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

By 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 … Read more

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

By 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 week, its parent company BTC announced a net loss of 205.4 billion Korean won ($180.7 million) for 2018. The losses were largely attributed to the fall in the value of the cryptocurrencies that Bithumb held.

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Artificial Intelligence Helps Korean Police Bust $19 Million Bitcoin Ponzi

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 … Read more

Vitalik Buterin Urges South Korea to Deregulate Blockchain, Embrace Crypto

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 … Read more

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

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 worth of EOS and Ripple (XRP). Three million EOS were stolen, along with 20 million XRP tokens. Influential crypto analyst Dovey Wan initially tweeted that the exchange’s cold wallet had been targeted, though that ultimately proved to be inaccurate:

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$20 Million Bithumb Hack Exposes Alarming Threat to Bitcoin Exchanges

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 … Read more

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

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 … Read more

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

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 and Exchange Commission’s (SEC) response to the bitcoin derivative products could assist KRX in understanding how they could move forward with similar investment offerings in South Korea. Excerpts from his statement:

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

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 … Read more