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Sharp rise detected in illegal forex transactions via cryptocurrency purchases

More than 10 trillion won ($7.4 billion) has been channeled into illegal foreign exchange transactions over the past five years amid rising public interest in cryptocurrency transactions. Capitalizing on the price discrepancy between the domestic and foreign markets, individuals were found to have purchased cryptocurrencies from overseas markets and resold them in the domestic market for a profit.

Oct 5, 2023By Lee Yeon-woo
Sharp rise detected in illegal forex transactions via cryptocurrency purchases

NK hackers ramp up use of Russian exchanges for crypto laundering: report

North Korea's leader Kim Jong-un shakes hands with Russia's President Vladimir Putin during a meeting in Vladivostok, Russia's far eastern city, Sept. 13. AP-YonhapBy Lee Yeon-wooNorth Korea-linked hacking groups are increasingly using Russian-based exchanges to launder crypto assets, according to cryptocurrency analytics platform Chainalysis.Recent data from Chainalysis indicates that roughly $21.9 million in cryptocurrency, stolen from the U.S.-based blockchain firm Harmony Protocol in 2022, was recently transferred to a Russia-based exchange with a reputation for facilitating unlawful transactions.“This latest action marks a significant escalation in the partnership between the cyber underworlds of these two nations,” the report said. “Russia's notoriously uncooperative stance toward international efforts by law enforcement makes the prospect of recovering stolen funds sent to Russian exchanges particularly grim.”The platform reported that North Korean hackers have been using Russian exchanges for money laundering purposes since 2021.These findings are part

Sep 20, 2023By Lee Yeon-woo
NK hackers ramp up use of Russian exchanges for crypto laundering: report

Lukewarm crypto sentiment to pull down exchanges' earnings in 2023

gettyimagesbankBy Lee Min-hyungKorea's major crypto exchanges appear likely to continue reporting lukewarm earnings even in the latter half of this year, as fewer investors appear to be betting on an a market recovery occurring anytime soon.According to Upbit and Bithumb, two major exchanges in Korea, their sales and operating profit in the first half displayed double-digit declines from a year earlier. The two firms combined account for more than 95 percent of the market share here. Three other firms ― Coinone, Korbit and GOPAX ― often categorized as the nation's top five exchanges along with Upbit and Bithumb, also reported losses during the same period.The exchanges are not expected to achieve meaningful earnings rebounds in the latter half, as only some large-cap cryptocurrencies ― including Bitcoin and Ethereum ― are the focus of investors' attention, while most other alternative coins show few signs of a rebound.Data from CoinMarketCap showed Bitcoin was traded at around $26,000 as of 3:50 p.m. Monday. This is an increase of more than 50 percent from the beginning of this year.

Sep 5, 2023By Lee Min-hyung
Lukewarm crypto sentiment to pull down exchanges' earnings in 2023

Ex-Bithumb research chief takes on new role at think tank

By Lee Min-hyungLee Mi-seon, head of research at Hashed Open ResearchLee Mi-seon, a renowned fixed-income market analyst, has taken on a new role as head of research at Hashed Open Research. The think tank is operated by Korea's representative blockchain venture capital firm, Hashed.She will lead research projects on the latest issues facing the global cryptocurrency and blockchain industry. Lee is most famous for her role as a former fixed-income analyst at Hana Securities.Last year, the former bond market analyst made headlines after ending her career there and assuming a fresh position as a research chief at Bithumb's Research Center. Bithumb is the nation's second-largest crypto exchange.What brought Lee to the crypto industry was her strong faith in the faster-than-expected institutionalization of cryptocurrencies.Hashed Open Research plans to issue regular reports on the overall analysis and trends of the crypto industry and its regulatory environment here and abroad. The blockchain research subsidiary of Hashed was established in 2022 and scouted former First Vice Finance Mini

Sep 4, 2023By Lee Min-hyung
Ex-Bithumb research chief takes on new role at think tank

Ambiguous delisting rule sparks concern across crypto industry

gettyimagesbankBy Lee Min-hyungInvestors are crying foul over an unclear delisting rule on certain cryptocurrencies, as they may end up facing unwanted financial losses when local crypto exchanges make abrupt decisions. The latest in a series of such controversies erupted from the delisting of Arowana Token. The scandal-tainted cryptocurrency ― issued by Hancom, a local office software developer ― was delisted from the nation's second-largest exchange, Bithumb as of 3 p.m. Monday, after the token sparked a controversy that Hancom Chairman Kim Sang-chul was suspected of having created a slush fund by using Arowana.The controversial token started to be traded in April 2021, but took the spotlight due to its wide price volatility. Its price soared by around 100,000 percent in around half an hour after its listing back then. Some investors are suspected of having engaged in price manipulation to reap undue profits. Last month, police raided the headquarters of Hancom to look into whether Kim and his close aides teamed up for the unfair trading.Bithumb and Arowana Token's foundation excha

Aug 30, 2023By Lee Min-hyung
Ambiguous delisting rule sparks concern across crypto industry

Small startups unlikely to win crypto exchange operator licenses

The logo of Upbit, the nation's largest crypto exchange, is seen in front of its headquarters in Seoul in this undated file photo. YonhapBy Lee Min-hyungSmall startups with little capital will no longer be able to launch crypto exchanges here, as only those with a reserve fund of at least 3 billion won ($2.27 million) can operate crypto exchanges from September.The rule ― introduced by the Korea Federation of Banks ― will become effective from Sept. 1, with a view to ensuring the safety of customers against possible losses incurred from exchange security breaches or network problems.The fund will be used to provide immediate compensation to users in case of such financial fiasco. Exchanges should also set aside 30 percent of their users' daily average deposit if the figure tops 3 billion won. They should do so with a maximum reserve of 20 billion won.This means major exchanges ― such as Upbit ― should pile up more than 3 billion won for the reserve fund.The introduction of the regulation will prevent smaller players without ample capital reserves from expanding their business into ex

Aug 29, 2023By Lee Min-hyung
Small startups unlikely to win crypto exchange operator licenses
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