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About four in 10 blockchain projects backed by the South Korean government as part of its push to foster the technology as a future core industry have halted services or shut down, Money Today exclusively reported.
Data lawmaker Park Jeong-ha of the ruling Democratic Party obtained from the Korea Internet & Security Agency and others showed that, as of August, 66 of the 113 blockchain support projects carried out from 2018 to 2025 were operating normally. The remaining 47 had either suspended services or gone out of business, accounting for 41.6% of the total. Of the total 108.66 billion won ($79.3 million) in government support, 35.5 billion won ($25.9 million) was allocated to projects that were later halted or shut down.