South Korean crypto fraudster pleads guilty to fraud charges in US SEOUL, August 13 (AJP) - Crypto fraudster Kwon Do-hyeong, also known as Do Kwon, pleaded guilty to fraud charges at a federal court hearing in New York on Monday. The so-called "Cryptocrash King" was behind the spectacular collapse of the TerraUSD and Luna cyber that caused over $40 billion in losses to investors in the U.S. and around the world. As part of a plea bargaining deal, the former entrepreneur of Singapore-based Terraform Labs, who faced up to 25 years in prison, admitted to charges of conspiracy to defraud and wire fraud, with prosecutors agreeing not to seek a sentence longer than 12 years while confiscating around US$26.5 billion and other assets. In addition, if Kwon serves half of his sentence and abides by his plea-bargaining agreements, U.S. authorities have also agreed to accept his possible request for their international prisoner transfer program, allowing him to serve the remainder of his prison term in South Korea. "I made false and misleading statements about why it regained its peg by failing to disclose a trading firm's role in restoring that peg," Kwon apologized for his conduct in court. "What I did was wrong." Kwon had claimed his innocence since being extradited from Montenegro in January, where he was arrested in March 2023 while attempting to board a flight using several forged passports. He initially pleaded not guilty to all charges during his arraignment. The TerraUSD collapse sent shockwaves through the cryptocurrency industry, as the stablecoin was designed to maintain a $1 peg through an algorithmic system. Prosecutors alleged that trading firms artificially propped up the token's price, contradicting Terraform Labs' public claims that its autonomous mechanism, known as the "Terra Protocol" restored the coin's value. Kwon's sentencing, which will determine his final prison term, is scheduled for Dec. 11. If he eventually manages to return to Seoul, there remains a chance that he could face separate charges here. 2025-08-13 11:25:51

Jobseekers face toughest market amid manufacturing slump SEOUL, August 12 (AJP) - Amid the prolonged economic downturn, the country’s toughest job market meant there were only 0.4 positions available per jobseeker last month, the lowest level seen in more than two decades. According to a monthly report released on Monday by the Ministry of Employment and Labor, the number of jobs available per jobseeker fell to 0.4 in July, down from 0.51 a year ago and also the lowest since July 1999. Job ads posted on government recruitment sites totaled approximately 165,000, down about 16.9 percent from the previous year, while the number of jobseekers rose 5.5 percent to around 411,000 during the same period. The ministry attributed the deteriorating job market to a worsening shortage of manufacturing-sector jobs, exacerbated by challenges in production and exports. Relevant figures reflect this trend, as the number of employment insurance subscribers dropped by some 5,000 workers in manufacturing and 19,000 in construction amid a prolonged industry slump lasting more than two years. But service industries and healthcare and welfare industries managed to add more jobs, among the country's total 15.6 million workers with employment insurance as of July. Applicants for unemployment benefits remained relatively stable at 111,000 in July, down slightly from the previous year. However, total benefit payments rose 3.3 percent to 1.1 trillion won as more unemployed workers and jobseekers have lingered for several more months in finding their new jobs. 2025-08-12 17:01:03

CJ CheilJedang posts sales drop amid slowdown in domestic consumption SEOUL, August 12 (AJP) - Food manufacturer CJ CheilJedang posted an operating profit of 353.1 billion won or approximately US$253.8 million in the second quarter, down about 7 percent as domestic consumption remains sluggish, despite robust sales in overseas markets. According to financial reports released on Tuesday, the country's largest food giant's consolidated revenue including sales from its logistics unit stood at 7.24 trillion won in the period between April and June, a slight decline of 1.5 billion won from a year ago. CJ's core food business division posted revenue of 2.69 trillion won, down just 1 percent, while operating profit fell 34 percent to 90.1 billion won. It attributed the setbacks to sluggish domestic consumption, with food sales dropping 5 percent to 1.32 trillion won as consumers kept their wallets shut at offline retail stores. However, online sales of processed food surged 24 percent, offering some relief from the decline at traditional brick-and-mortar stores. Overseas sales also rose 3 percent to 1.37 trillion won, driven by its flagship brand Bibigo gaining traction from major foreign markets. In particular, sales in North America reached 1.11 trillion won, with frozen rice up 19 percent, chicken rising 12 percent, and rolls increasing 18 percent. The biotechnology-based food business division also posted steady growth, with revenue rising 2 percent to 1.08 trillion won and operating profit climbing 8 percent to 102.4 billion won. CJ plans to accelerate its culinary expansion in the second half by building or enhancing production facilities overseas including Japan, while developing more diverse products to meet demand from health-conscious consumers here. 2025-08-12 10:30:10

Top online bookstore suffers another ransomware attack SEOUL, August 11 (AJP) - Online bookstore Yes24 suffered another ransomware breach on Monday, just two months after its previous attack in June, raising alarming concerns about data security. The latest attack comes amid security experts' warnings that the country's largest bookstore's decision to negotiate with hackers during the initial June incident may have made it an easy target for future attacks. The firm said the incident occurred at around 4:30 a.m., but the system was fully recovered by 11:20 a.m., about seven hours after the attack. "We sincerely apologize for causing inconvenience to our customers once again," Yes24 said in its press release. Yes24 first suffered a ransomware attack on June 9, which paralyzed its app and internet services for about a week. The company faced criticism at the time for failing to immediately notify users about the breach and for its lack of transparency regarding the incident. Security experts expressed particular concern when it emerged that Yes24 had reportedly paid cryptocurrency to the attackers to resolve the situation, a move that violated relevant cybersecurity regulations. "The most critical problem is that Yes24 failed to establish an off-site backup system that stores key data in external storage or cloud services to prepare for ransomware infections," said the Ministry of Science and ICT and Korea Internet & Security Agency (KISA) in a report. Government agencies and security experts also warned of the risks posed by Yes24’s decision to negotiate with hackers, expressing concerns about the possible recurrence of attacks. Industry observers now worry that the "worst-case scenario" predicted in the earlier report, with Yes24 becoming a repeat target within just two months. These incidents raise concerns about broader cybersecurity vulnerabilities in South Korea, following recent massive attacks on SK Telecom and Seoul Guarantee Insurance, prompting calls for stronger response measures and improvements in backup infrastructure. According to KISA's report, one in four companies targeted by ransomware attacks lacked backup systems capable of rapid recovery, exposing widespread security risks among many businesses. Security experts warn that without decisive action, South Korean companies could become primary targets for international ransomware groups, stressing the need for a firm stance against cyberattacks. 2025-08-11 16:35:08

Consumers feel the pinch as grocery prices soar SEOUL, August 11 (AJP) - Grocery and food prices jumped 3.5 percent in July from a year earlier, marking the sharpest increase in recent months as the costs of rice, instant noodles and seafood soared, market data showed on Monday. An index gauging the prices of food and non-alcoholic beverages, compiled by the KOrean Statistical Information Service (KOSIS), climbed to 125.75 last month, adding pressure on households already strained by rising costs including a recent hike in public transportation fees. The country’s overall inflation rate also rose to 2.1 percent. Market watchers attribute the surge to this summer's unprecedented heat wave and torrential rains, which severely disrupted agricultural production, while processed food manufacturers pushed through a series of price hikes. Fishery and seafood products led the increase with a 7.2 percent spike, the steepest rise in two years. Most staple foods that frequently appear on dining tables saw particularly sharp increases. Prices for dried squid rocketed 42.9 percent, while croaker and mackerel, both commonly consumed in many households, jumped 13.4 percent and 12.6 percent, respectively. Rice, a dietary staple, rose 7.6 percent, the fastest increase since March 2024. Bread and cereal products surged 6.6 percent, seeing the highest increase in nearly two years, while instant noodles maintained a three-month streak of 6 percent. Confectionery and ice cream prices climbed 5 percent, while dairy products including milk, cheese and eggs rose 3.6 percent. Adding to consumer woes, subway commuters in Seoul now have to spend more on transportation as the base fare increased by 150 won to 1,550 won (approximately US$1.12) since late June, pushing daily round-trip costs above 3,000 won. Mounting costs across the board loom as the government considers raising electricity and gas bills in the second half, which would further squeeze household finances already grappling with higher food prices. 2025-08-11 15:27:18

South Korea's Jinju National Museum beats National Museum of Korea in YouTube subscribers with war history content SEOUL, August 9 (AJP) - The Jinju National Museum has nearly reached 100,000 YouTube subscribers, surpassing the National Museum of Korea's subscriber count through its popular historical warfare content series "Hwaryeok Joseon" (Firepower Joseon). The recent boom in Netflix's hit animated film "KPop Demon Hunters" portraying a duo of a tiger and a magpie from traditional Joseon Dynasty paintings has led to a surge of visitors to the National Museum of Korea, selling related goods. Despite numbers of foreigners and animation fans streamlining to the National Museum of Korea, Jinju's museum still stands up to their central counterpart through YouTube contents. The regional museum's YouTube channel had around 99,700 subscribers as of Saturday, exceeding the National Museum of Korea's roughly 61,700 subscribers. Contributing to the increasing popularity, Jinju Museum boasts its "Hwaryeok Joseon" series launched on September 27, 2020, transforming complex Joseon Dynasty military history into accessible video content. The series has accumulated over 30 million cumulative views since its debut. The content covers diverse historical periods across six seasons, from small firearms in Season 1 to comparative studies of East Asian weapons in the current Season 6. In a 113,000-view video uploaded on October 15 titled "So You Wanna Fire a Medium Mortar in Joseon?", skilled actors demonstrate how actual Joseon Dynasty mortars were loaded and fired. The museum's subscriber base has grown 245-fold since the content launch, while total views increased by 1,286 times compared to pre-series numbers. About 9.4 percent of last year's 323,759 museum visitors, roughly 30,292 people, cited the YouTube series as their motivation for visiting. Museum officials attributed their YouTube success in reinterpreting historical materials into digital content that the public can easily access and enjoy, rather than simple displays. 2025-08-09 15:24:09

[[K-Food]] South Korea showcases traditional liquor and cuisine at APEC food security meeting SEOUL, August 9 (AJP) - South Korea is rolling out an elaborate display of traditional Korean food and beverages during the Asia-Pacific Economic Cooperation (APEC) Food Security Ministerial Meeting (FSMM) in Incheon, which runs from Saturday to Sunday. The Ministry of Agriculture, Food and Rural Affairs has selected Cheonbihyang Yakju, a 15-degree refined rice wine, as the toast drink for Saturday evening's ministerial dinner. The liquor, crafted by agricultural corporation Joeunsool Brewery, won this year's presidential award at South Korea's only government-sponsored traditional liquor competition. The premium rice wine, made from domestic rice, features subtle fruit aromas, delicate sweetness and a smooth finish. Officials will also serve cocktails made with Gamuchi Soju 25-degree, which also claimed a prize at the same competition. The Korean Food Promotion Institute is operating traditional tea service stations in ministerial waiting rooms and the chairperson's office, offering traditional sweets including gangjeong, which are traditional sweet rice puffs. Korea Agro-Fisheries & Food Trade Corporation has set up agricultural food exhibition halls showcasing major export items including instant noodles, frozen kimbap and tteokbokki rice cakes. The traditional food section highlights premium products crafted by certified Korean food artisans, including fermented sauces, traditional teas and liquors. "Global food supply is growing more unstable, driven by climate crisis and global supply chain disruptions," Agriculture Minister Song Mi-ryung said at a press briefing Tuesday. "At this critical moment, it carries great significance for the Republic of Korea to have a valued opportunity to discuss the ways for food security cooperation with APEC economies." The two-day ministerial meeting brings together representatives from APEC's 21 member economies to discuss food security and agricultural system innovation across the Asia-Pacific region. South Korea, serving as the host nation, will present cooperation plans for artificial intelligence utilization in agriculture. The APEC FSMM, first held in 2010 Niigata, Japan, has since been the pinnacle summit for Asian-Pacific nations to discuss policy making for agricultural systems covering from production to consumption. 2025-08-09 12:57:59

S.Korea braces for torrential rains as powerful storm system targets flood-hit regions SEOUL, August 9 (AJP) - South Korea's southern provinces face another deluge this weekend as meteorologists warn of intense rainfall reaching 70mm per hour in coastal areas, threatening regions still reeling from recent flooding. The Korea Meteorological Administration said Saturday that thunderstorms packing strong winds would pummel the southern half of the peninsula through Sunday afternoon, with some areas expecting more than 200mm of precipitation. The heaviest downpours will concentrate between Saturday afternoon and Sunday morning. Coastal areas of South Jeolla and South Gyeongsang provinces face the most severe conditions, with rainfall rates potentially exceeding 70mm per hour. The capital Seoul and northern Gyeonggi Province will see minimal accumulation under 5mm, while central regions including Daejeon and parts of Chungcheong Province expect 10 to 60mm. Southern metropolitan areas of Busan, Ulsan and Daegu anticipate 30 to 100mm, with isolated pockets receiving up to 150mm. The storm system arrives as South Korea grapples with oppressive humidity that has pushed the heat index above 31 degrees Celsius. Saturday's temperatures will range from 27 to 30 degrees, climbing to 28 to 33 degrees on Sunday despite temporary cooling in rain-affected areas. Jeju Island, the country's southernmost territory, expects 30 to 80mm of rainfall with localized totals exceeding 100mm. The precipitation will begin along the southern coast Saturday morning before expanding northward throughout the day. Most areas north of Seoul will see rainfall taper off by Saturday night, though scattered showers may persist in central regions through early Sunday. 2025-08-09 10:24:09

South Korea posts record current account surplus of $14.27 billion in June SEOUL, August 8 (AJP) - South Korea recorded its largest-ever monthly current account surplus in June, buoyed by resurgent semiconductor exports and a surge in dividend income from overseas investments, the Bank of Korea said Friday. The surplus reached $14.27 billion, the most since the central bank began compiling data, according to preliminary balance of payments figures for June. It marked the 26th consecutive month of a surplus, underscoring the resilience of the country’s external position amid persistent global uncertainties. The cumulative surplus for the first half of 2025 totaled $49.37 billion, making it the third-largest on record for any six-month period. The goods account surplus climbed to $13.16 billion in June, a $2.5 billion increase from May and the third-highest monthly figure ever recorded. Exports rose to $60.37 billion, fueled by robust demand for information technology products. Semiconductor shipments jumped 11.3 percent year-on-year, while exports of computer peripherals surged 13.6 percent. But gains in tech exports were tempered by weakness in traditional manufacturing sectors. Passenger car shipments slipped 0.3 percent, and steel product exports declined 2.8 percent, as evolving U.S. trade policies continued to weigh on key industrial goods. Imports also rose to $47.21 billion, ending a three-month streak of declines. The rebound was driven by a 38.8 percent surge in semiconductor manufacturing equipment purchases, along with a 7.3 percent increase in consumer goods, including foreign-made passenger vehicles. Shipments to the European Union rose 14.7 percent and exports to Southeast Asia gained 6.0 percent. In contrast, exports to the United States edged down 0.5 percent, while those to China — South Korea’s largest trading partner — dropped 2.7 percent. 2025-08-08 15:45:26

LIG Nex1, Doosan, Hyosung Heavy included in MSCI index SEOUL, August 8 (AJP) - Global index provider MSCI has added three South Korean companies to its Korea Index in its latest quarterly rebalancing, while removing three others. The new additions, announced Thursday (local time), include defense contractor LIG Nex1, construction and robotics firm Doosan, and electric motor manufacturer Hyosung Heavy Industries. Companies dropped from the index are food and biotechnology conglomerate CJ CheilJedang, electric components maker LG Innotek, and chemical firm SKC. The changes will take effect after market close on Aug. 26. Firms added to or removed from the index, widely regarded as a benchmark for global investors tracking South Korean equities, often experience significant shifts in foreign investment as global funds adjust their portfolios to mirror the changes. The reshuffling is part of MSCI’s routine quarterly reviews, conducted in February, May, August, and November. 2025-08-08 14:28:15