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Study: 14% of Saudis Are Crypto Investors, 76% Have Less Than One Year of Experience in Cryptocurrency Investment

Study: 14% of Saudis Are Crypto Investors, 76% Have Less Than One Year of Experience in Cryptocurrency InvestmentAbout 14% of Saudi residents are either current crypto investors or have traded crypto in the past six months, the latest Kucoin study has found. The study has also found that 76% of investors have less than one year of experience and thus may be in need of relevant crypto education. Crypto Winter Effect Around […]

Study: 14% of Saudis Are Crypto Investors, 76% Have Less Than One Year of Experience in Cryptocurrency Investment

About 14% of Saudi residents are either current crypto investors or have traded crypto in the past six months, the latest Kucoin study has found. The study has also found that 76% of investors have less than one year of experience and thus may be in need of relevant crypto education.

Crypto Winter Effect

Around three million Saudi Arabians, or about 14% of the adult population aged 18 to 60, are either crypto investors or have traded crypto over the last six months, the latest study conducted by the cryptocurrency exchange Kucoin has shown. The study findings also suggested that a further 17% of the country’s adults are said to be “crypto-curious and are likely to invest in cryptocurrencies over the coming six months.”

According to the crypto exchange’s Into The Cryptoverse report, the study also looked at how Saudi residents’ sentiment toward crypto trading has shifted since the onset of the ongoing crypto winter.

“In the first quarter of 2022, 49% of crypto investors intended to increase investment in cryptocurrencies over the coming six months. The onset of the bearish market in the second quarter of 2022 saw a reversal of investor sentiment toward more conservative strategies related to the holding of cryptocurrencies,” the report noted.

The report added that since the start of Q2, some 31% of crypto owners in the country have signaled a desire to “keep their crypto balance as is rather than increase their investment.” In contrast, investors with lower incomes have tended to liquidate part of their portfolios during the same period.

Crypto the Future of Finance

Meanwhile, Kucoin said it found that 76% of the investors have less than one year of experience. About 49% of these investors have only started crypto trading or investing in crypto in the past six months. According to the report, Saudi Arabia’s high proportion of newbies points to the need for crypto education.

With respect to their reasons for investing, some 51% of Saudi crypto investors said they are in this business because “they believe it is the future of finance.” About 44% said they are investing in cryptocurrencies because they “can bring them higher returns in the long run compared to other types of financial investment.”

While men were found to be the most dominant gender group (63%), young investors aged 30 and below are now thought to account for at least a third of the total. While 44% of male crypto investors said they would not want to miss the trend, the study observed that women are more focused on the realistic benefits of crypto.

In terms of sources of information, the report said “84% of crypto investors turn to [social media] when doing their research, particularly YouTube and Twitter.” Just over a third (35%) reportedly rely on online communities when looking for crypto-related information.

Nearly 50% of crypto investors acquire digital currencies with fiat money and engage in spot trading every month. According to the report, this “involves trading, buying, and selling on the current market value as the only form of crypto trading that is considered halal by some scholars in the Arab world.”

What are your thoughts on this story? Let us know what you think in the comments section below.

Source: Featured Archives – Bitcoin News

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South Korea Seeks to Freeze 3,313 Bitcoin Allegedly Linked to Luna Founder Do Kwon

South Korea Seeks to Freeze 3,313 Bitcoin Allegedly Linked to Luna Founder Do KwonSouth Korean prosecutors are seeking to freeze 3,313 bitcoins at two cryptocurrency exchanges allegedly tied to luna founder Do Kwon. The coins were moved soon after a South Korean court issued an arrest warrant for the Terraform Labs co-founder. Luna Foundation Guard has denied transferring the coins. Korean Authorities Ask Crypto Exchanges to Freeze Bitcoin […]

South Korea Seeks to Freeze 3,313 Bitcoin Allegedly Linked to Luna Founder Do Kwon

South Korean prosecutors are seeking to freeze 3,313 bitcoins at two cryptocurrency exchanges allegedly tied to luna founder Do Kwon. The coins were moved soon after a South Korean court issued an arrest warrant for the Terraform Labs co-founder. Luna Foundation Guard has denied transferring the coins.

Korean Authorities Ask Crypto Exchanges to Freeze Bitcoin

South Korean authorities have reportedly asked cryptocurrency exchanges Kucoin and Okx to freeze 3,313 bitcoins allegedly tied to Terraform Labs co-founder Kwon Do-hyung, also known as Do Kwon. The coins were transferred to the trading platforms soon after a warrant was issued for Kwon’s arrest in South Korea.

On Tuesday, an official at the Seoul Southern District Prosecutors’ Office confirmed to Bloomberg that requests have been sent to the two cryptocurrency exchanges to freeze the 3,313 BTC.

The coins were transferred to the trading platforms from a wallet allegedly linked to Luna Foundation Guard (LFG) that was created on Sept. 15, according to crypto researcher Cryptoquant. The researcher told the publication:

Cryptoquant specified new bitcoin addresses owned by LFG based on transaction patterns, adjacent flows and material non-public information.

However, Luna Foundation Guard denied the allegation Tuesday evening. The group tweeted its treasury’s bitcoin address, adding: “LFG hasn’t created any new wallets or moved BTC or other tokens held by LFG since May 2022.”

Do Kwon Says: ‘I’m Making Zero Effort to Hide’

The luna founder’s whereabouts are currently unknown. He was believed to be in Singapore but the Singapore police force said earlier this month that he is currently not in the city-state. Kwon has maintained that he is not “on the run,” tweeting Monday:

I’m making zero effort to hide. I go on walks and malls.

A South Korean court issued an arrest warrant for Kwon on Sept. 14. He is accused of fraud after the collapse of the cryptocurrency luna (now called luna classic (LUNC)) and stablecoin terrausd (UST). In addition, the country’s ministry of foreign affairs is reportedly planning to revoke his passport.

Moreover, Interpol has issued a Red Notice for the Terraform Labs co-founder. “A Red Notice is a request to law enforcement worldwide to locate and provisionally arrest a person pending extradition, surrender, or similar legal action,” Interpol’s website details, adding that “Red Notices are issued for fugitives wanted either for prosecution or to serve a sentence.”

Do you think Do Kwon transferred 3,313 bitcoins after his arrest warrant was issued? And, do you think Korean authorities should be able to freeze crypto at exchanges? Let us know in the comments section below.

Source: Featured Archives – Bitcoin News

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