South Korean prosecutors bring 49 suspects to trial for allegedly profiting about $300 million from 'kimchi premium'

According to News1, South Korean prosecutors have brought to trial 49 criminal suspects suspected of illegal foreign exchange outflows and profits of 390 billion won (approximately US$304 million) from virtual asset speculation. Assets were sent to domestic companies for sale and transferred offshore under the guise of 13 trillion won in fake trade payments. The prosecution believes that based on Bitcoin, the average kimchi premium in the past two years is about 3% to 5%, so it can be inferred that these speculators have obtained at least 390 billion won in improper benefits. Prosecutors have also indicted seven financial company employees who are suspected of acquiescing or facilitating the illegal foreign exchange outflows.