Last year, the number of complaints against South Korea's four largest cryptocurrency exchanges rose sharply. However, citizens are adopting cryptocurrencies in large numbers. Cryptocurrency mining is also on the rise. According to Yonhap News Agency, complaints filed by the Korea Consumers Association to the office of opposition People Power Party lawmaker Lee Joo-hwan are on a vertical increase.
Ten times the number of complaints than in previous years
The data shows that 232 formal complaints were filed by the public with the agency last year against Upbit, Coinone, Korbit and Bithumb, the nation's four most important cryptocurrency exchanges. This number is 10 times the number of complaints received in 2019 and 2020. The majority of complaints were filed against Coinone (130 cases), followed by Upbit with 74 cases, Bithumb with 17 cases, and Korbit with 11 cases.
Lee is a member of the National Assembly's Small and Medium Business Committee. They say that despite the fact that cryptocurrency-related complaints are increasing every year, no measures are being taken to protect consumers and cryptocurrency users.
However, the significant rise in complaints must also be seen against the backdrop of a significant rise in the user base of the four trading platforms over the last year. By the end of 2021, a total of 12.02 million customers (more than 23% of the population) had opened wallets on the four trading platforms. In addition, the daily trading volume of the four exchanges has reached the $3.4 billion mark.
Cryptocurrency mining has also seen a significant rise despite National Energy's boost to Electroneum. In 2020, 28 mining machines were reportedly shipped. By 2021, that number soars to 453 units. While it represents a minuscule percentage of the global mining industry, it shows that domestic mining is on the rise. In this country, conventional energy is virtually non-existent.
Since the agency began compiling data in 2017, the data shows that family miners have spent more than $50.2 million on rig imports.