#加密货币监管发展 From on-chain data, the suspension of crypto assets lending services by Korean regulatory authorities will have a significant impact on the market. According to statistics, about 13% of lending users have been subjected to forced liquidation, which indicates that leverage risk does exist. In the short term, an increase in capital outflows from Korean exchanges may be observed, especially for those platforms heavily dependent on lending operations. It is recommended to follow the on-chain capital flows of major exchanges such as Upbit and Bithumb, as well as large transfers of major lending assets like USDT, BTC, and XRP. In the long run, this may accelerate Korea's establishment of a formal regulatory framework for crypto assets lending, which will have positive implications for the compliant development of the entire industry.