[South Korea Audit Finds Over $15 Million in Relief Funds Misallocated to Crypto Investors, Plans to Amend Laws for Asset Verification]
South Korea's audit agency has discovered that approximately 269 individual crypto traders received over $15 million in debt relief from the government’s 'New Start Fund,' which was established to support small and medium-sized enterprises post-pandemic. One beneficiary, who had $62,000 in debt forgiven and saw a 77% reduction in liabilities, still held around $307,000 in crypto assets. Regulators stated that under the current system, it is difficult to verify crypto assets. Legislative amendments are being pushed to grant the Korea Asset Management Corporation (KAMCO) the authority to access beneficiaries' unlisted stocks and crypto assets without consent.