while retail investors stepped in to buy the dip.
despite another sharp decline in the South Korean stock index today, retail investor funds continued to show net inflows, with net purchases reaching 2.3179 trillion KRW (approximately $1.522 billion). However, foreign investors sold 2.274 trillion KRW (about $1.493 billion), driving the overall market down. Institutions also sold stocks worth 63.2 billion KRW. (Financial Post)According to Gate data, South Korea's KOSPI index plunged 8% intraday, with SK Hynix and Samsung Electronics falling around 10%. (Jinshi Data APP)
WEMIX Stablecoin Hacked, Approximately $6.25 Million WEMIX$ Abnormally Outflowed
According to "Digital Assets", South Korean blockchain platform WEMIX released an official announcement on July 27, acknowledging a security incident involving its stablecoin WEMIX$ (WEMIX Dollar) smart contract. The incident occurred at 6:18 PM on July 26, when the owner permissions of the WEMIX$ smart contract were hijacked, resulting in approximately $6.25 million (approximately 87 million KRW) worth of WEMIX$ being abnormally minted and transferred to external addresses. WEMIX stated that it has identified the addresses suspected of being used in the attack and is conducting on-chain tracking, while collaborating with major exchanges and blockchain security agencies to monitor the flow of stolen assets, and will cooperate with law enforcement agencies if necessary.
South Korea’s Top 5 Cryptocurrency Exchanges Have Experienced 57 Hacking and System Incidents Over the Past Six Years, with Total Compensation Amounting to Approximately $5.1 Million
South Korea’s top five cryptocurrency exchanges experienced a total of 57 hacking incidents and system failures between 2020 and April 2026, resulting in cumulative compensation of approximately 7 billion KRW (about USD 5.1 million).
Upbit Will List CFX KRW, BTC, and USDT Trading Pairs
According to the official announcement, Upbit will list CFX KRW, BTC, and USDT trading pairs.
Upbit will list META2 KRW, BTC, and USDT trading pairs
According to the official announcement, Upbit will list META2 KRW, BTC, and USDT trading pairs.
Bithumb will list O KRW trading pair
According to the official announcement, Bithumb will list the O KRW trading pair.
Upbit will list RLUSD KRW, BTC, and USDT trading pairs.
According to the official announcement, Upbit will list RLUSD trading pairs against KRW, BTC, and USDT.
Bithumb Will List BANK KRW Trading Pair
According to the official announcement, Bithumb will list the BANK/KRW trading pair.
WEMIX Stablecoin Hacked, Approximately $6.25 Million WEMIX$ Abnormally Outflowed
According to "Digital Assets", South Korean blockchain platform WEMIX released an official announcement on July 27, acknowledging a security incident involving its stablecoin WEMIX$ (WEMIX Dollar) smart contract. The incident occurred at 6:18 PM on July 26, when the owner permissions of the WEMIX$ smart contract were hijacked, resulting in approximately $6.25 million (approximately 87 million KRW) worth of WEMIX$ being abnormally minted and transferred to external addresses. WEMIX stated that it has identified the addresses suspected of being used in the attack and is conducting on-chain tracking, while collaborating with major exchanges and blockchain security agencies to monitor the flow of stolen assets, and will cooperate with law enforcement agencies if necessary.
Related news
Upbit Will List CFX KRW, BTC, and USDT Trading Pairs
According to the official announcement, Upbit will list CFX KRW, BTC, and USDT trading pairs.
Samsung Electronics to Invest 800 Billion KRW in Semiconductor and DX Startups
on July 30, Samsung Electronics disclosed plans to invest a total of 800 billion KRW in semiconductor startups and to secure potential technologies for its Device eXperience (DX) division. This investment aims to foster technology and business partnerships through equity investments in domestic and international semiconductor startups.Specifically, Samsung Electronics, together with Samsung Venture Investment, will contribute 505 billion KRW to join the newly established technology business investment portfolio, SVIC No. 82. Samsung Venture Investment will contribute 5 billion KRW. The portfolio is expected to be launched next month, with a term of 13 years, and capital will be contributed in installments as investment opportunities arise. Separately, Samsung Electronics and Samsung Venture Investment will contribute 303 billion KRW to join another new portfolio, SVIC No. 83, with Samsung Venture Investment contributing 3 billion KRW. This portfolio is intended to discover future technologies and strengthen business competitiveness for the DX division, with a term of 10 years and capital contributions made in installments upon deal closures.
Target price raised by 24%: KIS increases SK Hynix target price to 4.7 million KRW
Citrini analyst jukan posted on platform X, stating that KIS has raised its target price for SK Hynix by 24% to 4.7 million KRW, with today's closing price at 1.41 million KRW.
Upbit will list META2 KRW, BTC, and USDT trading pairs
According to the official announcement, Upbit will list META2 KRW, BTC, and USDT trading pairs.
Bithumb will list O KRW trading pair
According to the official announcement, Bithumb will list the O KRW trading pair.
Upbit will list RLUSD KRW, BTC, and USDT trading pairs.
According to the official announcement, Upbit will list RLUSD trading pairs against KRW, BTC, and USDT.