Tagged: south korea

New South Korean Task Force to Tackle 800% Reported Increase in Cryptocurrency Crime

The South Korean Supreme Prosecutors’ Office has created a task force dedicated to responding to a reported 800% increase in cryptocurrency crime complaints, South Korean news agency Naver reports. The task force, which will reportedly be, “packed…with professional investigators, prosecutors, and investigators as team heads,” was… Read More

Kakao Ventures Backs Blockchain based Payment Platform & Stablecoin Terra

Blockchain-based payment platform Terra has received an investment from VC Kakao Ventures – an independent subsidiary of South Korea’s internet firm, Kakao. The amount of the investment was not disclosed but was said to fund the expansion and mainstream usage of Terra’s blockchain payment solution… Read More

Korean Crypto Exchange Coinbin Declares Bankruptcy Following Alleged $26 Million Embezzlement

South Korea Flag

Korean cryptocurrency trading platform Coinbin, which took over “Top Ten Korean …Exchange” Youbit last April after Youbit lost $15 million USD (17 billion won) in customer funds in a hack, has declared bankruptcy and ceased all trading on February 22nd, Business Korea reports. Coinbin CEO Park Chan-kyu… Read More

Hedera Hashgraph Announces Governing Council Members, Selects Deutsche Telekom, DLA Piper, Nomura Holdings and More

Speedy blockchain Hedera Hashgraph has announced the first members of the Hedera Hashgraph Governing Council. The group will guide changes to the software run by Hedera distributed nodes over time. Hedera says the initial Council members will be Deutsche Telekom, DLA Piper, Magazine Luiza, Nomura Holdings,… Read More

Bank of Korea Says Central Bank Cryptocurrency Would Cause Cash Shortages and Escalating Interest Rates

Bankers at Korea’s central bank, the Bank of Korea, have issued one of the most decisive warnings against the creation of a central bank-backed cryptocurrency so far, The Korea Times reports. International Monetary Fund head Christine Lagarde called last year for an “even-handed approach” to… Read More

Bitfury Jumps on Korean Company’s “Golden Goose” Publicly-Subsidized Cryptomine Venture in Paraguay

Bitfury, one of the world’s largest cryptomining  and “blockchain-services” firms has announced it is partnering with the Korea-based company Commons Foundation, “to open and operate Bitcoin transaction processing centers in Paraguay as part of the foundation’s “Golden Goose” initiative to expand cryptocurrency and blockchain innovation… Read More

Korean Government Upholds ICO Ban: “No Company Had Actual Service,” Tokens Dumped

Citing “high risk,” “insufficient disclosure,” “no actual service” and token dump price plunges of 68% immediately after privately sold coins are introduced onto public exchanges, the Korean Government has decided to uphold strict regulation (reportedly a ban) on ICOs (initial coin offerings). The government made the decision… Read More

Terra Unites with Fantom to Accelerate Mainstream Stablecoin Adoption

Terra, a project building the next-generation payment system based in Singapore and Korea,  has partnered with South Korean based Fantom, a DAG-based smart contract platform for real-time cryptocurrency payments, to accelerate the mainstream adoption of its stablecoin. Terra and its alliance of eCommerce partners will… Read More

“Airdrop” Awry: Korean Crypto Exchange Accidentally Sends $5.3 Million in Crypto to Users

A Korean exchange called Coinzest accidentally sent users $5.3 million in Bitcoin and Ethereum last week, Cryptonews reports. Coinzest was in the midst of conducting a promotional “airdrop” of a crypto token called WeGameTokens (WGT), but thanks to a “computer error,” the exchange sent users… Read More

Execs from Komid Crypto Exchange Convicted of Wash Trading in Korea. One Blames Finance Authorities for Not Stopping Him

Two executives from the Korean cryptocurrency Komid have been imprisoned for creating fake volume on the exchange in order to deceive investors, Korean media outlet Blockinpress reports. Komid Choi has reportedly been sentenced in Seoul to three year’s imprisonment for fraud and embezzlement, and an accomplice, Park… Read More

OurCrowd Signs Partnership Agreement with South Korea’s Hana Bank to Support Innovation Ecosystem

The global leader in equity crowdfunding, OurCrowd, has signed a new investment partnership agreement with South Korea’s KEB Hana Bank. The move by OurCrowd is further indication of its growing relationship with institutional investors and its significant foothold in Asia. In a release, OurCrowd said… Read More

Majority of Korean Crypto Exchanges Fail Security Check

Investigators from the Korean Ministry of Science, Technology and Information and the Korea Internet Development Agency (KISA) have found “weak” security at 31 0f approximately 38 crypto exchanges studied, ZDNet reports. Investigators deployed an 85-point security checklist to participating exchanges and found that, “14 exchanges… Read More

70-80% of South Korean Cryptocurrency Mines Close As Costs Exceed Prices

At the top of markets in December 2017, mining an Ether, the native cryptocurrency of the Ethereum network, cost about 240,000 Korean won ($213 USD), and that Ether could be sold for 2.3 million won ($2093 USD). At that time, South Korea was the third… Read More

E-Cash Laws Do Not Apply: Korean Courts Find Bithumb Crypto Exchange Not Responsible for Customer Funds Lost in Hack

The Jury by John Morgan Trial Court Judge Law

The importance of storing one’s cryptocurrency safely was highlighted in South Korea this week when a court there decided that Korean crypto exchange Bithumb is not liable for customer funds hacked from an account there, Han Kyung reports. According to the outlet, an investor with… Read More

Researcher: Asia Still the Big Driver in “Crypto Assets”

Researchers at the Mosaic “cryptoasset data and research platform” have assembled a report showing that Asia is still the centre of the universe when it comes to crypto-price action. The company begins by describing “key headline events” in China, Korea and Japan during the course of… Read More

Three Employees at Upbit, Korea’s Largest Crypto Exchange, Indicted for Fraud

About one week after its CEO delivered a keynote address to the Korean parliament on the regulation of crypto markets there, the Upbit cryptocurrency exchange’s board chair, finance director and an employee have been indicted for allegedly, “inflat(ing) the volume of transactions by making ($226.2… Read More

JB Financial Group Signs MOU With CIMB Niaga For Open Banking Platform Business in Indonesia

JB Financial Group (KRX:175330), a Korea-based retail finance group, announced on Monday it has signed a memorandum of understanding (MOU) with CIMB Niaga, a leading Indonesian commercial bank, and MITRA JASA LIMA for the open banking platform business in Indonesia.  According to JB Financial, the… Read More

Korean Parliament Holding Special and First Ever Session Today to Discuss Cryptocurrency Exchanges

Members of South Korea’s Democratic, Liberal-Democratic and Right Future Party will hold their first debate on the subject of cryptocurrency exchanges today in the Korean parliament, local media outlet Hani reports. Cryptocurrency exchanges have been operating in Korea since 2013 and exchanges there are some… Read More

P2P Money Transfer Service Toss Gets Unicorn Status in $80 Million Funding Round

Korea based Viva Republica, creator of the peer to peer money transfer service Toss, has raised $80 million led by some pretty big names. VCs Kleiner Perkins and Ribbit Capital led the funding round. The investment has delivered unicorn status for the Fintech as the… Read More

Korean Firm Signs Deal for Large Crypto Mining Farm and Guaranteed Cheap Electricity in Paraguay

Regardless of recent stories of bear markets and electricity rate hikes bankrupting small crypto miners across the globe, a Korean company called the Commons Foundation has announced it is opening, “the world’s largest cryptocurrency mining center and global cryptocurrency exchange,” in energy-rich Paraguay. Commons Foundation says… Read More

Send this to a friend