According to Business Korea, hundreds of minor crypto exchanges in South Korea could run smack into heightened scrutiny for failing to abide by proposed enhanced know-your-customer (KYC) regulations, which would require exchanges to only provide services to users with “real-name accounts” issued by local financial institutions. Earlier this month, the Financial Action Task Force, an intergovernmental organization under the G7, proposed guidelines that encourage all crypto exchanges to share customer data. Although industry executives and experts have indicated that the ruling of the FATF is highly impractical and may be counterproductive, many countries in the G7 and the G20 –
Korean Crypto Exchanges Revise Terms of Service in Boost for Investors
By CCN Markets: According to The Korea Herald, Bithumb and four other major crypto exchanges in South Korea have formally changed their terms of service to become liable for potential hacking attacks that may affect users. The report read: “Five cryptocurrency exchanges have changed their terms of service in a way that they can be liable for problems caused by potential cyberattacks or system malfunctions, even if operators are not willfully or grossly negligent, South Korea’s antitrust regulator said Monday.” The change in terms of service by exchanges follows the encouragement of the Korea Blockchain Association toward exchanges to establish
North Korean Hackers Attack Upbit Users in South Korea
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.
Report: Korean Messaging App KakaoTalk Plans to Add Crypto Wallet
South Korean internet company Kakao is reportedly working on integrating a crypto wallet into its messaging app, KakaoTalk, for its more than 44 million active users. According to a report by South Korean media outlet fnnews, the move by Kakao is in response to the recent announcement by Samsung that it would be adopting a […]
SludgeFeed
Citing Executive Embezzlement, Korean Crypto Exchange Declares Bankruptcy
Coinbin, a South Korean crypto exchange, declared bankruptcy on February 22, 2019, citing foul play from inside the company.
Business Korea reported on Coinbin’s recent failure, claiming that the company had lost $ 26 million as a result of theft and the subsequent bankruptcy declaration. Coinbin’s CEO Park Chan-kyu claimed that the move was “due to a rise in debt following an employee’s embezzlement.”
After the exchange Youbit was hacked to the tune of several million dollars last year, Coinbin acquired it, and now Coinbin’s CEO claims that Youbit’s former CEO used his new position at Coinbin to carry out this theft.
US ETF Ruling to Inform South Korean Cryptocurrency Market
Local media has reported that a South Korean exchange is waiting for regulators in the United States to make a ruling regarding the highly anticipated Vaneck cryptocurrency exchange-traded fund (ETF) before determining its stance pertaining to virtual currency ETFs.
Also Read: Markets Update: Altcoins Gain on BTC
Exchange Awaits US Ruling to Develop ETF Policy
A report published by The Korea Herald has asserted that officials at a South Korean exchange are waiting for United States lawmakers to establish a precedent regarding cryptocurrency ETFs. The report quotes an anonymous source claiming to work as an official at South Korea’s main bourse operator, Korea Exchange.
South Korean Capital’s $1 Billion Startup Fund Will Include Blockchain Firms
The Seoul Metropolitan Government has committed over $ 1 billion to invest in innovative startups by 2022, including blockchain firms.
CoinDesk
Top four South Korean digital currency exchanges announce joint AML initiative
South Korea’s four largest digital currency exchanges, Upbit, Coinone, Bithumb, and Korbit have announced a shared initiative to increase anti-money laundering (AML) efforts and promote a healthier trading environment. According to a press release CoinReport received from PR firm Uproar, the four ex…
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Top Officials at Two Korean Cryptocurrency Exchanges Face Fraud Indictments
Several of South Korea’s top crypto exchanges have found themselves in hot water, with executives at a couple of exchanges facing criminal charges and jail time.
According to a news report on the Korean website Blockinpress, the CEO of Komid, a Korean crypto exchange, has received a three-year prison sentence for committing fraud against investors by artificially inflating the exchange’s actual trading volume. Another company executive also received a sentence of two years for his role in these crimes.
Oops! South Korean Crypto Exchange Accidentally Sends Traders $5 Million in Bitcoin
By CCN.com: Did you ever dream of waking up in the morning to unexpectedly find a vast amount of cash miraculously appearing in your account? That is what recently happened to users of a prominent South Korean crypto exchange. Coindesk Korea has reported that the Korean crypto exchange Coinnest has accidentally airdropped over $ 5 million in
The post Oops! South Korean Crypto Exchange Accidentally Sends Traders $ 5 Million in Bitcoin appeared first on CCN
Korean Crypto Exchange Executives Fake Trading Volumes, Earn Prison Sentences
Two major executives of Komid, a cryptocurrency exchange platform based in South Korea, have been sentenced to prison, according to a report by local Korean news outlet Blockinpress. The two individuals were convicted of falsifying trading volumes on the exchange. Choi Hyunsuk, CEO of Komid, is one of the indicted individuals. He was given a
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Executives of Korean Exchange Sentenced to Jail for Faking Volumes
Two executives of a South Korean cryptocurrency exchange have reportedly been sentenced to jail for inflating trading volumes on their exchange. The pair allegedly used a bot to fake large orders in both cryptocurrencies and Korean won.
Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations
Prison Sentences
Two executives of South Korean cryptocurrency exchange Komid were sentenced to jail on Thursday “for their roles in orchestrating fraudulent trading volume reports on their platform,” The News Asia reported.
Report: 70 to 80 Percent of South Korean Miners Shut Down in 2018
Chinese state television has sought to document the toll taken on South Korean cryptocurrency companies by 2018’s bear market, with Financial Channel (CCTV-2) producing a report detailing the challenges faced by Korean miners. According to the report, last year’s bear trend was further exacerbated by a 97.5 percent drop in Korean cryptocurrency premiums, driving between 70 and 80 percent of miners to desist operations.
Also Read: Overstock Becomes the First Major US Company to Pay Business Tax in Bitcoin
South Korean Business School Launches Crypto MBA Program
A major business school in South Korea is now offering a master’s degree in cryptocurrency. Crypto MBA is a one-and-a-half-year program that covers topics such as Bitcoin, Ethereum, smart contracts, crypto funds, Dapp planning, game theory, and how to write persuasive whitepapers. Meanwhile, the government is working on follow-up crypto regulations.
Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations
Crypto MBA
Seoul School of Integrated Sciences and Technologies, often known as Assist, announced on Friday that it is now offering a Master of Business Administration (MBA) degree program dedicated to cryptocurrency and blockchain technology. The new course is “a master’s degree program in blockchain, cryptoeconomics and token economy courses from technological, cryptoeconomic and business strategic perspectives,” the school described.
South Korean Bitcoin Exchange Upbit Denies Fraud Allegations as Executives are Formally Charged
South Korea’s top financial regulator has formally filed fraud charges against executives of one of the Asian country’s biggest cryptocurrency exchanges. Three senior executives of Upbit including the founder Song Chi-Hyung were charged with making fraudulent transactions between September and December last year by prosecutors in Seoul, according to nocutnews. Specifically, the senior Upbit executives
The post South Korean Bitcoin Exchange Upbit Denies Fraud Allegations as Executives are Formally Charged appeared first on CCN
Officials at Top Korean Cryptocurrency Exchange Upbit Indicted for Fraud
Officials at South Korea’s largest cryptocurrency exchange, Upbit, have been indicted for fraud. They allegedly made bogus crypto orders worth approximately $ 226 billion and sold 11,550 BTC to around 26,000 investors. Upbit has denied the charges and insisted that it did not commit fraud, engage in wash trades, or trade cryptocurrencies it did not own.
Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations
Officials Indicted
Three officials at South Korea’s largest cryptocurrency exchange, Upbit, have been “indicted for offering fraudulent transactions and swindling money from investors,” Yonhap reported Friday.
South Korean Tech Giant Kakao Invests in Blockchain Project Orbs
Israeli hybrid blockchain platform Orbs has announced that it is entering an investment partnership with the venture arm of South Korean internet group Kakao. Created to serve as a pioneering public blockchain system offering unprecedented flexibility and utility, Orbs permits business dApp developers to deploy over a highly secure and liquid network that comes with
The post South Korean Tech Giant Kakao Invests in Blockchain Project Orbs appeared first on CCN
South Korean Crypto Exchange Launches Ripple-Based Blockchain Remittance Service
Coinone subsidiary Coinone Transfer has introduced Cross, South Korea’s first blockchain-based remittance app and web service, using enterprise blockchain technology created by Ripple. Cross gives people in Thailand and the Philippines access to faster and cheaper payment services. Coinone Transfer utilized RippleNet and connections with the Siam Commercial Bank (Thailand) and Cebuana Lhuillier (Philippines) to
The post South Korean Crypto Exchange Launches Ripple-Based Blockchain Remittance Service appeared first on CCN
Strategy Shift: North Korean Hackers Take Aim at Individual Crypto Investors
Faced with depleted reserves and having been hit with sanctions aimed at its illegal nuclear weapons program, North Korean hackers have a new strategy for growing the country’s cash reserves — steal crypto holdings from individual investors. According to a report from the South China Morning Post (SCMP), the option to target individuals who hold cryptocurrencies
The post Strategy Shift: North Korean Hackers Take Aim at Individual Crypto Investors appeared first on CCN
Korean Firm Aims to Make Blockchain Faster
According to local news outlet Joongnag Daily, a blockchain company based in Korea believes that it has found what it takes to revolutionize blockchain technology and bring even quicker pace to the way that transactions are being carried out. SymVerse, a blockchain firm that was established earlier this year, hosted an event and held a demonstration
The post Korean Firm Aims to Make Blockchain Faster appeared first on CCN
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