Mirae Asset's Crypto Double Standard Sparks Industry Criticism

Mirae Asset Group's chairman Park Hyeon-joo has sparked controversy after labeling it 'fraud' for domestic crypto exchanges to list hundreds of altcoins. While it is true that Korean exchanges trade a large number of tokens, with Bithumb alone listing 474, or 71 more than Coinbase, the largest exchange in the United States, numbers alone do not justify judging whether something amounts to fraud.

Many of these listed tokens are early-stage projects that often run aground or fade from the market. It's hard to define a listing itself as fraud simply because investors ended up with losses.

Mirae Asset made headlines when it acquired Digital X and then scrapped trading fees, leading to a surge in volume at the exchange. However, much of this increase was concentrated in stablecoins, raising questions about whether the removal of fees triggered arbitrage trading that inflated volume only on the surface.