Chairman Eun Seong-su's Remarks That Triggered the Coin Crash, 'Preserved' as NFT Coin

Historical Crash Cause... Sold at 2.7 Million Won
Bitcoin Declines for 5 Consecutive Days

Eun Sung-soo, Chairman of the Financial Services Commission, met with representatives of card companies, capital companies, and savings banks at the Korea Federation of Banks in Jung-gu, Seoul, on the 9th to discuss measures for the establishment of the Financial Consumer Protection Act (FCPA) and key issues. Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Minwoo Lee] Financial Services Commission Chairman Eun Seong-su's negative remarks on cryptocurrency investment have been turned into a cryptocurrency. It appears to have a certain significance as it acted as a catalyst for the cryptocurrency crash and greatly influenced the market.

According to the industry on the 24th, blockchain specialized media Block Media created an article containing Chairman Eun Seong-su's remarks as a Non-Fungible Token (NFT). Named the 'Eun Seong-su Coin,' this NFT was listed on the global NFT platform OpenSea on the 22nd. It was even sold for about 2.7 million KRW.

NFTs, based on the Ethereum cryptocurrency, have recently gained attention in the art market due to their suitability for containing unique value. Generally, they serve as a kind of certificate of authenticity in the arts, such as music or videos that can be easily replicated. From Twitter CEO Jack Dorsey's first post to various artworks and the cover of the American newsweekly Time, many have been created and sold as NFTs.

Block Media claimed that while columns and covers have been made into NFTs before, the 'Eun Seong-su Coin' is the world's first news article NFT. On the 22nd, Chairman Eun stated at the National Assembly's Political Affairs Committee full meeting, when lawmakers from both ruling and opposition parties asked about the government's investor protection measures regarding cryptocurrencies, "In the stock or capital markets, there are investors and protections for them, but the government cannot protect everyone who has entered these virtual assets," adding, "If they go down the wrong path, adults need to tell them."

This remark acted as a catalyst for a sharp downturn in the domestic cryptocurrency market. According to the domestic cryptocurrency exchange Upbit, Bitcoin's price plummeted by about 10 million KRW in one day, from around 69 million KRW to 59 million KRW on the 22nd. The price even dropped to 54.96 million KRW during the previous day’s trading. Although it had been on an upward trend for over a month since early last month, reaching an all-time high of 81.99 million KRW on the 14th, it gave back the gains within ten days. As of 12:32 PM on the day, the price stood at 59.89 million KRW, down 1.66% compared to the previous day.

The downward trend continues in overseas markets as well. According to CoinMarketCap, which tracks global cryptocurrency prices, Bitcoin was priced at $50,406 (approximately 56.33 million KRW) at the same time. The price has fallen for five consecutive days, causing the market capitalization to drop below $1 trillion to $938.3 billion. The U.S. economic media CNBC analyzed that U.S. President Joe Biden’s announcement to nearly double the capital gains tax rate for high-income earners influenced the price decline.

This content was produced with the assistance of AI translation services.