Individuals sentenced in South Korea for illegally transferring $272.37M abroad by exploiting 'Kimchi Premium'

A group of individuals in South Korea who took advantage of cryptocurrency price differences between countries, commonly known as the "Kimchi Premium," has been sentenced to prison, according to No Cut News. The Daegu District Court convicted four people of violating the Act on Reporting and Using Specified Financial Transaction Information, the Foreign Exchange Transactions Act and obstruction of business. The individuals reportedly profited by purchasing cryptocurrencies in Japan and selling them at higher prices in South Korea, converting the proceeds to cash and transferring approximately 400 billion won ($272.37 million) abroad. They received around 27 billion won ($18.38 million) as profits.