South Korean courts are bracing for a wave of crypto-related bankruptcies – and have created a “working rule” that will help them deal with cases involving individuals who have fallen foul of crypto investments gone wrong.
Per Newsis, the Seoul Bankruptcy Court warned of a “domino effect” comprising of ailing crypto investors and struggling creditors. And these dominoes are starting to fall, the court added, with more cases expected to hit the courts in the second half of this year.
The court was quoted as announcing:
“The burden on debt of young people in their 20s and 30s – due to failed investment in areas such as cryptocurrency – is increasing day by day. Individual applications for bankruptcies are also increasing.”
It added that many creditors who had lent crypto investors fiat to fund their investments were also likely to follow token traders into the bankruptcy courts in the next few months.
The court said that it had already laid the ground for this coming wave of...
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