Posts Tagged ‘South Korea’

Korean Cryptocurrency Exchange Bithumb Loses More Than $30 Million in Hack

Seoul-based bitcoin exchange Bithumb said it had lost $31.56 million (35 billion won) worth of cryptocurrencies as the result of being hacked, the second cyberattack in two weeks to hit a major South Korean cryptocurrency exchange as safety concerns hamper the industry and weigh on prices. Bithumb has temporarily halted withdrawal and deposit services. The […]

Top South Korean court recognises cryptocurrency as asset

South Korea’s top court confirmed a previous appellate court order to confiscate the 191 bitcoins from a person named Ahn, worth 2.4 billion won (US$2.3 million) earned from running an online pornography website. In doing so the Supreme Court recognised cryptocurrency as an “asset with measureable value.” This marks the first time a cryptocurrency has […]

As China Softens Stance on ICOs, Huobi Exchange Announces $93 Million Blockchain Fund

Huobi, the world’s third largest cryptocurrency exchange, has reportedly teamed with other substantial Asian-based partners to launch a $93 million fund to invest in blockchain start-ups. The new fund will specifically be investing in blockchain start-ups in China and South Korea and is intended to encourage cooperation between blockchain initiatives between the two countries. Read […]

China rapidly embracing fintech while Korea trails behind

Korea’s fintech adoption rate is less than half of China, according to a fintech trend report released by the Financial Supervisory Service. The financial watchdog cited the “EY FinTech Adoption Index 2017” report from global consulting firm Ernst & Young to compare the fintech adoption rate among 20 major markets across the world. According to EY, […]

Corporations Bypassing Korean ICO Regulations With Overseas Subsidiaries

An increasing number of corporations in South Korea are establishing cryptocurrency and blockchain subsidiaries abroad due to restrictive regulations. They are seeking opportunities in countries like Japan, Switzerland, Singapore, and Gibraltar. For example, the parent companies of the two most popular chat apps, Line’s Naver and Kakao Corp, have established crypto and blockchain subsidiaries in Japan. Hyundai BS&C, […]

South Korean cryptocurrency executives detained

South Korean prosecutors have detained Kim Ik-hwan, chief executive of Coinnest, South Korea’s fifth-largest cryptocurrency exchange, and the head of another cryptocurrency exchange, along with two other executives at the exchanges for alleged embezzlement and fraud. Prosecutors raided three exchange operators including Coinnest last month and seized their books. They allege that the four executives […]

South Korea’s Capital Is Planning to Launch Its Own Cryptocurrency

The South Korean city of Seoul is developing its own cryptocurrency — the “S-Coin” — to be used in city-funded social benefits programs, says its mayor. The city will also create a fund to support the advancement of blockchain technology and related startups. Read more

Bank of Korea Poll: 40% of Young Adults Enthusiastic About Cryptocurrency

The Bank of Korea announced the results of its poll on the means of payment conducted on 25,011 adults aged 19 and older nationwide from September to November of 2017. The results show that 40% of young adults are eager to possess cryptocurrencies. South Koreans who are in their 20s and 30s are familiar with cryptocurrencies […]

South Korean Crypto Exchange Operator Dunamu To Invest Up To US$93M In Blockchain Startups

Dunamu, the company behind South Korea’s cryptocurrency exchange platform Upbit, has announced that it is allocating as much as KRW 100 billion (US$93 million) to invest in blockchain technology in the next three years. In particular, the company said it will invest in blockchain startups tackling areas that include data analytics and management, artificial intelligence and […]

Chinese Crypto Crowd Scrambles For Token Issuances As ICO Ice Age Approaches

The mood at a blockchain conference in Seoul, South Korea attended mostly by the Chinese crypto crowd this week was a mixture of euphoria, unease and desperation. Despite a Chinese government ban of ICOs, which is essentially a way for new blockchain projects to raise capital via issuing new tokens to investors, ICO projects have […]