Bitcoin Trade That Gave Bankman-Fried His Millions Returns in South Korea

The"Kimchi premium" refers to the difference in Bitcoin prices on Korean exchanges compared to global bourses. Bitcoin is currently trading at a 10% premium in South Korea.

As of Asian morning hours, bitcoin trades just above $66,000 on most global exchanges. It commands over 93 million won on Korean exchanges such as Upbit, worth over $71,000 at current exchange rates. The trade is simple in theory: One can buy bitcoin on a global exchange, transfer it to a Korean exchange, and sell it for a 10% riskless profit in Korean won.

Meanwhile, some observers say the premium is a sign of retail participation and arises due to substantial local demand for the asset.

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