Trader Kidnapped for €50,000 in Cryptocurrency South Korea Moves to Legalize Won Stablecoins and Leverage Trading Crypto Market Volatility Subsides as Funding Rates Stabilize

BlockBeats reported that on June 15, a 26-year-old trader was kidnapped on his way back to his residence in Juvisy-sur-Orge during the night from Friday to Saturday. The man, who has 40,000 followers on TikTok, was forcibly taken by four kidnappers into a stolen Clio car. According to initial reports, the victim was beaten during the ordeal. The kidnappers demanded €50,000 in cryptocurrency from him. Upon reviewing his account balance and discovering it held significantly less than the requested amount, the kidnappers released him after realizing he did not possess the demanded sum. The trader has been assessed with injuries requiring six days of medical recovery. The case is now being handled by the division specializing in organized and professional crime investigations.

This incident highlights the growing intersection between the digital asset world and real-world crime. The demand for cryptocurrency in the ransom indicates the increasing acceptance and use of digital assets in illicit activities. The fact that the kidnappers specifically requested cryptocurrency suggests they were aware of the difficulties in tracing such transactions, underscoring the need for enhanced regulatory measures and law enforcement capabilities in this area. The trader's social media presence also raises questions about the potential risks associated with publicizing one's involvement in the cryptocurrency market, as it may attract unwanted attention from criminals.

BlockBeats has also reported on several significant developments in the digital asset ecosystem. The funding rates of major centralized and decentralized exchanges are gradually returning to neutral, indicating a stabilization in the market sentiment. This shift suggests that the extreme volatility that has characterized the cryptocurrency market in recent months may be subsiding, as traders and investors adopt a more cautious approach. The stabilization of funding rates is a positive sign for the cryptocurrency ecosystem, indicating a maturing market and increased institutional interest.

In South Korea, the government is actively promoting the legalization of Korean won stablecoins and leveraged trading, with digital asset taxation on the horizon. The ruling party’s lawmaker Min released a draft of the “Basic Law on Digital Assets” on June 10, which includes proposals for stablecoins and leveraged trading. Once these policies are implemented, South Korea is expected to see a significant increase in trading volume, particularly on major exchanges. The country's affinity for leveraged trading is well-documented, with a preference for aggressive bets deeply ingrained in the national character. The introduction of leveraged trading in the cryptocurrency market is likely to amplify this trend.

The draft legislation focuses on a spot leverage system based on the "lending model," which does not involve derivatives or futures options. This system, while more cumbersome to operate, is expected to support leverage multiples between 3 and 10 times. The combination of the leverage system with the Korean won stablecoin is anticipated to further boost trading volumes and attract more overseas projects to the region. However, the Play-to-Earn (P2E) and broader Web3 gaming-related regulations remain strict, with both progressive and conservative governments cracking down on speculation in the gaming industry. The core problem lies in the gambling-like characteristics of these games, which has led to a decline in the gaming industry over the past three years. Major game manufacturers have turned to overseas markets, and the P2E project will remain on hold until crypto taxation is fully implemented.

The introduction of leveraged trading in the altcoin field is expected to usher in a new era of competition in the Korean market. The opening of leverage trading will likely trigger a second round of trading volume explosion. The competition for the Korean market will intensify as project teams launch various benefits and favorable measures to attract coin holders. This development is expected to have a significant impact on the global cryptocurrency market, as South Korea is one of the largest markets for digital assets. The stabilization of funding rates and the introduction of leveraged trading in South Korea are positive signs for the cryptocurrency ecosystem, indicating a maturing market and increased institutional interest.