TechFlow, December 17 — According to DL News, a South Korean audit agency has discovered that the government mistakenly distributed over $15 million in debt relief funds to 269 cryptocurrency traders. These funds were originally intended to support small businesses affected by the COVID-19 pandemic.
The audit report highlighted a notable case: one recipient received about $62,000 in debt relief, amounting to a 77% reduction, but was found to hold cryptocurrency assets worth $307,000.
Shin Jin-chul, chairman of South Korea's Financial Services Commission, stated that KAMCO (Korea Asset Management Corporation) currently cannot access individuals' crypto asset holdings without their "voluntary disclosure." He pledged to strengthen screening criteria for potential recipients and said legislative amendments are underway to grant KAMCO authority to check non-listed stocks and crypto asset holdings without requiring consent from individuals in the future.
