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South Korea City Drops Exchange Partners In A Surprising Turn Of Events

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South Korea’s crypto-crazed city, Busan, announced its steering committee for building its flagship digital asset exchange. However, in a surprising turn of events, it has dropped third-party crypto exchanges that had earlier partnered with the city on the initiative.

South Korea Weary Of Centralized Exchanges

Busan, the blockchain city of South Korea, has dropped its partner crypto exchanges. This move comes after weeks following negative news among centralized exchanges.

From reports, the steering committee included 18 local blockchain experts but no representative of Binance, crypto.com, Gate.io, Huobi, and FTX. The five crypto exchanges agreed earlier in the year to help create a local crypto exchange.  Read more...

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LUNA Founder Do Kwon Wanted By Korea, Soon Interpol

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According to a report from a local news media, law enforcement agencies in South Korea issued an arrest warrant against LUNA Founder and Terraform Labs CEO Kwon Do-Hyeong also known as Do Kwon. The founder has been under authorities’ radar since the collapse of the Terra ecosystem in May 2022.

The arrest warrant was issued by the Seoul Southern District Prosecutor’s Office’s Financial and Securities Crime Unit, which is under the direction of Dan Seong-Han, the report claims. This institution has been investigating the LUNA Founder with its Financial Investigation Division and five prosecutors.  Read more...

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South Korea Says 75% Of Illicit Forex Transactions In The Country Are Crypto-Related

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A significant number of cryptocurrency holders reside in South Korea. As the bitcoin sector becomes more mainstream, the rate of cryptocurrency acceptance in the East Asian nation has increased dramatically.

Recent research, however, suggests that some of these crypto transactions may be used for unlawful operations.

Bloomberg reported that the majority of unlawful foreign currency transactions in South Korea this year involved cryptocurrencies.

In addition, the data reveals that they have been involved in roughly three-quarters of all unlawful foreign exchange transactions so far this year.

South Korea Investigating $ 1 Billion Crypto-Related Cases  Read more...

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What Do We Know About The Crypto.com Expansion Into South Korea

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Crypto.com is one of the world’s fastest growing digital asset trading platform. It has recently spoken about its acquisitions in South Korea which would help in Crypto.com’s South Korea expansion plan.

The trading platform is of the belief that the collapse in the market can be reversed this year itself.

It has now secured its access to the crypto and payment sector in South Korea, thereby, strengthening the plans of the expansion in South Korea. This happened after the company acquired two companies.  Read more...

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Hackers From North Korea Seen As Culprits In DeBridge Finance Cyberattack

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Hackers from North Korea has reportedly found a new victim in DeBridge Finance, a cross-chain interoperability and liquidity transfer protocol, multiple sources disclose, Saturday.

Based on DeBridge’s initial assessment, the attempted cyberattack likely originated from the notorious North Korean hacking syndicate, Lazarus Group.

Several DeBridge team members received a faked email containing a PDF file titled “New Salary Adjustments” that was purportedly sent by DeBridge co-founder Alex Smirnov.

According to Smirnov, a significant number of DeBridge staff received emails from the hackers. Upon viewing and downloading the PDF file, the PCs were infected with a malware that collects data.  Read more...

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How North Korea Infiltrated The Crypto Industry Using Fake LinkedIn Resumes

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Per a Bloomberg report, North Korean-backed hackers might be stepping up their efforts and attack vectors against the crypto industry. Bad actors seem to be stealing resumes and information from major job listings websites to apply for jobs in the nascent sector.

The report claims that attackers are taking legitimate data from LinkedIn and other major websites to create fake profiles as software engineers, developers, or software with vast experience working in IT. In that way, they can infiltrate crypto companies or projects.

Operation Dream Job And AppleJeus Job Targets Crypto Industry  Read more...

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South Korea Delays Crypto Tax Until 2025

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South Korean authorities have yet again postponed imposing crypto tax until 2025, mentioned in the official announcement. This new proposal aligns with the new President Yoon Suk-yeol’s view, which is of the opinion that crypto taxation is secondary.

The primary task at hand is to ensure that the market infrastructure is in place. Once the market infrastructure is established then the taxation of the asset class will be imposed. The 20% capital gains tax on crypto was initially expected to come into effect from the beginning of 2023.  Read more...

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Rogue Bernie Sanders Backs Donald Trump on North Korea

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In a rare display of support for Donald Trump, Senator Bernie Sanders, who is also a 2020 presidential candidate, said he has no problem with Trump’s attempts to negotiate with North Korean leader Kim Jong Un. I have no problem with Trump negotiating with Kim Jong Un. But while he's meeting with Kim, he's pushed […]

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North Korean Hackers Attack Upbit Users in South Korea

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North Korean hackers have made a phishing attempt on users of the South Korean crypto exchange Upbit.

News correspondents in Korea broke this development on May 29, 2019, detailing the ploy to steal Upbit users’ information. The hackers sent out an email claiming that Upbit users needed to submit more information to become eligible for a prize drawing.

When users opened up the email reportedly containing information about a phony sweepstakes and its payout, malware would activate, giving the hackers access to user information and control of their devices for later access.  Read more...

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Chinese Government Officials Targeted With Ransomware, North Korea Suspected

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Chinese Government Officials Targeted With Ransomware, North Korea Suspected

A statement issued by the People’s Government of Yiling District, Yichang has revealed that Chinese officials have been the target of a ransomware email attack in recent days.

Also Read: Late Quadrigacx CEO Used Personal Funds to Fulfill Withdrawals

Chinese Government Officials Face Ransomware Attack

A statement issued by a Chinese provincial government website has announced that the National Network and Information Security Information Center has identified overseas hackers targeting the websites of government departments with emails containing ransomware.  Read more...

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South Korea Ends Year With 6 Bills to Regulate Crypto Industry

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South Korea Ends Year With 6 Bills to Regulate Cryptocurrency Industry

South Korea’s top financial regulator has exclusively shared with news.Bitcoin.com information about six cryptocurrency-related bills that have been submitted to the National Assembly. The most recent bill seeks to protect the rights of crypto owners and to ensure the safety and reliability of crypto transactions.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

Six Crypto-Related Bills

South Korea’s top financial regulator, the Financial Services Commission (FSC), exclusively shared some information with news.Bitcoin.com on Thursday about various crypto-related bills that have been submitted to the National Assembly. A spokesperson for the regulator said:  Read more...

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South Korea: Dangerous Precedent Set – Court Finds Bithumb Not Financially Responsible for Crypto Exchange Hack

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A South Korean court has acquitted Bithumb from all wrongdoings after the company was accused by one of its clients in a hacking incident that saw the customer lose thousands of dollars, according to a report filed earlier this week, in the Korea Economic Daily. The customer who brought the lawsuit against the exchange was

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Korea Institute of Finance Director: Crypto Custody is Key in Rapid Growth

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Gong-pil Choi, the director of the Korea Institute of Finance, said that custody in crypto is crucial in eliminating hacking fears and facilitating the growth of the market. The Korea Institute of Finance, an agency that works with the government to research and evaluate financial policies to bolster the country’s financial sector, has emphasized that

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7 Major Exchanges in Korea to Create Healthy Cryptocurrency Ecosystem

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7 Major Exchanges in Korea to Create a Healthy Cryptocurrency Ecosystem

Seven major crypto exchanges in South Korea have joined forces to create a sound cryptocurrency ecosystem. They have agreed on joint measures such as information sharing and real-time monitoring of abnormal transactions. Meanwhile, the Korean government is working on institutionalizing crypto exchanges.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations  Read more...

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Upbit CEO: Crypto Regulation is Necessary, But is Korea on Right Track?

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On December 10, Lee Seok-wu, the CEO of Dunamu, the parent company of South Korea’s largest crypto exchange Upbit, said that regulation is important to establish industry standards. During a meeting with several members of the Congress and the Financial Services Commission (FSC) hosted by Upbit, Bithumb, Gopax, Korbit, and Coinone, five of the biggest

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Major Crypto OTC Exchange in Korea: Gov’t Should Acknowledge Fidelity, Nasdaq

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At the first official meeting between five of the biggest crypto exchanges and the government of South Korea, Cumberland Korea CEO Hong Joon-ki said that both the government and local financial institutions have to acknowledge the efforts of Nasdaq, Fidelity, and some of the largest conglomerates in the global market working to strengthen the infrastructure

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Renvale Exchange Official Signing Ceremony with D Coin Asset held in Seoul Korea

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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 … Continued

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Why South Korea Will Play a Major Role in Cryptocurrency Adoption

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As a high-tech hub known for its consumer electronics, tech giants, esports, and global innovation, perhaps it’s not surprising that a report by Cindicator revealed that South Korea will play a major role in cryptocurrency adoption. By reviewing existing data on exchange volumes, recent economic history, regulation, and trends, the tokenized fintech asset management company

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South Korea Is Trialing Blockchain Voting — Here’s What That Means

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South Korea Blockchain Voting

South Korea will test out a new blockchain voting system this month, sources close to the developments have confirmed to Bitcoin Magazine. Developed by the country’s National Election Commission (NEC) and its Ministry of Science and ICT, the distributed ledger system is based on IBM’s Hyperledger Fabric and will be used to authenticate voters and save voting results in real time.

South Korean officials believe a blockchain voting system will increase both security and transparency, thereby improving people’s trust in digital voting. The NEC initially ran an online voting system dubbed “K-voting” back in 2013, but, despite 5.64 million users, trust remained low due to fraud and hacking concerns.  Read more...

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Could South Korea Follow Japan in Allowing Private Crypto ICOs?

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On November 26, the Financial Services Agency (FSA) of Japan held an internal meeting to discuss the possibility of allowing private crypto initial coin offering (ICO) projects. Nikkei exclusively reported that local financial authorities are actively exploring the legalization of ICOs for institutional investors and accredited investors, as long as they are lawfully conducted within

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