Bitcoin 

South Korea: Crypto Crimes Cost $2.28B Since July 2017

The South Korean Justice Ministry estimates that cryptocurrency-related crimes have caused 2.69 trillion won (about $2.28 billion) of financial damage between July 2017 and June 2019. According to a July 21 report by English-language local media The Korea Herald, the ministry claimed that 132 cryptocurrency-related criminals and fraudsters had been indicted and detained, with another 288 indicted without physical detention during the aforementioned time frame. The report states that, while Justice Minister Park Sang-kim has ordered stern measures against cryptocurrency criminals, a lack of clear regulations on cryptocurrency exchanges has…

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Ethereum 

Binance Wants to Open a New Local Exchange in South Korea: Report

Binance, the world’s largest crypto exchange by daily trading volume to date, is reportedly planning to set up a branch in South Korea. Malta-based crypto exchange Binance is working with local partners in South Korea to launch a new exchange in the country, Binance CEO Changpeng Zhao (CZ) revealed, according to a report by crypto media outlet Block In Press on July 16. CZ reportedly said that the company does not know the details of the establishment of the new office in South Korea. However, a global representative of Binance…

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Ethereum 

South Korea’s Biggest Credit Card Patents Blockchain Payments System

South Korea’s leading credit card firm Shinhan Card has been granted a patent for a blockchain payments system, English-language local media The Korea Times reports on July 15. Per the report, with the newly patented technology the company has established a blockchain-powered credit transaction process allowing for setting spending limits, paying in monthly installments and carrying out payments. The outlet quotes an anonymous Shinhan Card official commenting on the development: “Services using those key functions of credit cards will be extended to the blockchain-based system, a notable advancement from the…

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Blockchain 

Mob Burns Down Purported Crypto Ponzi Schemer’s House in South Africa

An angry mob in Ladysmith, South Africa has reportedly torched the residence of Sphelele Mbatha, known as Sgumza, a manager of alleged crypto Ponzi scheme Bitcoin Wallet. The mob was likely a collection of victims who lost money through Bitcoin Wallet, according to the report by Ladysmith Gazette on July 10.  The local police have been investigating an unnamed Ponzi Scheme in Ladysmith, as reported by IOL. According to the report, however, Bitcoin Wallet minimally appears to have made get-rich-quick promises to prospective investors.  An unnamed community member reportedly told…

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Bitcoin 

Chinese Crypto Exchange BTCC Plans South Korean Launch in November

China’s first Bitcoin (BTC) exchange BTCC, formerly known as BTC China, is set to launch trading services in South Korea, Korean business outlet The Investor reported yesterday, October 16. BTCC, which presently has headquarters in Hong Kong, will reportedly start beta services for trading in South Korea later this month and make its official debut in the market in November. According to the BTCC website, the Korean service — headed by Lee Jae-beom — will span a trading platform, wallet service, mining pool, and a service to enable consumer payments:…

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Ethereum 

First Successful Blockchain-tracked Shipment from South Korea to the Netherlands

Samsung SDS, Dutch bank ABN AMRO and the Port of Rotterdam have jointly conducted a proof-of-concept (PoC) shipment from South Korea to the Netherlands in which they tracked a container exclusively using an interoperable blockchain platform, according to a report by The Maritime Executive on July 1. According to the announcement, the container was tracked via the blockchain platform “DELIVER,” which allowed for the shipment to be instantly financed, fully tracked, and conducted paperlessly.  According to Port of Rotterdam CFO Paul Smits, the traditional process of shipping is usually paper-heavy…

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Blockchain 

South Korea’s Largest Telecom SK Group Invests $10M in ConsenSys

South Korea’s largest telecom and the third top conglomerate SK Group has invested $10 million in major global blockchain firm ConsenSys, according to a report by local news agency Chosun on July 2.  Worth noting is the increased involvement of major South Korean companies into crypto industry, including Samsung, internet giant Kakao, Hyundai, among others. In the report, Chey Tae-won, chairman at SK Corporation and South Korean billionaire entrepreneur, has expressed interest in blockchain and token economy. Speaking at a tech startup event in Seoul, Chey argued that traditional business…

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Ethereum 

South Korea’s Second Biggest City Wants to Create a Local Cryptocurrency

Busan, South Korea’s second most-populous city after Seoul, is considering the launch of a local cryptocurrency, Korean tech news publication ETnews reports July 1. According to the report, Busan city authorities are seeking to develop a blockchain-based digital currency project in collaboration with BNK Busan Bank, a subsidiary of local holding company BNK Financial Group. Specifically, Busan is reportedly developing a crypto project in the form of stablecoin, a cryptocurrency pegged 1:1 to the local currency in the BNK Busan bank account. By issuing a local digital currency, Busan expects…

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Bitcoin 

5 South Korean Crypto Exchanges Take On New Responsibility for User Losses

Five cryptocurrency exchanges in South Korea have increased their liability to users in line with demands from regulators. Local English-language news outlet The Korea Herald reported the news on June 17, citing Yonhap News Agency. A year after the Fair Trade Commission requested Bithumb and four other platforms to adapt their policy, the companies will now hold themselves accountable in the event of user funds being stolen. The onus for paying out will lie with the exchanges even if no willful or gross negligence occurred on their part, The Korea…

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Blockchain 

South American Online Marketplace Working With Facebook on Crypto Project

South American online marketplace Mercado Libre is working with Facebook on the social network’s Libra cryptocurrency project, Cointelegraph Brazil reports on June 14. A MercadoLibre executive told Cointelegraph Brazil that the purported cryptocurrency will be integrated into the e-commerce platform as a form of payment. While the anonymous executive confirmed the partnership, further details were not forthcoming. The executive stated that it was likely the company would operate as a node in Facebook’s purportedly forthcoming blockchain network. Mercado Libre is one of the most popular e-commerce platforms in South America…

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