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S Korean Ministry, Local Law Firm & Samsung Affiliate Included on FTX Creditor List

FTX

South Korea

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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Last updated:

June 25, 2023

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Several South Korean firms – and a major government organ – were named on the crypto exchange FTX’s long list of creditors.

The list includes the nation’s biggest law firm, a Samsung subsidiary, and the Ministry of the Environment, Seoul Shinmun reported.

Last week, Wall Street headlines focused primarily on names like the US airlines American, Spirit, and Southwest, as well as crypto players like Coinbase and Binance and media outlets such as the Wall Street Journal, Fortune, and Fox. But in South Korea, the focus fell on domestic firms.

The media outlet pointed out that the Ministry of Environment’s office in the administrative center of Sejong was among the many addresses released in a court document in the USA last week.

Also named on the list was Samsung Next. This firm is an IT-focused investment arm that operates under the umbrella of Samsung Electronics. The firm’s Mountain View, California, offices were named on the list.

What Were FTX’s South Korea Intentions?

Other names on the list appear to hint at FTX’s hopes of entering the South Korean crypto market. These include Kim & Chang, the largest law firm in South Korea.

Also on the list were EY Hanyoung and Samil PwC. The former is an accounting and consulting firm that was founded as an Ernst & Young (EY) affiliate in 1982. The latter, meanwhile, is PwC (PricewaterhouseCoopers)’ South Korean affiliate – and is also engaged in the accounting sphere.

Other South Korean companies on the list included The Executive Center and Vantago Serviced Office, two shared office and meeting space providers. Again, this appears to suggest that FTX was active in South Korea in recent years – likely with a view to moving into a space that is almost entirely dominated by local startups.

Like Binance and other global players, FTX last year struck a deal with the South Korean city of Busan. The firm had hoped to help the city launch a “Digital Assets Exchange.”

Many suggested at the time that the exchanges were hoping to use the project to help them gain a foothold in the high-volume South Korean market – and perhaps one day establish local exchange branches.