About $505.2B in crypto moved overseas from South Korea since 2021

About 700 trillion won ($505.2 billion) in virtual assets has moved from South Korean crypto exchanges to overseas exchanges from 2021 through this year, Newsis reported. In a joint report, Web3 research firm Tiger Research and Chainalysis interpreted the trend not as weakening domestic demand, but as unmet demand in South Korea shifting offshore. About 168 trillion won ($121.2 billion) flowed out last year alone, and South Korean investors are estimated to have paid about 5 trillion won ($3.6 billion) in trading fees to use overseas exchanges in the same year.