South Korea’s New Leap Fund, created to help individuals and sole proprietors with more than seven years of delinquency recover financially, reached its first anniversary amid criticism of its debt-management and asset-verification framework. The fund does not check applicants’ virtual-asset holdings before forgiving eligible unsecured principal debt of up to 50 million won ($36,100), raising concern that borrowers able to repay could receive relief. The concern follows evidence from the similar New Start Fund that 269 recipients held at least 10 million won ($7,200) in virtual assets, including one borrower with about 430 million won ($311,000) who received 120 million won ($86,900) in relief. Kamco says it relies on post-review reporting and can claw back forgiven amounts or seek damages, while the Financial Services Commission plans to discuss verification with virtual-asset service providers.