Crypto News Today: South Korea’s Pro-Crypto Elections, TON Network Hiccup, and French Crypto Kidnapping Ring Busted
Today’s crypto news includes promising developments in South Korea’s political landscape, a minor setback for the TON blockchain, and a significant law enforcement action in France.
South Korea’s Crypto Industry Poised to Win Regardless of Election Outcome
South Korea’s crypto industry appears set to benefit from the upcoming presidential elections in June. Both leading candidates are advocating for pro-crypto policies, signaling a potential shift towards eased regulations and increased crypto accessibility.
The snap election is being held to replace Yoon Suk-yeol. The main contenders are Lee Jae-myung from the Democratic Party and Kim Moon-soo from the People Power Party. Recent polls indicate Lee Jae-myung is currently in the lead.
Lee Jae-myung has proposed allowing South Korea’s substantial national pension fund to invest in cryptocurrencies and has also suggested the creation of a won-backed stablecoin. Kim Moon-soo, on the other hand, is focused on easing existing regulations and promoting wider adoption of cryptocurrencies.
Notably, both candidates have expressed support for the legalization of spot crypto exchange-traded funds (ETFs).
South Korea boasts one of the world’s most active crypto markets, with trading volumes on local exchanges sometimes surpassing those of the country’s major stock indexes. Recent data indicates that over 16 million South Koreans are actively involved in cryptocurrency trading.
TON Blockchain Restores Operations After Brief Downtime
The Open Network (TON) recently experienced a brief network outage on June 1, which was quickly resolved. The issue was attributed to an error within the masterchain dispatch queue.
Network maintainers addressed the problem swiftly, restoring services within approximately 40 minutes of detection. According to a Telegram post from TON developers, “A quick fix was released, and updating only a few masterchain validators was sufficient to resume block production. The incident was related to an error in the processing of the masterchain dispatch queue.”
This incident underscores the inherent challenges in managing complex, high-throughput blockchain networks that handle significant transaction volumes.
French Authorities Charge 25 Individuals in Crypto-Related Kidnapping Spree
French authorities have charged 25 individuals, including six minors, in connection with a series of kidnappings and attempted abductions linked to the cryptocurrency sector. The suspects, aged between 16 and 23, face charges related to multiple plots targeting prominent figures in the crypto space and their families.
The investigation stems from a failed abduction attempt on May 13 in Paris, targeting the daughter and grandson of Pierre Noizat, CEO of the French crypto exchange Paymium.
Authorities believe this was not an isolated incident, as a similar plot was attempted the previous day. Police also thwarted another operation near Nantes shortly after the Paris incident.