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Bankman-Fried’s Successful Bitcoin Trade Resurfaces in South Korea

By FXCOINZ Editorial

07/03/2024

The resurgence of the “Kimchi premium” in South Korea, marked by a 10% Bitcoin price difference between local exchanges and global platforms, has caught the attention of market observers. This arbitrage strategy, initially popularized by Sam Bankman-Fried, involves buying Bitcoin globally and selling it on Korean exchanges for a riskless profit in Korean won. However, challenges arise in converting these gains into actual profits due to South Korea’s stringent capital controls.