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Lee Hyo-jin

Korea Times Finance Reporter

Lee Hyo-jin covers the Bank of Korea, the banking industry and broader financial news. Her previous beats include foreign affairs, North Korea and general reporting on Korean society.

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Economy

Fraudulent ChatGPT Pro charges spark alarm over unauthorized use of stolen card data

Card companies and financial regulators in Korea are scrambling to respond to a wave of suspected fraud involving OpenAI's premium ChatGPT Pro subscription service, after hundreds of unauthorized charges were allegedly made using stolen card information. Consumer complaints and testimonies have surged on Instagram and other social media platforms, as well as in local media reports, with users saying they were charged 299,000 won ($196) per month for ChatGPT Pro despite never subscribing to the service. According industry data, a total of 1,368 ChatGPT Pro subscription payments worth about 400 million won were processed in Korea so far this month. Of those, 858 transactions, valued at around 250 million won, have been suspected of being fraudulent charges. These fraudulent transactions were identified across nine domestic card issuers. Cybersecurity experts said fraudsters likely used personal information obtained through phishing crimes or purchased on the dark web to create large numbers of ChatGPT accounts. Unlike domestic online payments, some overseas transactions can be authorized us

Jun 12, 2026By Lee Hyo-jin
Fraudulent ChatGPT Pro charges spark alarm over unauthorized use of stolen card data
Economy

Rate hike seen as strongest tool to support won as FX measures lose impact

Korea’s financial authorities appear to be running out of options to stem the continued weakening of the won, with analysts on Friday saying a benchmark rate hike is effectively the strongest tool left for policymakers. Despite repeated verbal warnings from authorities and a rare joint inspection of banks’ currency operations, the won has remained under pressure against the U.S. dollar, prompting market participants to look beyond conventional intervention measures. In recent weeks, the won-dollar exchange rate has hovered around the 1,500 level, putting the local currency at its weakest point since 2009 during the global financial crisis. Last Monday, the Ministry of Finance and Economy and the Bank of Korea issued a rare joint warning that they would respond firmly to excessive volatility and one-sided market moves. At the time, the currency opened at 1,555.2 won per dollar — its weakest level in 17 years and three months — before recovering to close onshore trading at 1,535 won, an improvement of 4.1 won from the previous session following the verbal intervention. However, it

Jun 12, 2026By Lee Hyo-jin
Rate hike seen as strongest tool to support won as FX measures lose impact
Economy

Weakening won emerges as hurdle to Korea's US investment package

Korea's weakening currency is emerging as a challenge to the country's planned $350 billion investment package in the United States, analysts said Thursday, as a senior finance ministry official prepares to travel to Washington for talks on foreign exchange market stability. Moon Ji-sung, deputy minister for international affairs at the Ministry of Finance and Economy, will meet senior U.S. Treasury officials in Washington on Friday (local time), according to government sources. Moon's trip is viewed as unusual, as senior officials overseeing foreign exchange policy rarely make separate visits to Washington outside regular consultation channels between the two countries' finance authorities. While the ministry declined to comment on the details of Moon's visit, market watchers expect the discussions to focus on ensuring that exchange rate volatility does not disrupt implementation of Korea's investment commitments in the U.S. The Korean won has remained under pressure in recent weeks, with the won-dollar exchange rate hovering around 1,500-level and trading near its weakest level since 2

Jun 11, 2026By Lee Hyo-jin
Weakening won emerges as hurdle to Korea's US investment package
Economy

SpaceX fever drives Korean investors to space-themed ETFs

Korean investors are rushing to gain exposure to SpaceX ahead of its Nasdaq debut, pouring money into space-themed exchange-traded funds (ETFs) as the Elon Musk-led company prepares for one of the largest initial public offerings (IPOs) in history, market watchers said Wednesday. The U.S. space giant is scheduled to begin trading on Nasdaq Friday (local time). SpaceX reportedly drew about $150 billion in investor demand during the book-building process, roughly double its fundraising target. If the offering proceeds as expected, it would be valued at about $1.75 trillion, potentially making it one of the 10 most valuable publicly traded companies in the United States. The anticipated listing has sparked strong interest among Korean investors across both institutional and retail channels. Mirae Asset Securities' second subscription offering for professional investors tied to the SpaceX IPO was fully subscribed in about two minutes on Monday morning, following a first round last Friday that closed in roughly one minute. The offering sought to raise a total of $500 million. Retail investors

Jun 10, 2026By Lee Hyo-jin
SpaceX fever drives Korean investors to space-themed ETFs
Banking & Finance

Woori Bank launches integrated services for Mongolian nationals

Woori Bank has partnered with telecommunications provider KT and Mongolia's Trade and Development Bank (TDB) to offer integrated financial services for Mongolian nationals preparing to move to Korea, the bank said Wednesday. The three parties signed a memorandum of understanding (MOU) at KT's headquarters in central Seoul. The partnership is designed to support Mongolian workers and students from the pre-arrival stage through their settlement in Korea, providing access to financial and mobile services. Under the agreement, TDB will introduce customers in Mongolia who plan to use Woori Bank's overseas remittance services and KT's mobile network after arriving in Korea. Those customers may receive preferential terms on selected TDB loan and deposit products before departure. After arriving in Korea, Woori Bank will help the Mongolian nationals open remittance accounts at the bank's foreigner-focused branches. It will also provide preferential exchange rates and reduced overseas remittance fees. KT, meanwhile, will offer its lowest price-tier mobile plan and allow customers to link their mo

Jun 10, 2026By Lee Hyo-jin
Woori Bank launches integrated services for Mongolian nationals
Economy

SK hynix tops job seekers' wish list amid semiconductor boom

For many young Koreans, landing a job at SK hynix has become a career goal. "After nearly three years of preparation, I finally landed a position in SK hynix's maintenance line, which had long been my dream," one user recently wrote on a Naver community for job seekers. Another user likened the hiring process to a "nationwide audition," saying it felt as though everyone was applying for a position at the chipmaker. These comments reflect the growing appeal of Korea's semiconductor industry among young Koreans. According to a report released by recruitment platform JobKorea, Tuesday, SK hynix ranked first on this year's list of the most desired employers. Samsung Electronics came in second, followed by Naver, Toss, Hyundai Motor and Amorepacific. SK hynix, which had ranked fifth in 2022, climbed to the top spot this year, while Kakao, the most preferred employer five years ago, fell to eighth place. Samsung Electronics has remained among the top two since 2021. The findings were based on a survey of 3,287 job seekers and an analysis of user data collected on JobKorea's platform. Compensation

Jun 10, 2026By Lee Hyo-jin
SK hynix tops job seekers' wish list amid semiconductor boom
Banking & Finance

Hana Financial, defense ministry join hands to boost welfare for service members

Hana Financial Group and the Ministry of National Defense launched a welfare program to support injured service members and their families, the financial group said Tuesday. The two sides signed a memorandum of understanding at the defense ministry headquarters in Seoul the previous day to operate the "Hero with Hana" program. The initiative is designed to ease the financial burden on service members, particularly those affected by service-related injuries, disabilities or challenging living conditions. Under the program, Hana Financial plans to provide about 1 billion won ($657,000) annually in welfare support to around 300 military personnel and family members. About 200 service members who are caring for children or parents with disabilities will receive assistance for medical expenses, rehabilitation and psychological treatment, as well as the purchase of assistive devices such as wheelchairs. The program will also support 60 children of service members who were killed or injured in the line of duty, as well as those stationed in remote areas, by helping cover the cost of educational

Jun 9, 2026By Lee Hyo-jin
Hana Financial, defense ministry join hands to boost welfare for service members
Economy

Lee attributes weakening won to foreign investors' portfolio rebalancing

President Lee Jae Myung on Monday attributed the won's recent weakness against the dollar to foreign investors rebalancing their portfolios after a sharp rally in local stocks, describing the Korean currency's decline as temporary. "It is true that the exchange rate is high, but I see it as temporary," Lee said during a televised press conference marking his first year in office. "Stock prices have risen so much that they are having an unusual impact on the foreign exchange market. The stock rally has become a factor pushing the exchange rate higher." Lee said foreign investors appeared to be selling off Korean stocks to rebalance their portfolios after the benchmark KOSPI's sharp rally. "Korean stocks have risen too much in a short period of time. From the perspective of foreign investment funds, the share of Korean assets in their portfolios has become too large," he said. "In the short term, this is the biggest factor. But it is unlikely to continue indefinitely. Eventually, the Korean stock market will find its balance." Lee's remarks came as the won-dollar exchange rate hovered arou

Jun 8, 2026By Lee Hyo-jin
Lee attributes weakening won to foreign investors' portfolio rebalancing
Economy

Koreans feel pinch from rising egg prices

Park, a woman in her 50s living in Seoul's Yangcheon District, said she recently scaled back her egg purchases as prices continue to climb. "When I went grocery shopping at Costco last weekend, customers were limited to two cartons per person, and there were barely any left on the shelves," she said. "I originally planned to buy two cartons for my family of five, but the prices had risen so much that I ended up buying just one." Consumers across Korea are increasingly feeling the impact of soaring egg prices and tightening supplies. Posts on online communities point to empty egg shelves at major discount stores and shortages at online grocery platforms such as Coupang and Kurly. According to data from the Korea Agro-Fisheries & Food Trade Corp., the average retail price of a 30-egg carton of large eggs stood at 7,413 won as of Saturday, up 8.6 percent from March. By region, Gyeonggi Province recorded the highest average price at 7,957 won per carton, nearing the 8,000 won ($5) mark. The sharp rise in prices has largely been attributed to outbreaks of highly pathogenic avian influenza last

Jun 8, 2026By Lee Hyo-jin
Koreans feel pinch from rising egg prices
Cryptocurrency

Bithumb's bitcoin payout blunder results in $1.6 mil. compensation

Korea's major cryptocurrency exchanges have paid out billions of won in compensation for hacking incidents and system failures in recent years, data showed Sunday, with Bithumb reimbursing users about 2.5 billion won ($1.6 million) following the erroneous distribution of 620,000 bitcoins earlier this year. According to data submitted by the Financial Supervisory Service and major cryptocurrency exchanges to Rep. Lee Hun-seung of the main opposition People Power Party, one of the costliest incidents involved Bithumb, following an accidental bitcoin crediting incident in February. An employee mistakenly entered bitcoin instead of Korean won when processing rewards for a promotional event, resulting in the erroneous distribution of about 620,000 bitcoins to 249 users. The error triggered sharp price distortions, prompting Bithumb to compensate affected users. In a separate case, Upbit paid about 790 million won in compensation following a security breach in November 2025. Upbit said Solana-based assets worth about 44.5 billion won were transferred to unauthorized external wallets within 54

Jun 7, 2026By Lee Hyo-jin
Bithumb's bitcoin payout blunder results in $1.6 mil. compensation
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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.