South Korea’s four major cryptocurrency exchanges, Upbit, Bithumb, Coinone, and Korbit, reportedly stated that they would support the local police in investigating the so-called “nth rooms” phenomenon, which turned into a nation-wide scandal. Crypto Exchanges Reportedly Said Celebrities Were Users For years, dozens of South Korean middle school girls, and sometimes boys, were filmed performing violent sexual acts and self-harm. The videos were then shared through Telegram chat rooms in exchange for payments made in […]
Bitcoin price has returned to the $9,000 territory again, after falling below $8,500 during the first day of the month. Here are the three main reasons why the largest crypto by market cap is about to update the February peak. India Lifts Crypto Ban As we reported yesterday, India has de facto accepted the use of cryptocurrencies when the Supreme Court had nullified a decision of the Reserve Bank of India (RBI) to ban crypto […]
South Korea’s parliament has officially recognized crypto trading as legal in the country. The move comes after two years of deliberations into how to develop concrete guidelines for cryptocurrencies. South Korea Legalizes Crypto Trading According to The News Asia, South Korea’s National Assembly passed an amendment to its Reporting and Use of Specific Financial Information Act, legalizing cryptocurrency trading. Local South Korea media outlet Maeil Kyungjae revealed that the motion to amend the bill received […]
South Korean crypto exchange, Upbit, started to block withdrawals for its foreign users back in December 2019. Initially it was thought to be in response to the hack that took place, but now it seems it may have something to do with the company’s outstanding tax fine. Was the Upbit hack worse than initially reported? Over 6300 Chinese crypto traders have been prevented from withdrawing their funds held on Upbit since December when initial reportsRead More
The Seoul Southern District Court has acquitted senior executives at Upbit crypto exchange of fraud charges. Insufficient Evidence Against Upbit Chiefs Delivering judgment on the matter, Deputy Judge Oh Sang-yong dismissed the 30-count criminal fraud and market manipulation charges leveled against the Upbit directors for lack of evidence. According to South Korean media outlet Newsis, the court declared that the activities of the Upbit hierarchy were not sufficient to materially impact the spot price ofRead More The post appeared first on Bitcoinist.com.
Popular South Korean crypto wallet, Bitberry, is closing down soon. The CEO of Bitberry’s parent company cited “market deterioration and uncertainty in the blockchain industry” as the reason for discontinuing the app. Bitberry falls victim to the bear market blues South Korean cryptocurrency wallet app, BitBerry, is closing down for good on the 29th of February, 2020 at 3:00pm. According to a local outlet, all support for the app will be terminated. Bitberry gained significantRead More The post appeared first on Bitcoinist.com.
The South Korean military’s Military Manpower Administration has partnered with Raonsecure, one of S. Korea’s leading ICT security software companies, to provide a blockchain-based biometric ID and authentication solution for the S. Korean Military. South Korean Army Goes Digital The South Korean Military’s Military Manpower Administration has announced that they will be adopting a new biometric ID and authentication solution designed by Raonsecure, one of the leading cybersecurity firms in South Korea. Raonsecure is alsoRead More The post appeared first on Bitcoinist.com.
The South Korean crypto ban placed back in 2017 was a breach of fundamental rights, holds the arguments in a recent public plea. South Korean Government Placed Multiple Restrictions on Trading, ICOs South Korea moved in to curb the activity of exchanges, stemming the inflow of fiat to those markets. The ban, which happened near the peak of the 2017 bull market, added to the loss of value. South Korean investors have moved into cryptoRead More The post appeared first on Bitcoinist.com.
The Korean Upbit Exchange plans to reopen deposit wallets for its leading assets, including XRP, EOS and Litecoin (LTC). Upbit Wallets Reopen for XRP, EOS, LTC, and ETH Upbit, which saw 342,000 ETH siphoned from its wallets, will start with reopening its facilities for Litecoin (LTC), XRP, and EOS on January 9. ETH is reserved for later, and access will be held back until January 13. Upbit reopened its Bitcoin (BTC) wallets in early December,Read More The post appeared first on Bitcoinist.com.
The South Korean central bank is the latest in the list of national banks to reveal its intentions towards central bank crypto (CBDC). South Korea Joins Crypto Research Race According to local media, the Bank of Korea has begun hiring crypto-asset experts signaling that the central bank may begin developing its own CBDC. It added that successful candidates will head research on blockchain solutions and digital payment platforms. The BoK has yet to confirm that
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Waltonchain, the blockchain-based supply chain tracking platform, is reshuffling its leadership. The position of CEO will now be taken by Do Sang Hyuk, who will bring in experience as a business leader in South Korea. Mo Bing, Former CEO, Will Remain in Consultant Role According to an official announcement, Mo Bing, the former CEO of the project, is stepping down from his role but plans to continue supplying consulting services to the platform. Mr. Do
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Upbit, one of the ‘big four’ South Korean crypto exchanges has reported an irregular 342,000 Ethereum (ETH) withdrawal from its wallet. While details remain sketchy as to the nature of the withdrawal, the platform says it will cover the amount from its corporate funds. Upbit: Irregular Withdrawal or Crypto Exchange Hack? In what seems like a possible hack, Upbit released an official statement on its website revealing an irregular withdrawal of 342,000 ETH (about $51
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Senior executives at a South Korean crypto exchange have been indicted in connection with a $386 million investment fraud. The news marks yet another drastic action taken by authorities in the country against cryptocurrency exchanges. Eight Crypto Exchange Execs Indicted for Fraud According to Yonhap News, a court in Seoul on Monday (November 11, 2019) sentenced Kang Seok-jung, CEO of crypto exchange Coinup to 16 years in prison. The court found the crypto exchange chief
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The operator of the Upbit exchange extends into another area of trading. Dunamu, the firm behind one of the leading South Korean exchanges, will launch an OTC platform for unlisted stocks. Dunamu Aggregates Data, Trading for Unlisted OTC Stocks Dunamu will open a platform to host all types of unlisted stocks, reported The Korea Herald. Dunamu will partner with Samsung Securities and data firm, Deep Search, to launch the platform by the end of the
The acquisition of South Korean bitcoin exchange Bithumb by BK Consortium has been scrapped. Bithumb Sale Hits Rocks Over Missed Payment Deadlines South Korean media outlet Hanguk Kyungjae says the proposed acquisition of Bithumb by BK Consortium may no longer go through. Reports indicate that the Singaporean entity led by a plastic surgeon and crypto investor Kim Byung-gun failed to honor agreed-upon payment schedules. Back in October 2018, Bitcoinist reported that BK Consortium was looking
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South Korean crypto exchange Upbit announced on Wednesday that it would make some changes to its crypto offerings. It is likely that the Korean crypto exchange operator will end the partnership with US-based Bittrex. Upbit Might Temporarily Suspend Support for Several Coins On September 25, Upbit said that it would restructure its crypto services starting from October 25. The date coincides with the end of the current agreement with US-based crypto exchange Bittrex. Thus, it
South Korean messaging giant Kakao is set to list its cryptocurrency token Klay on Upbit Indonesia. Klay Token Gets First Cryptocurrency Exchange Listing According to The Korea Times, Upbit Indonesia will be the first cryptocurrency exchange to list the Klay token. News first emerged of a possible listing earlier in September with a focus on securing an Asian-based exchange. Commenting on the planned listing, a spokesperson for Kakao noted: We decided to list Klay on
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Five major banks in South Korea have joined the Interbank Information Network (IIN) — JPMorgan’s blockchain payments project. This news further increases the Asian presence in the IIN initiative. Over 300 Banks Interested in JPMorgan’s IIN According to Fn News, five of the largest banks in South Korea have signed up to be part of JPMorgan’s IIN. These banks become the latest addition to the growing list of financial institutions looking to participate in the
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South Korean Blockchain projects are ditching the domestic market due to regulatory headaches, mainstream media report. South Korean Blockchain Projects Look Abroad Referencing a range of industry experts on August 18, local news outlet Business Korea noted the increasing tendency for Blockchain projects born in South Korea to seek out easier funding overseas. Major international exchanges are the focus for CEOs looking to raise cash, specifically those with high volume residing in a pro-crypto jurisdiction.
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South Korea has long been a key region for Bitcoin adoption. Now its government and banks are coming around, Googe Trends reveals an interesting pattern. Every day for the last week, South Koreans have been waking up with Bitcoin on their minds. Bitcoin Google Searches Show an Unmistakable Pattern Take a look at the Google trends worldwide chart for Bitcoin searches over the last week. Do you see a pattern forming? If you mouse over
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