Mirae Asset Chairman criticizes altcoin listing practices

Park Hyeon-joo, Chairman of Mirae Asset Group, has issued a sharp critique of the cryptocurrency exchange industry, specifically targeting the practice of listing excessive altcoins. Speaking at a meeting with employees of Digital X—the new corporate entity for the exchange formerly known as Korbit—Park stated that the presence of approximately 300 altcoins on Korean exchanges is problematic, remarking, “I think this is a scam.”

Park emphasized the need for improved listing standards, investor protection, and internal regulatory frameworks. Following Mirae Asset's acquisition of Korbit, which was rebranded as Digital X, the group plans to invest between 200 billion and 300 billion won through strategic capital increases to transform the exchange into a global investment platform.

Regarding investment behavior, Park warned against excessive concentration in Bitcoin and other cryptocurrencies, particularly when funded by loans. He described such high-risk, concentrated approaches as potentially ruinous, suggesting that investors should limit crypto exposure to roughly one-tenth of their total assets. He advocated for a diversified investment strategy, urging a venture-capital-style approach to stocks that focuses on long-term growth rather than short-term trading.