Author: GIKorea

I feel bad for the investors that lost their money, but investing in bitcoin has always had a casino like atmosphere to it. You should not invest money that you cannot afford to lose:

The collapse of Luna is starting to ripple through Korea as investors in the coin and companies associated with it add up their losses and adjust their plans.  

Victims range from retail punters to some of the largest business names in the country, and the damages go from trivial to existential, though the sense is that, so far, the Luna fiasco will not be a Lehman moment and threaten crypto markets or the broader markets in a systemic way.    

“I lost my entire lifesavings in just two days,” one person wrote anonymously on Bitman, a Korean blockchain community, on May 14. “I repeatedly sold Luna at a loss, bought more to lower the average price and sold it at a loss again. After losing more than 100 million won [$78,000] that I struggled to save for years, I can neither eat nor sleep. I loathe myself.”  

Terra coins were algorithmically pegged to other currencies though arbitraged with Luna coins. When faith in the design evaporated in early May, Luna lost most of its value in a matter of days and TerraUSD, which is the Terra that tracks the dollar, dropped to about 10 cents. 

One man, who claims to have lost 2 billion won ($1.6 million) by investing in Luna, was under investigation after showing up at the house of Kwon Do-hyeong, one of the masterminds behind the Terra stablecoin scheme.    
   
“Kwon should officially apologize and announce some sort of plan using any means available, including using his own money,” the man told the local press. “There are some people around me who have actually lost their lives.” 

Joong Ang Ilbo

You can read more about the cryptocurrency losses impacting South Korea at the link.

To make way for the Presidential office in Yongsan the ROK military’s Joint Chief’s of Staff office will be moving to Southern Seoul:

The South Korean government plans to relocate the Joint Chiefs of Staff (JCS) headquarters to southern Seoul and seeks to construct its new building there by 2026, the defense ministry said Tuesday.

In a parliamentary policy briefing, the ministry made public the relocation plan, as the ministry’s key offices have occupied parts of the current JCS building since the presidential office’s relocation to what used to be the ministry’s headquarters in Seoul’s central district of Yongsan.

Defense Minister Lee Jong-sup said that the government plans to move the JCS building to the Capital Defense Command in Namtaeryeong, southern Seoul, in the “mid- and long-term.” 

Lee estimated that the relocation and the construction of the new JCS building may cost between 200 billion won (US$ 157 million) and 300 billion won, much more than initially expected.

Yonhap

You can read more at the link.

Here is the latest scam by North Korea to avoid sanctions on the country because of their nuclear and missile programs:

The U.S. warned businesses Monday not to be fooled into hiring IT staff from North Korea taking advantage of the anonymity of remote working.  
   
In an advisory issued by the State Department, Treasury Department and the FBI, the U.S. government said the use of freelance IT staff by the North was a way for it to bypass U.S. and United Nations sanctions and earn foreign exchange for its nuclear weapons and ballistic missile programs.  
   
“There are thousands of DPRK IT workers both dispatched overseas and located within the DPRK, generating revenue that is remitted back to the North Korean government,” the advisory stated, referring to the North by the acronym for its official name, Democratic People’s Republic of Korea.  
   
“These IT workers take advantage of existing demands for specific IT skills, such as software and mobile application development, to obtain freelance employment contracts from clients around the world, including in North America, Europe, and East Asia,” the advisory said. 

Joong Ang Ilbo

You can read more at the link.

This is probably a smart move with the amount of major car companies now offering electric vehicle options that is driving increased competition. If Samsung wanted to get into this market they should have done it at least a decade ago in order to already have captured market share like Tesla has done:

But at Samsung, still Apple’s top rival in the smartphone segment, its proven “go-to-market strategy” won’t be applied in the finished EV segment, as the Korean tech behemoth decided recently not to manufacture its own brand of EVs, as two senior executives, both of whom are directly involved in the issue, told The Korea Times. 

The core reasons behind this decision are that it doesn’t believe its entry into the finished EV segment will see sustainable profits, and it holds the intention to continue avoiding any possible conflicts with its top clients, amid the focus on its contract-based semiconductor foundry business, according to them.

“After thorough reviews, response and discussions with clients, top Samsung management reached a consensus that making a foray into the finished EV segment won’t be the right fit both in terms of a profit standpoint and from a client management perspective,” one of the sources said on condition of anonymity.

Korea Times

You can read more at the link.

Just when you thought things couldn’t get any weirder around sexuality they do:

A Japanese man who married a hologram singer back in 2018 now hopes to raise awareness for “fictosexuals” – someone who is sexually attracted to fictional characters. 

According to New York Times, Akihiko Kondo is married to fictional character Hatsune Miku – a computer-synthesised pop singer who has toured with Lady Gaga and starred in video games. Now, four years into his marriage with Miku, Mr Kondo has opened up about his relationship with his anime wife. The 38-year-old revealed that he found love, inspiration and solace in Miku. 

Mr Kondo was dating Hatsune Miku for a decade before they had an unofficial wedding ceremony in Tokyo. According to the 38-year-old, his relationship with the fictional character helped him get out of deep depression. Speaking to NYT, Mr Kondo said that his assortment of Miku dolls ate, slept and watched movies together, and sometimes even went on romantic getaways. 

NDTV

You can read more at the link.

The U.S. military after World War II controlled Okinawa for 27 years before returning it to Japan 50 years ago this month:

Ceremonies marking the anniversary were held simultaneously in two locations — one in the Okinawan city of Giowan, home to a disputed U.S. air station, and the other in Tokyo. The separate ceremonies symbolize the deep divide in views over Okinawa’s history and ongoing suffering.

Prime Minister Fumio Kishida said he takes Okinawa’s concerns seriously and will make efforts to reduce the burden while still maintaining U.S. military deterrence on the islands.

Kishida and his minister in charge of the islands were in Okinawa, where hundreds of protesters staged a rally Saturday demanding a speedier reduction of U.S. military forces, as fears grow that Okinawa may become a front line of conflict amid rising China tensions. (…..)

Economic, educational and social development in Okinawa lagged behind as Japan enjoyed a postwar economic surge that was helped by lower defense spending because of the U.S. military presence in Okinawa.

The central government’s development fund since the reversion has improved Okinawa’s infrastructure but the growth of local industry that was largely hampered during U.S. rule is still largely limited to tourism.

Today, Okinawa’s average household income is the lowest and its unemployment is the highest of Japan’s 47 prefectures. If land taken by the U.S. military is returned to the prefecture for other use, it would produce three times more income for Okinawa than the island now makes from bases, Tamaki said recently.

Okinawan authorities regularly face denials by the U.S. side in criminal and environmental investigations.

Stars & Stripes

You can read more at the link, but to claim that Okinawa would have become an economic powerhouse without U.S. troops I find doubtful. This is because none of the other Ryukus or Southwestern Islands in Japan became economic powerhouses and they have never been host to U.S. troops. In my viewpoint if people want to protest something, they should be protesting China’s provocative activities in the area that is driving the large U.S. troop presence on Okinawa and an expanding Japanese military presence on nearby islands.