Tagsouth korea

Will China's 'Cryptocurrency' Pump - or Pummel - Bitcoin?

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China's long-fabled "cryptocurrency" launch is finally on the horizon. According to Bloomberg, People’s Bank of China (PBoC) payments department deputy director Mu Changchun confirmed at the China Finance 40 Forum that the country’s cryptocurrency is nearing its release following a year of research and development. Given Beijing's history of antagonism toward decentralized cryptocurrencies, what...

Korean Crypto Exchanges Face Backlash, Could it Stunt Bitcoin's Run?

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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...

Korean Crypto Exchanges Revise Terms of Service in Boost for Investors

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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...

Japan Leads G20 Nations' Plot of a Global Cryptocurrency Exchange Register


By CCN: The hurdles of using crypto in money laundering are set to increase if plans by G20 countries materialize. Per Nikkei Asian Review, G20 countries are working on a deal aimed at creating a cryptocurrency exchange registry. The world's most powerful economies hope the move will seal a loophole money launderers have exploited since the inception of bitcoin and other cryptocurrencies. The...

Bitcoin Bear Market Forces Korea's Fifth-Largest Crypto Exchange to Close

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By CCN: The bitcoin bear market might be over, but it hasn't finished claiming victims. Coinnest — South Korea's fifth-largest crypto exchange — shut down this week. Users have until April 30 to withdraw any remaining funds. The closure comes months after a series of scandals roiled the crypto platform. In a notice to users on its website, Coinnest did not explain why it was shuttering, but...

Just One of Korea's 'Big Four' Bitcoin Exchanges Profited in Crypto Winter 2018

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By CCN.com: South Korea is the fourth most active country in the world in crypto trading, per Coinhills. This, however, did not count for much as three of the country’s top four bitcoin exchanges recorded losses in 2018. The big four are Upbit, Bithumb, Coinone and Korbit. According to Business Korea, only Upbit recorded a profit among the four. The largest loss was incurred by Bithumb. Last...

Artificial Intelligence Helps Korean Police Bust $19 Million Bitcoin Ponzi

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A special South Korean investigative agency in Seoul has successfully used Artificial Intelligence (AI) to unravel a cryptocurrency Ponzi scheme that defrauded 56,000 people of more than $18.7 million. The fraudsters targeted people who had little to no idea of how cryptocurrency worked and lured them in with juicy bonuses and free cryptocurrency, the Korea Joongang Daily reports. Following the...

Vitalik Buterin Urges South Korea to Deregulate Blockchain, Embrace Crypto

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Ethereum co-founder Vitalik Buterin and a bipartisan group of lawmakers urged the South Korean government to deregulate the blockchain industry. They say the current laws are overly restrictive and therefore, inhibit innovation. Buterin made the remarks while speaking at a meeting of the South Korean parliament, News1 reported. "Blockchain is a technology that can be run without cryptocurrencies...

Massive Bitcoin Exchange Hack Exposes Bithumb's Arrogant Disregard of Security

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In another blow to the crypto industry's reputation, South Korean bitcoin exchange Bithumb was hacked again on Saturday morning. The hack marks the second time the exchange has been successfully penetrated in less than a year. Is arrogance or incompetence to blame? Bithumb Hadn't Even Repaired its Reputation Since the Last Hack The Bithumb hack saw the offenders make off with around $20 million...

$20 Million Bithumb Hack Exposes Alarming Threat to Bitcoin Exchanges

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Bithumb, the largest bitcoin exchange in South Korea alongside Upbit, has been hacked for around $20 million. The company said that user funds stored in crypto cold storage wallets were not hacked, but corporate funds were moved. Bithumb Hack Likely an Inside Job Cold storage wallets refer to offline wallets that are not connected to the internet that major exchanges utilize to eliminate the...

Kakao's Crypto Arm Rakes in $90 Million Through Members-Only ICO

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In yet another sign that the Crypto Winter is beginning to thaw, fundraising in the industry is once again alive and well. Ground X Corp, which is the crypto arm of South Korea-based mobile giant Kakao, has raised a cool $90 million in a private coin offering and is targeting the same amount in yet another fundraising round expected to kick off this week, Bloomberg reports. Ground X's decision...

Bernie Sanders and His $15 Wage Plan Won't Help the Poor. Just Ask South Korea.

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U.S. Senator Bernie Sanders is running for president in 2020, and as expected, he is focusing his campaign on his signature $15 minimum wage initiative. However, contrary to what Bernie Bros think, a forced increase in basic wage could lead to a drastic decline in jobs growth, cripple small businesses, and trigger an overall slowdown in the economy. Just ask South Korea. South Korea Just Went...

Korea Bitcoin ETF Approval Depends on US SEC Decision, Admits Stock Exchange Official

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South Korea has joined the cryptocurrency community when it comes to waiting for the US' verdict on Bitcoin exchange-traded funds (ETF). The nation's sole bourse operator, Korea Exchange (KRX), admitted that it was carefully observing the constantly-unfolding crypto ETF scenario in the US. An official at the exchange - on condition of anonymity - told the Korean Herald that seeing the Securities...

Here's How the Gov't of Seoul is Using a Public Blockchain in the Real-World

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The government of Seoul is using ICON, the largest blockchain project in South Korea by valuation, to process information, issue documents, and conduct a wide range of administrative tasks. On February 8, the Seoul Metropolitan Government moved forward with its plans to develop a blockchain ecosystem with the people of Seoul by creating the Seoul Blockchain Governance Team. The Seoul Blockchain...

A Central Bank Digital Currency May Lead to All Kinds of Monetary Chaos, says Korea's Central Bank


A Central Bank Digital Currency (CBDC) is not good for a country's financial stability, said the Bank of Korea in its latest report. Dubbed as 'Central Bank Digital Currency and Financial Stability,' the study found that the introduction of CBDC deposits would radically decrease the supply of private credit by commercial banks. As a result, those banks will likely increase their interest rates...

Report: Crypto Exchanges in South Korea Scrambling to Survive as Bear Market Hits Hard

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According to a local publication Blockinpress, crypto exchanges in South Korea are struggling to adjust to changing market conditions and the 14-month-long correction. Since January 2018, the global crypto exchange market has seen a rapid decline in volume. With the exception of Bitcoin and Ethereum, the majority of both major digital assets and tokens have seen a 50 to 90 percent decline in...

Why South Korea Had to Ban Crypto ICOs and Risk Losing Multi-Billion Dollar Opportunities

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This week, the government of South Korea officially decided to maintain its existing blanket ban on domestic initial coin offerings (ICO) in a move that could benefit other major crypto markets in Asia. On Friday, the virtual currency task force of the Office for Government Policy Coordination released a comprehensive report on the ICO industry. Local financial authorities stated that the...

Ban Hammer Remains: South Korea’s Financial Services Commission Refuses to Lift ICO Ban


The ban on initial coin offerings in South Korea will stay, the country’s financial regulator has said in a statement. The decision by the South Korean Financial Services Commission (FSC) follows a survey which the regulator commissioned. Among the findings of the survey include the fact that some ICO projects misrepresented themselves. For instance, some had claimed to be fundraising abroad but...

Korea's Biggest Crypto Exchanges Have an Internal-Hotline to Check Suspicious Trading Activity

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South Korea's top cryptocurrency exchanges, even as competitors, have launched a joint initiative to strengthen their anti-money laundering efforts. According to a joint press release, Bithumb, Upbit, Corbit, and Coinone announced that they have established a joint anti-money laundering initiative. The plan includes a hotline between the four entities that share real-time information on...

South Korea's Largest Bitcoin Exchange May Go Public on US Stock Market, Will Anyone Care?

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By CCN.com: US investors may soon be able to invest in one of the world’s largest bitcoin exchanges following its listing on the over-the-counter (OTC) US stock market. No, Silicon Valley darling and cryptocurrency unicorn Coinbase hasn’t decided to go public, but Bithumb -- the largest bitcoin exchange in South Korea and one of the world’s highest-volume crypto trading platforms -- could soon...

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 bitcoin and Korean won and is looking how to reclaim...

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 three-year sentence for his role in the scam, while the...

Vinny Lingham: Crypto Market Won't Recover Anytime Soon

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Vinny Lingham, a general partner at Multicoin Capital and the CEO of Civic, believes the crypto market won’t recover any time soon. He said: The crypto market will rise again, but most likely only when the pain of the recent fall becomes a distant memory. Don’t underestimate the power of psychology in free markets. Why Crypto Could Take a Long Time to Recover In 2017, the crypto market saw one of...

Bear Market Birthday: The Crypto Bubble Popped One Year Ago Today

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One year ago today, the crypto bubble reached its fever pitch before the inevitable crash that occurred throughout the remainder of 2018 and has lingered into the new year. Crypto Market Down 84% on Anniversary of All-Time High According to CoinMarketCap, the cryptocurrency market cap -- which measures the combined notional value of all cryptocurrencies -- reached $835.7 billion on Jan. 7, 2018...

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


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 30-year-old Ahn Park, who alleged his Bithumb account was hacked on...

South Korea’s Blockchain Body Wants 6th Largest City Turned into Crypto Hub


South Korea’s blockchain association intends to lobby the authorities in the city of Gwangju to turn the urban area into a ‘specialized Crypto-Valley District.’ According to the Korea Blockchain Enterprise Promotion Association (KBEPA), turning South Korea’s sixth-largest city into a cryptocurrency hub will create numerous jobs. To achieve this the blockchain body, which was founded in July this...

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


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 the management of public keys to access...

South Korean Bitcoin Exchange Upbit Denies Fraud Allegations as Executives are Formally Charged

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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...

Crypto Market Risks Dip Below $100 Billion After Dropping $15 Billion in Bad Week


In the past seven days, the valuation of the crypto market has dropped from $117 billion to $102 billion, by just over $15 billion. Major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) performed poorly against the U.S. dollar, experiencing losses above the 10 percent mark. Out of the three most valuable crypto assets in the space, the Ethereum price suffered the worst drop...

South Korean Tech Giant Kakao Invests in Blockchain Project Orbs

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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 production-ready scalability...

South Korean Crypto Exchange Launches Ripple-Based Blockchain Remittance Service

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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...

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 digital asset trading platform operators in...

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 around cryptocurrencies. Hong, who has...

Japanese Regulator Aims to Reduce Crypto Tax to Revitalize the Market

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In October, the government of Japan hinted its plans to ease the process of taxing crypto investments to refrain impractical taxation frameworks from negatively affecting the local market. At the time, a committee of tax experts that is tasked to advise the government on taxation matters encouraged the authorities to simplify the complex process of disclosing taxable amounts that occur in...

South Korea's National Assembly to Engage in First Crypto Debate: Possible Outcomes

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On December 10, South Korea’s National Assembly along with several members of the Congress are set to hold the country’s first official debate around crypto involving high profile government officials. Expected Talking Points of the Debate The meeting, arranged by the local market’s largest cryptocurrency exchanges including Upbit, Bithumb, Korbit, Gopax, and Coinone, will have executives of...

Chile Court Says Banks Can Ban Crypto Exchanges: Will Market Survive?

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On December 6, the Third Chamber of the Chilean Supreme Court officially sided with the state-owned BancoEstado after it banned a local crypto exchange by shutting down its bank account. Orionx, a digital asset trading platform based in Chile, filed an appeal with the supreme court following an abrupt termination of its account by BancoEstado. Ultimately, the court ruled the case in favor of the...

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 came to some...

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 the...

South Korea to Test Blockchain-based Voting Prior to Integration with Online Voting

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Blockchain voting could soon be a reality in South Korea if the trial on a system based on distributed ledger technology turns out successfully. According to The Korea Times, the development of the blockchain-based voting system will be completed in December. The system which is the brainchild of South Korea’s National Election Commission and the Ministry of Science and ICT is aimed at enhancing...

Paraguay Backs Plan to Build World's Largest Bitcoin Mining Farm

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The Blockchain Technology Foundation, which is also referred to as the Commons Foundation, has been based in South Korea since its inception, but recently completed talks with the government of Paraguay regarding the establishment of something rather massive: the world’s largest bitcoin mining farm and crypto exchange. Many readers may be surprised to know that Paraguay is a hub of renewable...

US, Korea, China Stock Markets Plummet: is Crypto Correlated?


The crypto market is continuing to lose its value as the U.S., South Korea, and China demonstrate record high losses in their respective stock markets. As an alternative store of value, cryptocurrencies are considered as viable long-term investments, especially by millennials, in a period of global financial market instability and volatility. However, recent weeks have shown that cryptocurrencies...

Tezos Korea Foundation Joins Forces with Yonsei University to Promote Blockchain

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The South Korean arm of the Tezos Foundation has signed a Memorandum of Understanding (MoU) with Yonsei University for the development of unique talents and expertise in blockchain technology, according to a press release  published by Tezos. The release reads: “Through this agreement, both sides will strengthen the expertise of the blockchain and education expertise, and discuss various...

South Korea to Track Beef Through Entire Supply Chain on a Blockchain


A blockchain technology pilot aimed at tracking beef through the entire food supply chain has been announced in South Korea. The pilot will be jointly undertaken by the Ministry of Science and ICT and the Ministry of Agriculture, Food and Rural Affairs, according to Yonhap News Agency. The launch date has been set for next month in North Jeolla Province and after a brief trial period, there will...

North Korea to Host Another Blockchain and Cryptocurrency Conference

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In a bid to showcase some of its technological advancement and show its support for the blockchain technology, North Korea has announced plans to hold a blockchain and cryptocurrency conference. This comes on the heels of a similar conference held in August. The country announced that plans are already in the works for them to host some of the foremost experts in cryptocurrency operations and...

Korea's Biggest Power Utility is Developing a Microgrid on a Blockchain


Korea Electric Power Corporation (KEPCO), South Korea's largest power utility company has announced that it is pursuing a plan to develop a blockchain-based microgrid dubbed the 'Future Micro Grid'. Revealing the information in an announcement posted on its website on November 18, KEPCO President and CEO Kim Jong-gap stated that the proposed 'KEPCO Open MG' framework will create an 'open energy...

South Korea’s Zeniex Exchange to Shut Down After Less Than 6 Months

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Barely five months after Zeniex was launched, the South Korean cryptocurrency exchange is closing shop. The exchange, which was unveiled in May, has disclosed that it will cease all operations on November 23. Zeniex blamed the development on the problems facing its ZXG token. "… with recent issues regarding ZXG, we have gone through great deliberation both internally and externally," read a...

Guilty Conscience? $30M Crypto Exit Scam in South Korea Refunds Victims

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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 its operators shut down all of their social media handles including KakaoTalk...

North Korea Hacked Crypto Exchanges and Ran ICOs to Fund Regime: Report

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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 ruling elite are...

South Korean Crypto Exchange Pure Bit Exit Scams with 13,000 Ether: Report

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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 “high formality” fashion of the Korean language. 🇰🇷 - New Korean...

South Korean Lawyers Lobby for Cryptocurrency, Investor Protection Laws

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The Korean Bar Association has called on the government to establish a legal framework for the cryptocurrency and blockchain sector. In a news conference at the Korean parliament on Thursday, the Korean Bar Association publicly urged the government to develop laws designed to protect investors whilst encouraging the domestic blockchain industry. In quotes reported by Reuters, Bar Association...