Korean Crypto Exchanges Update Terms to Accept Liability for Hacks

Korean Crypto Exchanges Update Terms to Accept Liability for Hacks

A number of South Korean cryptocurrency exchanges have been forced to update their terms and conditions to accept liability for potential hacks and service issues. According to a report by the Yonhap News Agency, South Korea’s antitrust watchdog, the Fair Trade Commission, said Monday that five exchanges in total had made the change after it issued a corrective recommendation.
Korea’s Biggest Bank Is Preparing to Custody Digital Assets

Korea’s Biggest Bank Is Preparing to Custody Digital Assets

KB Kookmin, the largest bank in South Korea, is preparing launch a digital asset custody offering. According to a report from CoinDesk Korea, the institution is teaming up for the effort with blockchain startup Atomrigs Consulting, with the two entities signing a strategic business agreement on June 10. Atomics Labs is developing a product called Lime that secures digital assets such as cryptocurrencies using secure MPC technology.
Every Game This South Korean Startup Makes Has Its Own Blockchain

Every Game This South Korean Startup Makes Has Its Own Blockchain

South Korean blockchain game startup Planetarium is planning to launch a test version of a new decentralized game, Nine Chronicles, later in this month. The role-playing game will store its storyboard and data all on a blockchain. Its own blockchain. This is the first game developed with Planetarium’s game authoring tool which will be officially released as an open source platform this year.
North Korean Hackers Attack Upbit Users in South Korea

North Korean Hackers Attack Upbit Users in South Korea

North Korean hackers have made a phishing attempt on users of the South Korean crypto exchange Upbit. News correspondents in Korea broke this development on May 29, 2019, detailing the ploy to steal Upbit users’ information. The hackers sent out an email claiming that Upbit users needed to submit more information to become eligible for a prize drawing. When users opened up the email reportedly containing information about a phony sweepstakes and its payout, malware would activate, giving the hackers access to user information and control of their devices for later access.
North Korean Hackers Target Crypto Exchange UpBit’s South Korean Users

North Korean Hackers Target Crypto Exchange UpBit’s South Korean Users

North Korean hackers have allegedly attacked users of South Korean exchange UpBit with a clever phishing exploit. According to data released by the security company East Security, the hacker attempted a cyberattack by sending a phishing e-mail on May 28. The subject of the mail suggested that UpBit needed more information for a customer’s fictional sweepstakes payout. The mail did not come from UpBit but from another server.
Korean Government Plans Action Over Risks of Resurgent Crypto Market

Korean Government Plans Action Over Risks of Resurgent Crypto Market

With the price of bitcoin surging to a yearly high Monday, the South Korean government has held an emergency meeting over the risk of losses for investors, CoinDesk Korea reports. Noh Hyeong-ouk, minister for the Office for Government Policy Coordination, announced the inter-agency meeting in a government statement earlier on Tuesday, saying participants included Ministry of Economy and Finance, the Ministry of Justice and the nation’s top financial watchdog, the Financial Supervisory Commission.
South Korea’s Shinhan Bank Turns to Blockchain to Speed Up Loan Issuance

South Korea’s Shinhan Bank Turns to Blockchain to Speed Up Loan Issuance

Shinhan, one of the oldest and largest banks in South Korea, is using blockchain technology to speed up the approval process for loan products. Specifically, the bank will use a blockchain platform to verify the items of proof required for credit lending, such as qualification or certification documents, Yonhap reported Monday. Until now, customers had to submit these documents directly to the bank to undergo time-consuming manual verification of their authenticity, according to the report.
Upbit Operator Dunamu Invested $46 Million in Blockchain Startups in Last Year

Upbit Operator Dunamu Invested $46 Million in Blockchain Startups in Last Year

South Korean fintech firm Dunamu, operator of cryptocurrency exchange Upbit, says it invested 55 billion won ($46 million) in 26 blockchain startups over the past year. The firm said Wednesday that the investments have been made mainly via its subsidiary Dunamu & Partners, which was launched in March 2018. At the time of the launch, the firm announced a three-year plan to invest 100 billion won ($84 million) in the blockchain industry. The investments have been into companies that are focused on developing core blockchain solutions, as well as those related to fintech and games, Dunamu said, which also operates the Kakao Stock trading app.
South Korean Police Confiscate Server Allegedly Linked to Bithumb Hack

South Korean Police Confiscate Server Allegedly Linked to Bithumb Hack

Last month, the South Korean exchange Bithumb lost about $13 million worth of cryptocurrency to hackers. While it initially appeared unlikely that the funds would ever be recovered, a recent police raid conducted in South Korea is giving hope that some of the money may be returned. Per reports from a local news outlet, the Cyber ​​Investigation Department of South Korea’s National Police Agency has seized an external server that it believes to be associated with the attack on Bithumb.
Crypto Exchange Bithumb Posts $180 Million Loss for 2018

Crypto Exchange Bithumb Posts $180 Million Loss for 2018

Bithumb, South Korea’s largest cryptocurrency exchange, has posted a net loss of 205.5 billion won ($180 million) for 2018. CoinDesk Korea reported the news on Thursday, saying that the loss was mainly due to a sharp decline in the cryptocurrency market last year, though the company’s operator BTCKorea also cited infrastructure investments and labor costs as factors.
South Korea’s Military Acquisitions Agency Plans Blockchain Pilot

South Korea’s Military Acquisitions Agency Plans Blockchain Pilot

The South Korean agency charged with military acquisitions has launched a blockchain pilot project aimed to improve business operations in the defense sector. The Defense Acquisition Program Administration (DAPA) announced Wednesday that the effort would involve building a blockchain platform to, among other benefits, prevent “illegal alteration” of defense business data.
Korean Crypto Scam Fleeced Investors for Over $18.5 Million

Korean Crypto Scam Fleeced Investors for Over $18.5 Million

Individuals behind a cryptocurrency scam in South Korea have cheated around 56,000 investors out of $18.5 million, police say. According to a report from Korea JoongAng Daily on Monday, the Seoul Special Judicial Police Bureau for Public Safety has arrested the CEOs of an online shopping website and a bitcoin firm, identified by their surnames Lee and Bae, as well 10 other people said to be involved with the Ponzi scheme.
Korea Seizes Bitcoin Worth $1.4 Million Following Supreme Court Ruling

Korea Seizes Bitcoin Worth $1.4 Million Following Supreme Court Ruling

The South Korean government is moving to confiscate 191 bitcoins seized in a child-porn cybercrime case in which the perpetrator has now been sentenced to jail and a $640,000 fine. According to Korean news agency Yonhap, the move comes after South Korea’s Supreme Court ruled on Wednesday that cryptocurrencies can be seen as property with value that can be subject to forfeiture in criminal cases.
New Korean Financial Watchdog Chief Takes Softer Tone on Cryptos

New Korean Financial Watchdog Chief Takes Softer Tone on Cryptos

The new head of a South Korean financial watchdog has taken a softer tone on cryptocurrencies and hinted that his agency may consider easing rules for exchanges, The Korea Times reports. Yoon Suk-heun, the incoming governor of the Financial Supervisory Service (FSS), who is considered a reformist in the country, told reporters at his inauguration, “Regarding cryptocurrencies, there are some positive aspects.
Korean Regulators to Probe Bank AML Measures for Crypto Exchanges

Korean Regulators to Probe Bank AML Measures for Crypto Exchanges

Two South Korea financial regulators are reportedly launching a probe into domestic banks over their implementation of anti-money laundering procedures for cryptocurrency exchanges. According to a report from Yonhap, the Financial Intelligence Unit and Financial Services Commission (FSC) will launch the inspection starting next month at banks offering corporate accounts to cryptocurrency exchanges.

Inside Jobs Dominate as Crooks Steal $1.7 Billion in 2018, 360% Higher Than 2017

Last year was the worst yet in regards to crypto crime, a new report reveals.
South Korea Is Trialing Blockchain Voting — Here’s What That Means

South Korea Is Trialing Blockchain Voting — Here’s What That Means

South Korea will test out a new blockchain voting system this month, sources close to the developments have confirmed to Bitcoin Magazine. Developed by the country’s National Election Commission (NEC) and its Ministry of Science and ICT, the distributed ledger system is based on IBM’s Hyperledger Fabric and will be used to authenticate voters and save voting results in real time. South Korean officials believe a blockchain voting system will increase both security and transparency, thereby improving people’s trust in digital voting.
Korea’s KAIST University Adds Blockchain Application Courses to Curriculum

Korea’s KAIST University Adds Blockchain Application Courses to Curriculum

South Korea’s leading technology university, the Korea Advanced Institute of Science and Technology (KAIST), is working with Theta Labs, the first blockchain-based video delivery system, to introduce students to an entirely new set of coursework regarding the applications of blockchain technology.   “We’re kicking things off with a seminar at the electrical engineering school this Friday [the 16th] where we’ll be providing a high-level overview of blockchain technology and current trends in development,” Theta Labs CEO Mitch Liu told Bitcoin Magazine.

South Korea’s First Crypto Fund Shut Down Over Regulatory Pressure

South Korea is a very interesting region when it comes to cryptocurrencies. In most cases, there is nothing but positive news first and foremost. At the same time, local regulators are looking for ways to ensure the industry gains more legitimacy. This has forced the first cryptocurrency fund in the country to shut down effective immediately. A Major Setback in South Korea Most cryptocurrency enthusiasts look at South Korea as a bastion of proactive regulation.

Bitstamp, Europe’s Largest Crypto Exchange Acquired By South Korean Firm

In what’s turning out to be a popular trend, Bitstamp cryptocurrency exchange has been acquired by a South Korean investment firm. Bitstamp, which is the oldest major exchange in the world, disclosed the deal today, October 29. NXC, the South Korean tech investment giant made the purchase through its Belgium-based subsidiary, NXMH. The purchase comes a year after the firm purchased a controlling stake in South Korea’s Korbit crypto exchange. As revealed by Bitstamp’s CEO, there had been a number of interested investors, but Bitstamp settled on NXMH as it gave it the chance to retain its operational structure.
Korean Crypto Exchange Earns Key Government Cybersecurity Certification

Korean Crypto Exchange Earns Key Government Cybersecurity Certification

South Korean cryptocurrency exchange GOPAX has become the first blockchain company to attain K-ISMS certification, the official standard in Korea for information security management systems. This is an important sign of approval by the Korean government regarding GOPAX’s cybersecurity infrastructure. K-ISMS certification is an official domestic standard regarding the establishment, management and operation of information security systems for selected industries including server hosts, portal services and internet service providers.

After Second Hack This Year, South Korean Exchange Youbit Closes Down

South Korean exchange Youbit announced on its website today that it is closing down after a hack early Tuesday, December 19, 2017, that resulted in the loss of 17 percent of its assets. The exchange, previously known as Yapizon, did not indicate how many bitcoins or other cryptocurrencies were stolen or what the total fiat value of the attack amounted to, but it was enough to lead to bankruptcy.
Ripple Price Leaps Another 32% as FOMO Sets In

Ripple Price Leaps Another 32% as FOMO Sets In

The ripple price climbed another 32 percent on Thursday as South Korean traders continued to demonstrate insatiable demand for XRP.

Small Korean Investors are Buying Bitcoin Instead of Stocks

Bithumb, Korea’s largest cryptocurrency exchange, experienced a 182-times increase in virtual currency transactions this year.
Leaked: South Korean Government’s Four Bitcoin and Cryptocurrency Regulations

Leaked: South Korean Government’s Four Bitcoin and Cryptocurrency Regulations

Earlier today, as South Korean mainstream media outlet Hankyoreh reported, the South Korean government’s planned regulations around bitcoin and the cryptocurrency market have been leaked.