Bloomingbit Newsroom

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The most notable figure in Donald Trump's second administration is undoubtedly Elon Musk, the CEO of Tesla. Musk is leading the 'Department of Government Efficiency (DOGE)' in the Trump administration, focusing on improving government operational efficiency and cutting federal budgets. Musk's Department of Government Efficiency has attracted significant attention from the virtual asset (cryptocurrency) industry since its inception. The abbreviation 'DOGE' for the Department of Government Efficiency reminds people of the popular meme coin 'Dogecoin (DOGE)', which Musk has long supported. In fact, Dogecoin rose by more than 16% recently when the Dogecoin logo was posted on the Department of Government Efficiency's website. The phenomenon of Dogecoin's price moving according to Musk's actions has been around for quite some time. Musk, who calls himself the 'Doge Father' and has become a prominent pro-cryptocurrency figure in the Trump administration, has a long-standing relationship with Dogecoin. "DOGE, my favorite coin"... Self-proclaimed 'Doge Father' Musk Musk first mentioned Dogecoin directly in April 2019. At that time, he stated on his X (formerly Twitter), "Dogecoin is my favorite cryptocurrency" and "It's really cool." Since then, he has mentioned Dogecoin several times on X. According to Decrypt, whenever Musk tweeted about it between 2019 and 2020, Dogecoin's search volume surged. On May 7, 2021 (local time), Dogecoin soared to an all-time high due to news of Musk's appearance on SNL. Before his SNL appearance, he hinted at mentioning Dogecoin by posting a composite photo with the Dogecoin mascot on his X, and on the SNL broadcast on the 8th, he introduced himself as the Doge Father. However, contrary to expectations, Dogecoin plummeted by nearly 30% after Musk's SNL broadcast. At the time, CNN speculated that the cause of this crash was Musk's remarks that shattered investors' expectations. Investors hoped Musk would express support for Dogecoin on SNL, but he called Dogecoin a 'hustle.' Some analysts also suggested that the excessive mockery of Dogecoin on the broadcast might have contributed to the price drop. On May 10, 2021, before the aftermath of SNL had subsided, Musk announced a collaboration between SpaceX and Dogecoin. He planned a lunar exploration satellite called 'Doge-1' to be paid for entirely with Dogecoin. Upon the announcement of this plan, Dogecoin surged by about 20%. In December 2021, Dogecoin was allowed as a payment method for some Tesla products. This decision led to Dogecoin rising by nearly 15%. At the time, Bitcoin was excluded from Tesla's payment methods due to high carbon emissions during mining, drawing more attention. In May 2022, Musk continued his support for Dogecoin by stating that he would consider allowing Dogecoin as a payment method for SpaceX's internet service 'Starlink' subscription fees in the future. Following his remarks, Dogecoin, which had been in a bearish trend, rose by about 10%. Doge Father becomes a 'key figure' in the Trump administration... Focus on pro-cryptocurrency actions Musk, who has consistently shown 'sincerity' towards Dogecoin, has now become a key figure in the Trump administration. From his first day in office, President Trump renamed the 'U.S. Digital Service', a presidential agency, to the 'U.S. Doge (DOGE) Service' through an executive order and installed DOGE in the Oval Office. Currently, Musk's DOGE is exerting more influence than expected. Since the launch of Trump's second administration, it has already reviewed key materials from several federal agencies and investigated budget expenditures, leading to significant personnel and expenditure cuts. According to the New York Times (NYT) on the 1st (local time), DOGE and its associates have gained access to the Treasury's payment system, which controls annual federal budget expenditures of $5 trillion. The U.S. Treasury payment system handles information for millions of Americans receiving pensions, tax refunds, salaries, etc., from the federal government, and gaining access to it is considered to have acquired substantial authority. Some are concerned that Musk might overstep his authority, but President Trump defended Musk at a White House press conference, saying, "I think Elon is doing a good job," and also stated that he would not unilaterally halt government budgets without White House approval. Attention is focused on what actions Musk, who has gained wings through Trump, will take in the U.S. government. Recently, Bloomberg reported, citing sources, that DOGE is currently exploring ways to utilize blockchain to enhance U.S. government efficiency. It is known that they have met with representatives of several public blockchains to evaluate the technology they possess. Of course, it is not yet known which blockchain will be used, and the possibility of the plan being scrapped cannot be ruled out. However, Bloomberg raised expectations by stating that if DOGE pursues the plan, "it is likely to be the largest government project ever seen in the U.S." The impact on the virtual asset market is also noteworthy. Kim Dong-hyuk, a researcher at Dispread, said, "If Musk's DOGE introduces public blockchain into government operations, the related blockchain and virtual assets are expected to benefit greatly," but added, "However, the actual possibility of adoption may be low, and there is a high possibility that a consortium blockchain rather than a public blockchain will be applied." Soo-hyun Lee, Bloomingbit Reporter

U.S. President Donald Trump announced that he will impose a 25% tariff on all steel and aluminum imported into the United States on the 10th (local time). According to Reuters on the 9th, President Trump also plans to announce reciprocal tariffs on the 11th or 12th, which will be applied almost immediately. Reporter Seulkee Lee from Hankyung.com U.S. President Donald Trump announced that he will impose a 25% tariff on all steel and aluminum imported into the United States on the 10th (local time). According to Reuters on the 9th, President Trump also plans to announce reciprocal tariffs on the 11th or 12th, which will be applied almost immediately. Reporter Seulkee Lee from Hankyung.com U.S. President Donald Trump announced that he will impose a 25% tariff on all steel and aluminum imported into the United States on the 10th (local time). According to Reuters on the 9th, President Trump also plans to announce reciprocal tariffs on the 11th or 12th, which will be applied almost immediately. Reporter Seulkee Lee from Hankyung.com U.S. President Donald Trump announced that he will impose a 25% tariff on all steel and aluminum imported into the United States on the 10th (local time). According to Reuters on the 9th, President Trump also plans to announce reciprocal tariffs on the 11th or 12th, which will be applied almost immediately. Reporter Seulkee Lee from Hankyung.com U.S. President Donald Trump announced that he will impose a 25% tariff on all steel and aluminum imported into the United States on the 10th (local time). According to Reuters on the 9th, President Trump also plans to announce reciprocal tariffs on the 11th or 12th, which will be applied almost immediately. Reporter Seulkee Lee from Hankyung.com

President Donald Trump, before taking office, issued a new meme coin called OfficialTrump (TRUMP), which reportedly brought significant profits to President Trump and his partners. It is reported that the transaction fees alone for the cryptocurrency are nearing $100 million (145.2 billion KRW). On the 9th (local time), the New York Times, citing data from Chainalysis, reported that President Trump, his family, and partners earned about $100 million in transaction fees from OfficialTrump. OfficialTrump is a meme coin directly issued by President Trump on the 17th of last month. It seems to have absorbed all the buzz surrounding President Trump, skyrocketing to $77, about 43,000% up from its initial price ($0.18) just two days after issuance. OfficialTrump's market capitalization surpassed $10 billion in about three days after issuance, overtaking Shiba Inu to become the second-largest meme coin by market cap. During this period, as OfficialTrump recorded a sharp rise, early investors in the meme coin reportedly made substantial profits. According to Chainalysis data, there are currently about 700,000 addresses that have profited from OfficialTrump. One investor purchased about 6 million tokens at $0.18, recording a profit of $109 million (about 160 billion KRW). However, not all investors were able to reap profits. This is because OfficialTrump has been on a continuous decline since the first week of trading. As of 2:21 PM on the 10th (Korean time), OfficialTrump is trading at $15.61 on CoinMarketCap, down 11.27% from the previous day. It is down about 80% from its peak. As a result, many investors have suffered losses. As of this day, a total of 813,294 wallet addresses are recording losses due to OfficialTrump.

The sentiment towards the leading altcoin Ethereum (ETH) seems to have deteriorated. The short positions (bets on price decline) for Ethereum in the futures market have reached an all-time high. On the 10th, the cryptocurrency-focused media outlet CryptoBriefing reported, citing the Kovesi Letter, that Ethereum short positions have surged over 500% since November last year, reaching 11,341 positions. This is an all-time high. The Kovesi Letter analyzed, "Due to the aftermath of the trade war, Ethereum fell by 37% in just 60 hours. At that time, the asset size evaporated due to Ethereum's decline was over 1 trillion dollars." Furthermore, the Kovesi Letter explained, "Currently, Ethereum is trading at a price level 45% lower than its all-time high in November 2021. With the recent increase in Ethereum short positions, volatility like that seen on the 3rd could continue."

The sentiment towards the leading altcoin Ethereum (ETH) seems to have deteriorated. The short positions (bets on price decline) for Ethereum in the futures market have reached an all-time high. On the 10th, the cryptocurrency-focused media outlet Crypto Briefing reported, citing the Kobyashi Letter, that Ethereum short positions have surged over 500% since November last year, reaching 11,341 positions. This is an all-time high. The Kobyashi Letter analyzed, "Due to the aftermath of the trade war, Ethereum fell by 37% in just 60 hours. At that time, the market saw over $1 trillion in asset value evaporate due to Ethereum's decline." Furthermore, the Kobyashi Letter explained, "Currently, Ethereum is trading at a price level 45% lower than its all-time high in November 2021. With the recent increase in Ethereum short positions, volatility similar to that on the 3rd may continue."

Former Democratic Party lawmaker Kim Nam-guk, who was accused of hiding the fact that he owned virtual assets (cryptocurrency) worth 9.9 billion won during his time as a member of the National Assembly, was acquitted in the first trial. According to industry sources on the 10th, Judge Jeong Woo-yong of the Seoul Southern District Court's Criminal Division 9 acquitted former lawmaker Kim of charges of obstructing official duties by deceit. Previously, prosecutors had indicted former lawmaker Kim, alleging that he made false property declarations to hide his deposits, which amounted to 9.9 billion won due to significant profits from coin investments in 2021 and 2022.

After the Chinese AI startup DeepSeek announced that it had never issued its own token, reports emerged that the prices of 'fake DeepSeek tokens' plummeted. Previously, DeepSeek had garnered industry attention last month by unveiling its AI model 'DeepSeek R1', developed using low-spec chips. Following this, fake tokens such as 'DeepSeek', 'DeepSeekAI', and 'DeepSeekR1' proliferated. On the 9th, Chinese media Sina Finance reported, "After DeepSeek announced on the 6th that it had never officially issued any virtual assets (cryptocurrency), the prices of fake tokens plummeted to near zero." According to the media, up to 75 fake DeepSeek tokens have been issued so far, with fraud damages amounting to 420 million yuan (approximately 83.8 billion won). In fact, on a decentralized exchange (DEX), a fake token called 'DeepSeek' was listed on the 5th and surged to a peak of $380 by the early hours of the 6th, only to crash to around $0.1 within a day. The media added, "Issuing virtual assets in China is illegal," and "individuals or companies issuing virtual assets can face severe legal penalties." The Shanghai High Court ruled last November that fundraising through the issuance of virtual assets is illegal and can be considered financial fraud and illegal fundraising.

A criminal organization involved in fraud through methods such as manipulating virtual asset (cryptocurrency) prices has been brought to trial. It is reported that a lawyer is among those indicted. According to the industry on the 10th, the Seoul Northern District Prosecutors' Office Criminal Division 1 (Chief Prosecutor Lim Yoo-kyung) indicted 12 people, including the ringleader A (37), on charges of organizing a criminal group and fraud on the 7th. Among them, 6 have been brought to trial in custody. They are accused of plotting virtual asset fraud by dividing roles into a ringleader, coin issuance team, coin sales team, and money laundering team, and swindling 11.6 billion KRW from 1,036 victims over about three months from May 2022 through methods such as price manipulation. The investigation revealed that they issued scam coins and manipulated prices after listing them on overseas exchanges. Additionally, they deceived investors by operating leading rooms and publishing false white papers to sell virtual assets. During the process, they imposed a so-called 'lock-up' period of 90 days to prevent victims from trading, resulting in significant damage to investors. Meanwhile, the prosecution confirmed that lawyer B (45), who posed as a coin expert on YouTube, played a leading role in the criminal group by recruiting a money laundering member among the clients and leading the laundering of approximately 10 billion KRW in coin sales funds, as well as being involved in drafting false contracts to prepare for future investigations.

It seems that the investment sentiment towards the leading altcoin Ethereum (ETH) has deteriorated. The short positions (bets on price decline) in the Ethereum futures market have reached an all-time high. On the 10th, the cryptocurrency-specialized media Crypto Briefing reported, citing the Kobyashi Letter, that Ethereum short positions have surged over 500% since November last year, reaching 11,341 contracts. This is an all-time high. The Kobyashi Letter analyzed, "Due to the aftermath of the trade war, Ethereum fell by 37% in just 60 hours. At that time, the asset scale evaporated by the decline of Ethereum in the market was over 1 trillion dollars." Furthermore, the Kobyashi Letter explained, "Currently, Ethereum is forming a price range 45% lower than its all-time high in November 2021. With the recent increase in Ethereum short positions, volatility like that of the 3rd may continue."

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Exclusive Interview with Lee Jun-seok, Reform Party Member Coin Industry, Already Part of National Competitiveness Trump Advances with 'America First' Policy Korea Stuck in a Closed, Regulation-Centric Approach 'Kimchi Coin' Discrimination Across Domestic Exchanges and Industry "Regulatory Uncertainty and Authorities' Caution"... Urgent Policy Support Needed Investors' Funds Moving Overseas... 'Discrimination' Situation Must Not Be Neglected "U.S. President Donald Trump has established a virtual asset (cryptocurrency) task force under the U.S. Securities and Exchange Commission (SEC). In contrast, Korea is falling behind in the global market with its regulation-heavy policies. This is true not only for virtual assets but also for various advanced industrial sectors." Lee Jun-seok (photo), a member of the Reform Party, pointed out in an exclusive interview with Bloomingbit on the 3rd that the closed and regulation-centric policy approach of past governments is undermining the future driving force of South Korea, including the virtual asset industry. Lee stated, "At one time, South Korea was a key nation in the virtual asset industry, but as some media and political circles dismissed the potential of the virtual asset industry as speculation, Korea has lost its status as a key nation," adding, "The mainstream focus on suppressing risk factors rather than supporting innovative industries is a major problem." He continued, "Due to government regulations, reverse discrimination against domestic virtual asset companies has occurred, lowering the competitiveness of the industry itself. Furthermore, domestic projects (virtual asset-related companies and personnel) are being transferred overseas," adding, "As the global virtual asset industry has become part of national competitiveness, we can no longer neglect the 'discrimination' situation." Lee Jun-seok, a member of the Reform Party, is well known for having foreseen the potential of the virtual asset industry and directly investing in it since its inception. As a result, among the more than 15 million domestic virtual asset investors, Lee is recognized as a 'genuine expert' who deeply understands the virtual asset field. It is not uncommon to find investors in each virtual asset community affectionately calling him 'Jun-seok hyung.' Amid the 'Trump 2.0' era, which advocates for pro-virtual assets, we asked Lee about the current state and improvements needed in domestic virtual asset policies. "Government Regulations Fail to Reflect Global Industry Trends... Closed and Regulation-Centric" Lee first criticized the domestic regulations so far, saying, "They have failed to reflect the rapidly evolving global industry trends, trying to forcibly fit virtual assets into the existing financial regulatory framework." He pointed out, "The virtual asset policies of past governments have remained in a closed and regulation-centric approach," adding, "This regulatory environment has caused difficulties in the issuance and listing of Korean coins, leading to a decline in the competitiveness of the industry itself." He continued, "To avoid falling behind in global competition, discussions on comprehensive negative regulatory measures for the virtual asset market should take place in the public sphere," adding, "Authorities are still focusing heavily on investor protection in operating virtual asset policies. However, excessive regulation not only accelerates the outflow of capital and technology overseas but also poses a risk of weakening competitiveness." Korean Exchanges Face 'Kimchi Coin' Disadvantages and Discrimination... "Cause is Government Regulatory Uncertainty" In the case of the U.S., which currently leads the virtual asset market, since President Trump's inauguration, the 'America First' policy has shown a tendency to empower U.S.-based virtual asset companies. For example, President Trump and First Lady Melania Trump launched their official meme coins, 'Official Trump' and 'Melania Coin,' on the U.S.-issued virtual asset 'Solana,' and major U.S. exchanges like Coinbase and Kraken listed them immediately upon release. In contrast, in the domestic industry, reverse discrimination against 'Kimchi Coin' (virtual assets related to Koreans or Korean companies) is a reality. In the case of a major domestic exchange, Exchange A, the proportion of Kimchi Coins among the virtual assets listed in the past three months was only in the 10% range. Another major domestic exchange, Exchange B, had no Kimchi Coins listed during the same period. Lee pointed out that the cause of this phenomenon is 'government regulatory uncertainty.' He diagnosed, "Due to the limited business environment caused by regulatory uncertainty, companies that should be active across the virtual asset industry, including exchanges, are continuing defensive operations," adding, "In contrast, overseas exchanges are leading global trends by quickly attempting new services based on flexible regulations." He continued, "President Trump is likely to prioritize national interests in all fields, including virtual assets, based on America First. Our country also needs to improve the coin listing environment," adding, "Predictable policies should support Korean projects to be listed on domestic exchanges first, and based on this, global competitiveness should be enhanced." However, he added, "Rather than focusing on giving preferential treatment to domestic coins, it is necessary to approach it from the perspective of creating an environment where they can compete fairly with foreign coins." "Domestic Virtual Asset Industry is Falling Behind in Global Competition... Urgent Development Discussions Needed" Lee predicted, "If the domestic virtual asset industry is left unattended like this, it will fall behind in global competition, and domestic investors and funds will flow overseas, posing a significant risk of being excluded from the global digital financial competition." He added, "For example, even in the current stock market, the government is belatedly introducing many policies to revitalize the domestic stock market, but consumers who have already judged it to have lost its appeal are increasing their overseas stock trading volume," adding, "The domestic virtual asset market also urgently needs innovative and flexible policy support in line with global trends." Lee emphasized, "The government should strengthen communication with the industry to create an environment where companies can innovate freely and proactively clarify the regulatory framework to encourage technical and economic challenges. If not, in the long term, it will fall behind in global competition, and domestic investors who have not experienced innovative services will turn their eyes to overseas markets." He continued, "In the upcoming second phase of legislation, I believe it is necessary to move away from the past regulation-heavy stance and prioritize discussions on the direction of industrial development and the approach to virtual assets itself, including corporate real-name accounts and provisions related to stablecoins, which are emerging as a core of the global financial market." Youngmin Lee, Bloomingbit Reporter

The U.S. Securities and Exchange Commission (SEC) has officially announced the abolition of the 'Virtual Asset Custody Accounting Guidance (SAB-121)'. It appears that the easing of government agency regulations on virtual assets (cryptocurrencies) is becoming official. On the 23rd (local time), the SEC announced the abolition of SAB-121 on its website. SAB-121 was a regulation that required financial companies to record virtual assets entrusted to custodians as liabilities on their balance sheets, which has been pointed out as an obstacle preventing banks from entering the virtual asset market. Meanwhile, with the abolition of SAB-121 and the signing of a virtual asset executive order by U.S. President Donald Trump, the integration of traditional finance and the virtual asset industry is expected to become more active. The executive order aims to establish a working group to propose regulations and legislation on the virtual asset market.

The Two Faces of Meme Coins (Part 2) Emerging as a New Fraud Tool Tens of Thousands of Meme Coins Flooding Daily... "97% Turn into Worthless Paper" Global Market Cap of 15.3 Trillion Won '442% Surge' Last Year's Trading Volume Increased 13 Times in a Year Fake Versions Mimicking 'Official Trump' Appear 'Memes' Issued by Celebrities and Influencers Plummet in Minutes, Leading to Fraud Investigations User Protection Measures in Korea 'Regulatory Guidelines' Discussions Intensify 1. On the 18th, U.S. President Donald Trump issued his meme coin 'Official Trump'. Two days later, First Lady Melania Trump also released 'Official Melania Meme'. In just a few days, 61 fake meme coins mimicking the Trumps' meme coins appeared. 2. Last year, a developer who evoked sympathy by claiming to have "no arms" introduced the HANDS meme coin. This coin quickly attracted massive investment, reaching a market cap of $550,000 at one point. The developer's claims were false, and after selling his share of the meme coins for profit, the coin's price plummeted. The losses were borne entirely by the investors. Meme coins, which are sucking funds from the cryptocurrency market, have emerged as a new fraud tool. They cleverly exploit human speculative psychology aiming for a big hit. There is analysis that 97% of meme coins that have appeared in the real world have turned into worthless paper. ○ Encouraging Speculative Psychology According to CoinMarketCap on the 23rd, the market cap of meme coins listed on global cryptocurrency exchanges was tallied at 152.58 trillion won as of 9 a.m. that day. Compared to January 24 last year (28.13 trillion won), the market cap increased by 442.4% in one year. During the same period, the global meme coin trading volume (24-hour basis) swelled from 2 trillion won to 27 trillion won. Meme coins listed on cryptocurrency exchanges have at least passed listing criteria such as public support at each exchange. However, according to Binance, the world's largest cryptocurrency exchange, as of November last year, 97% of issued meme coins showed a trading volume of '0'. Since meme coins can be issued with just an idea, tens of thousands are created daily. At the meme coin creation platform PumpFun, about 50,000 meme coins are generated in 24 hours.

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