$ 2.6 billion worth of altcoins could vanish as South Korea's cryptocurrency market heals

According to the Financial Times on September 13, Kim Hyung-joong, director of Korea University's Cryptocurrency Research Center, said 42 "Kimchi coins" worth $ 2.6 billion could be lost due to the reform of the Korean cryptocurrency market. (Altcoin) was the first exchange in KRW because it was only a small exchange in Korea. Non-Bitcoin digital assets represent around 90% of South Korea's cryptocurrency market. Jo Yeon-haeng, Head of Consumer Financial Services, said, “Delays in trading and consolidating assets in many small exchanges could have serious repercussions on the economy of traders. The FSC has set September 24 as the deadline for registering exchanges as legitimate businesses. Almost 40 of the 60 home-based cryptocurrency companies will be closed. (Financial hour)