The South Korean Ministry of Science and ICT reported yesterday that only seven cryptocurrency exchanges including Upbit, Bithumb, Gopax, Korbit, Coinone, Hanbitco, and Huobi Korea have passed the security inspection checklist. A survey was conducted by the Ministry of Science and ICT, the Korea Internet & Security Agency and the Ministry of Economy and Finance, during the period of September to …
As the South Korean government continues to work on institutionalizing cryptocurrency exchanges, seven major players have signed an ‘Agreement for the creation of a sound cryptocurrency ecosystem’. Local media reports that the exchanges, Upbit, Bithumb, Korbit, Coinone, Gopax, Coinplug (Cpdax), and Hanbitco, have stated the accord’s aim is to not only to create a healthy ecosystem but also to prevent …
North Korea-based cybercriminals have cast their attention on to individual cryptocurrency investors and away from larger exchanges, according to a report from the South China Morning Post. Founder of cyber warfare research group IssueMakersLab, Simon Choi, has confirmed the growing change in tactics by cybercriminals from South Korea’s northern neighbor. This, after a step up to tighten security controls by …
A new cryptocurrency exchange review has reported that crypto-to-crypto exchanges out-peaked fiat currency pairs between mid-September to mid-October of this year. CryptoCompare’s October 2018 Exchange Review records average trading volumes of exchanges offering crypto-to-crypto trades peaked at USD 7 billion a day compared to fiat currency pair volumes only hitting USD 4 billion, showing that pure crypto exchanges have been …
Singapore Token Day celebrated Bitcoin’s 10th anniversary with its own event to promote cryptocurrency and blockchain adoption on the South East Asian peninsula. The organizers promised that Singapore Token Day would be a national event lasting over two weeks between 31 October to 18 November, with a view to informing the uninitiated about all things cryptocurrency. The hope is that …
South Korean cryptocurrency exchange Bithumb has sold majority control for USD 354 million to a Singapore-based medical group, according to the latest Reuters update. Bk Global Consortium has acquired the 51 per cent share in the exchange necessary to give it overall control. The deal was signed by BK International Consortium, a blockchain investment company formed by BK International, a …
Cryptocurrency exchange operators in South Korea can now be insured against hacks through an insurance firm that offers cyber-insurance to cover cryptocurrency losses. Crypto-Insured A typical cyber-insurance product compensates for the loss of personal information. However, a South Korean firm is taking the concept a step further by offering an insurance policy for money lost by cryptocurrency exchanges. The ‘hack’ …
Bithumb is conducting season 1 of its ‘Super Airdrop Festival‘, where it refunds traders 120% of trading fees. It has set aside a limit of KRW 1 billion per day for the refunds, which comes out to KRW 167 million (USD 149,000) of rewards each day. Clever traders have seized this opportunity to make profits by conducting wash trading. Wash …
The outcome of a recent inspection of 21 domestic cryptocurrency exchanges by the South Korean government has just been released. The inspections were conducted in June and July as a follow up to previous inspections in January and March of this year. The inspections identified 17 out of 85 items as needing immediate focus, 11 of which concerned crypto wallet management. …
Following the raid of South Korea’s largest cryptocurrency exchange UPbit on insolvency charges, an audit has confirmed that all of its digital currency balance sheets have not been subject to manipulation and the platform has the total funds it claims. Officials took action in May after concerns were raised that UPbit was inflating its trading volumes while manipulating the balance …
