Odaily News South Korea's financial regulator has issued a stern warning that cryptocurrency scams with profits exceeding $4 million (about 5 billion won) will be punished with life imprisonment. The warning follows the enactment of South Korea's Virtual Asset User Protection Act in July 2024, which aims to prevent cryptocurrency crimes and was partly inspired by the Terra/Luna founder Do Kwon incident and the FTX exchange collapse. In addition, the new law also stipulates other penalties, including fines of 3 to 5 times the illegal profits and up to one year in prison. (decrypt.co)