Odaily Planet Daily News: South Korea's financial regulator issued a stern warning that life imprisonment will be imposed for cryptocurrency fraud cases with profits exceeding $4 million (about 5 billion won). The warning was issued after the enactment of South Korea's Virtual Asset User Protection Act in July 2024, which aims to prevent cryptocurrency crimes and was partly inspired by the Terra/Luna founder Do Kwon incident and the collapse of the FTX exchange. In addition, the new law also stipulates other penalties, including fines of 3 to 5 times the illegal profits and up to one year in prison. (decrypt.co)