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Earlier this week, a crypto exit scam in South Korea called “Pure Bit” disappeared with more than $ 30 million in user funds. On November 4, the group conducted an initial coin offering (ICO) to raise nearly $ 30 million using Ethereum (ETH) to build a cryptocurrency exchange. On November 13, as CCN reported, Pure Bit and
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According to cybersecurity firm Inksit Group, state-funded hackers in North Korea have been targeting crypto exchanges in South Korea to circumvent various sanctions imposed on the regime. The security firm alleged the government of North Korea of running illicit initial coin offering (ICO) projects and breaching into large crypto exchanges. “We discovered that North Korea’s
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Five men in South Korea were arrested on Thursday for illicitly injecting crypto mining malware into more than 6,000 computers. Local police and the Korean National Police Agency Cyber Bureau said in an official statement that a group of five hackers led by a 24-year-old Kim Amu-gae released 32,435 emails containing cryptocurrency mining malware targeting
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Blockchain Transparency Institute released the global crypto exchange rankings of November, ranking Binance at the top with a 24-hour volume of $ 1 billion. With more than 160,000 24-hour web users, Binance easily surpassed OKEx, the second largest crypto exchange in the market, in terms of the number of active users, volume, mobile volume, web visitors,
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The finance minister in Korea has given the go-ahead for banks to be able to work with different crypto exchanges.
The commissioner of Finacial Services in South Korea, Choi Jong-Ku has confirmed that there are no current problems relating to compliance and security in the process for banks providing digital bank accounts to the local virtual currency exchanges.
At the state affairs audit administers by the government of the country to oversee the progress of all government agencies and commissioners in the nation, Choi made clear that as long as digital currency trading platforms are well equipped with anti-money laundering and know your customer systems then digital asset platform should be able to obtain banking service from South Koreas commercial financial institutions.
South Korean financial regulators are cracking down on unauthorized cryptocurrency funds. In particular, one crypto fund launched by a local exchange is reportedly being investigated. The exchange claims no wrongdoing as its token activities were carried out overseas, but has promptly canceled its plan to launch a second fund.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
South Korea’s Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) have warned investors of unauthorized cryptocurrency funds. The warning followed the launch of a financial product where “cryptocurrencies collected from some investors are managed through initial coin offerings (ICO), and profits are distributed at their expiration dates,” Business Korea described.
After a quiet start to 2018 and a significant contraction in the middle of the year, there is a considerable increase in Korean won (KRW) cryptocurrency trades. Despite this increase, the “kimchi premium” that existed in 2017 has yet to surface in cryptocurrency exchanges in South Korea.
Since the start of October 2018, the cryptocurrency trading volume in South Korea has spiked. A chart by CryptoCompare shows KRW trading volumes on certain days in October accounting for almost 50 percent of the total market share.
Cybersecurity company Recorded Future has released a lengthy expose claiming that North Korea uses cryptocurrency to skirt U.S.-imposed economic sanctions alongside a shady network of collaborators and enablers in Singapore. The company claims that in addition to mining coins like bitcoin and monero, North Korean leaders have also been involved in promoting cryptocurrency scams that … Continued
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This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned
The post TTC Protocol Announces New Partnership in Korea, Adding 7.5m Users to the Ecosystem appeared first on CCN
New York University (NYU) economist Nouriel Roubini is scheduled to testify later this week during a U.S. Senate hearing on blockchain and cryptocurrency technology, and the noted bitcoin basher appears to be preparing for his testimony by trying out some new criticisms of the nascent asset class. Ethereum Co-Creator a ‘Dictator for Life’ Writing on
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The South Korean National Police Agency has produced a report of all hacking incidents of crypto exchanges and wallets in the country during the past three years. According to local media, there were seven hacking cases of crypto exchanges and 158 cases of wallet hacks, 91 of which happened this year. However, only six arrests were made.
Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals
The South Korean National Police Agency has compiled a report of known hacking incidents that occurred in the country since 2016, according to local media.
Min Byung-Doo, a member of the country’s governing Democratic party and the chairman of Korea’s National Policy Committee, has strongly encouraged the government to legalize initial coin offering (ICO) and impose better crypto-related regulatory frameworks to legitimize the local market. “Regulation is not bad. Regulation is necessary, it is the only way to legitimize the
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Second-generation platforms like Ethereum allow applications to run as programmed whereas third-generation platforms have come out of the blue addressing current issues with second-generation networks, this has grabbed the attention of South Korea.
EOS, Orbs and Link Chain are just a few examples of third-generation blockchain networks which are making waves in the industry. They are also starting to solve the shortcomings of Ethereum such as its commission fees and slow data processing times has started to gain the interest of South Korea.
Continue reading South Korea Interested In Third Generation Blockchains at Crypto Daily™.
Ever heard of the term crypto laundering? North Korea (DPRK) is trading, laundering and mining cryptocurrencies such as Bitcoin (BTC) and possibly Monero (XMR) in order to evade U.S. sanctions, intelligence experts tell Asia Times. The isolated country with a population of 25 million could be raising up to $ 200 million USD to fund its nuclear and ballistic missile programs through digital coins.
Lourdes Miranda, a financial intelligence analyst, and Ross Delston, an expert in terrorist financing, told the paper that Kim Jong-un’s regime is trading cryptocurrencies on various exchanges as well as mixing coins (which obscures the senders and receivers of tokens).
Cybersecurity and anti-money laundering experts believe that North Korea could be using cryptocurrencies to acquire USD. The country is likely developing its own cryptocurrency and private blockchain.
Experts from MirandaFinIntel Consulting recently told Asia Times, that North Korea has increased its use of cryptocurrencies for accessing U.S. dollars and circumventing international sanctions. Financial intelligence analysts Lourdes Miranda and Ross Delston, attorneys specializing in anti-money laundering (AML) and combating the financing of terrorism (CFT), found that the DPRK is most likely trading an assortment of cryptocurrencies and in the process of creating its own.
Two Washington-based financial experts say that North Korea is increasingly using cryptocurrency to evade U.S. Sanctions. According to Lourdes Miranda, a financial crimes investigator specialized in intelligence collection and analysis, and Ross Delston, an expert witness who specializes in anti-money laundering and combating the financing of terrorism, Pyongyang is creating its own cryptocurrency and is likely also using popular … Continued
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According to Cryptoglobe, two US based finance experts, Lourdes C. Miranda and Ross Delston have told Asia Times that they believe North Korea (DPRK) could be mixing cryptocurrencies in order to get hold of US Dollars, in a move designed to totally undermine US economic sanctions. The pair have found that established trading is taking place within DPRK and that there are also signs that the state could be looking to also manufacture their own cryptocurrency.
Continue reading How North Korea Could Be Mixing Bitcoin To Get Hold Of USD at Crypto Daily™.
The U.S. FBI and law enforcement in South Korea and Japan have arrested two people in connection to phishing scam that stole $ 800,000 worth of Ripple (CRYPTO: XRP) tokens in a joint operation reported last week. A Japanese suspect is still at large.
The suspects victimized 24 Korean and 37 Japanese investors by replicating a cryptocurrency exchange website. They created a fake but resembling email account and warned users that their money had been frozen.
The Korea Customs Service (KCS) has entered an agreement with Samsung SDS to implement the latter’s blockchain technology for an export customs clearance system. Samsung SDS, the IT subsidiary and technology provider of Korea’s largest conglomerate Samsung, will develop the world’s first blockchain-based export customs logistics service for the Korea Customs Service to enable efficiency
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