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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.
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
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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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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.
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.
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.
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.
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 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
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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.
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.
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
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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
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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
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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
A South Korean lawmaker has reportedly introduced a bill to promote cryptocurrency trading and the development of crypto exchanges. In addition to requirements such as capital, manpower, and internal systems, the bill proposes establishing a committee to promote and support crypto trading.
Promoting Crypto Trading
Korean lawmaker Kim Sun-dong, a member of the National Assembly’s Political Committee, announced last week that he has initiated the Digital Asset Trading Promotion Act, local media reported. Seoul Finance elaborated:
Cryptocurrency exchange Zeniex has announced that it is terminating all services after South Korea’s financial authorities started cracking down on unauthorized crypto funds. The exchange is asking its customers to withdraw their cryptocurrencies before the end-of-service date.
Terminating Services and Fund
Zeniex, an exchange launched in May, announced on Friday the termination of all services. The decision follows the investigation by South Korean financial authorities of the exchange’s cryptocurrency fund called Zxg Crypto Fund No. 1 (ZXG). Zeniex elaborated:
A South Korean ICO has defrauded its private sale investors out of roughly 13,500 ETH ($ 2.8 million) before disappearing from the internet entirely.
Pure Bit, which has already pulled the plug on its website, has apparently conducted a fairly routine exit scam for its Pure Coin token sale. The cryptocurrency was pitched as an exchange token for Pure Bit, an exchange that was supposed to launch by the end of the month. The Coin promised to give investors shares of the exchange’s trading revenue as well as discounted fees for trading, and its anonymous team claimed that it would burn 90% of token supply over a three year period.
According to Korean blockchain news provider Blockchain ROK, newcomer exchange Pure Bit has effectively exit scammed with at least 13,000 in investor Ethereum in hand. As evidence of the scam, BROK points to the fact that the exchange’s CEO has changed his name on popular Korean social media network Kakao to “I’m sorry” in the
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A court in South Korea has ruled that the decision by a commercial bank to stop offering banking services to a cryptocurrency exchange was unlawful and must therefore be rescinded. According to the Central District Court’s 50th Civil Affairs Division, the move by South Korean commercial bank Nonghyup to cease offering deposit and withdrawal services
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Three of South Korea’s largest cryptocurrency exchanges are expanding overseas. Upbit has launched a Singaporean crypto exchange with 156 coins and 221 trading pairs. Coinone has established a crypto exchange in Malta while Bithumb is planning to launch a security token platform in the U.S.
Bithumb to Launch US Security Token Platform
One of South Korea’s largest crypto exchanges by trading volume, Bithumb, announced its partnership with U.S. fintech company Seriesone on Oct. 31.
Under the agreement, “Bithumb is investing in a Seriesone entity in South Korea to scale technical development and marketing,” Seriesone detailed, elaborating:
A South Korean district court has ruled that Nonghyup Bank, a major bank in the country, cannot block transactions to the account of cryptocurrency exchange Coinis based solely on the government’s anti-money laundering guidelines. This is reportedly the first time a Korean crypto exchange has taken legal action against a bank for blocking its transactions.
Court Sided With Crypto Exchange
The 50th Civil Affairs Division of the Seoul Central District Court has ruled in favor of cryptocurrency exchange Coinis against Nonghyup Bank, local media reported.