South Korea’s virtual-asset market has become markedly more concentrated as overall activity declined, with the top 10% of users accounting for more than 96% of trading volume during the first half of 2026, according to data the Financial Supervisory Service submitted to the office of lawmaker Park Hong-bae.
The figures place a large share of activity in the hands of a relatively small group of high-volume traders across the country’s licensed platforms. Upbit’s top 10% of users generated 95.6% of volume, while the concentration rate reached 97.41% at Bithumb, 99.2% at Coinone, 99.43% at Digital X and 97.61% at Gopax.
Virtual-asset trading volume in South Korea fell by more than half over the past year, the Financial Supervisory Service data showed. The combination of lower aggregate turnover and heavy concentration means price formation on local platforms may depend more heavily on a small cohort of active accounts, particularly during quieter trading periods.
A thinner market with concentrated activity
The data does not establish whether the largest traders are institutions, market makers or wealthy individuals, and it does not measure token ownership. It does show that the vast majority of executed volume came from a narrow segment of platform users.
That structure can make headline trading data harder to interpret. A rise in volume may reflect activity from a small number of sophisticated traders rather than broad retail participation, while sharp moves in less-liquid assets can be amplified when fewer participants are placing orders.
South Korea remains one of the most closely watched retail cryptocurrency markets, especially for assets with active local trading pairs. The Financial Supervisory Service figures add a more cautious backdrop to price movements that appear to be driven by domestic demand, since overall market participation has contracted even as a small group retains control over most trading flow.
The broader cryptocurrency market was lower over the latest 24-hour period in the supplied market data. Bitcoin fell 1.36%, Ether slipped 0.16%, XRP declined 2.12% and Solana lost 3.34%. Smaller large-cap tokens saw steeper moves, with NEAR down 10.65%, SUI down 10.26% and Zcash down 9.13%.
Hedera’s HBAR moved in the opposite direction, rising 23.15% among the most heavily traded centralized-exchange tokens in the snapshot. Such divergent performance is consistent with a market where token-specific catalysts and thinner liquidity can outweigh broad directional moves for individual assets.
Exchange withdrawals resume in stages
Bitget said it had restored withdrawals in phases, beginning with Bitcoin withdrawals. The exchange scheduled withdrawals on Ethereum-based networks to reopen at 16:00 UTC+8 on Sept. 29, followed by USDT-network withdrawals at the same time on Sept. 30.
Other token withdrawals, along with fiat and C2C services, are scheduled to resume gradually from 16:00 UTC+8 on Oct. 2, according to Bitget. The staged timetable gives users a defined route for regaining access to assets, though differing network schedules mean availability will depend on the token and withdrawal rail involved.
Users moving assets after a service interruption face practical risks beyond market volatility, including sending tokens to unsupported networks or interacting with fraudulent sites that imitate exchange withdrawal pages. Checking the receiving address, network and minimum withdrawal requirements remains particularly important when services are being restored in batches.
Wallet-security warning targets older Apple software
SlowMist co-founder Yu Xian said a vulnerability affecting Apple devices running software earlier than iOS 27 had been used in cryptocurrency wallet thefts. He advised iPhone, iPad and Mac users to update to current versions, avoid applications from unknown sources and be careful with unfamiliar links opened through Safari or in-app browsers.
The warning comes as wallet theft increasingly relies on compromised devices, malicious applications and phishing links rather than a direct failure of a blockchain network. Software updates can close known weaknesses, while users should also review wallet permissions and keep seed phrases away from internet-connected devices.
DeFi projects face shutdowns and governance changes
Omnity Network said it will wind down after exhausting operating funds, putting its Bitcoin DeFi products RichSwap and Satsman on a 30-day shutdown timetable. The team asked RichSwap liquidity providers to withdraw funds and said it would upgrade smart contracts to remove existing lockups, allowing unrestricted withdrawals.
The planned closure illustrates the operational risk facing smaller DeFi projects whose products may continue functioning on-chain while the teams maintaining interfaces, support channels and infrastructure run out of funds. Omnity said support channels would remain available during the 30-day transition.
World Liberty Financial, meanwhile, passed a Snapshot proposal to introduce a governance-participation incentive program. The vote drew 2,306 participating addresses and counted about 2.114 billion WLFI tokens, above the 1 billion-token quorum. The proposal received 82.13% support, with 9.17% opposed and 8.70% abstaining.
Under the approved plan, holders of unlocked WLFI must lock tokens for at least 180 days and participate directly in at least one governance vote every 90 days to qualify for dynamically calculated rewards. Delegated voting will not qualify. The program is scheduled to launch before Oct. 1 and replaces an earlier proposal passed on March 12.
Ether.fi also said it plans to remove its final structural connection between its staking token and EigenLayer by the end of the quarter. The protocol said less than 1% of its assets remained in restaking as of August, with EigenPod withdrawal credentials expected to be removed before year-end.
Concentrated trading like Korea’s makes safety vital—learn key crypto safety standards every trader should know before volumes surge again.
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