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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

Hackers steal 20 billion won worth of coins from crypto exchange

gettyimagesbankHackers stole more than 20 billion won ($15 million) worth of cryptocurrencies from GDAC, a South Korean crypto exchange, the company said Monday.The attack occurred at around 7 a.m. Sunday, resulting in the transfer of digital assets, including over 60 bitcoins and 350 Ethereum tokens, to unidentified wallets. The stolen cryptocurrencies were valued at 20.27 billion won, accounting for about 23 percent of total assets under GDAC's custody. GDAC said some of the assets appear to have been sent to foreign crypto exchanges. It is cooperating with domestic and foreign crypto exchanges and issuers to block the stolen coins from being laundered, and retrieve them, officials said.GDAC has reported the incident to the police and the Korea Internet Security Agency as well as the Korea Financial Intelligence Unit.Deposit and withdrawal services on GDAC have been suspended, the exchange said, adding it is unclear when the services will resume. (Yonhap)

Apr 10, 2023
Hackers steal 20 billion won worth of coins from crypto exchange

Exclusive cryptocurrency listings raise concerns after Gangnam murder case

Hwang Dae-han, one of the three suspects who allegedly abducted and murdered a 48-year-old woman in Seoul's Gangnam District, is sent to the prosecution from the police station in downtown Seoul, Sunday. YonhapBy Lee Yeon-wooConcerns are mounting over exclusive listings of cryptocurrencies, following the recent murder of a woman in Seoul's Gangnam District. Such assets could harm investors due to their high price volatility and lack of clear business value.The suspects in the case were allegedly abetted by a couple who lost money after investing in the cryptocurrency, whose price plummeted after being exclusively listed. The related cryptocurrency is now under investigation, as it is suspected to have been listed by offering secret payment to an official at a cryptocurrency exchange.As of 2022, there are 389 types of virtual assets exclusively listed and traded only by specific domestic exchanges, accounting for 62 percent of all domestically-distributed virtual assets, according to Financial Service Commission (FSC) data.Such cryptocurrencies can pose a significant risk to investors

Apr 10, 2023By Lee Yeon-woo
Exclusive cryptocurrency listings raise concerns after Gangnam murder case

Klaytn seeks to become versatile, sustainable blockchain

Klaytn Director Sam Seo speaks during an interview with The Korea Times at its office in Seoul. Courtesy of KlaytnCrypto winter will end in 2nd halfBy Lee Min-hyungKlaytn, an open-source public blockchain developed by Korea's largest mobile platform operator Kakao, is seeking to become a more versatile public mainnet used in areas encompassing games, non-fungible token (NFT) and metaverse, Klaytn Foundation Director Sam Seo said in a recent interview. “Our primary goal is to keep sophisticating our blockchain network in a more sustainable manner, so as for more people to use our platform featured with fast response speed and low commission,” Seo said.Klaytn made its debut in 2019 and was operated by Kakao's blockchain subsidiary Ground X in its infancy. Earlier last year, the operation was transferred to Kakao's Singapore subsidiary ― Krust ― before Klaytn Foundation recently secured management rights for Klaytn.The blockchain network has raised its profile, particularly in Asia over the past four years thanks to its practicality in use. But Klaytn is still lesser-known i

Apr 8, 2023By Lee Min-hyung
Klaytn seeks to become versatile, sustainable blockchain

Gangnam cryptocurrency murder case: what we know so far

The three suspects in this combined image are alleged to have abducted and murdered a 48-year-old woman who lived in Seoul's Gangnam District on March 29. From left, Lee Kyeong-woo, Hwang Dae-han and Yeon Ji-ho. Courtesy of Seoul Metropolitan PoliceLegal loopholes in cryptocurrency trade pose multiple risks to investorsBy Lee Yeon-wooThe recent abduction and murder of a woman in Gangnam District in Seoul involved cryptocurrency investments, prompting experts to point out that a lack of proper regulation of crypto exchanges is poses financial risk to investors, while the instance of crypto-related crimes soars.Police have shifted the focus of investigation to determine whether someone orchestrated the murder of the 48-year-old woman in Seoul's Gangnam District to seek revenge for a failed investment.On Wednesday, a man suspected of contracting the suspects to murder the woman, identified only by his surname Yoo, was arrested in Yongin. Yoo and his wife, surnamed Hwang, are suspected of providing tens of millions of won to Lee Kyeong-woo, one of the suspects apprehended earlier this we

Apr 5, 2023By Lee Yeon-woo
Gangnam cryptocurrency murder case: what we know so far

Failure to secure arrest warrant for Terraform co-founder clouds extradition plan for Do Kwon

Shin Hyun-sung, the co-founder of Terraform Labs, appears at the Seoul Southern District Court for questioning, Thursday. Korea Times photo by Lee Han-hoBy Lee Yeon-wooDespite the arrest of Do Kwon, the founder of Terraform Labs, who was on the run in Montenegro, prosecutors in Korea have been unable to obtain arrest warrants for other persons of interest in the case. This could complicate Korea's efforts to have Kwon extradited.According to legal sources, Monday, the Seoul Southern District Court rejected the prosecution's request for an arrest warrant for Shin Hyun-sung, a co-founder of Terraform Labs also known as Daniel Shin, on Thursday.This is the second time the court has denied the prosecution's request to detain Shin. The request for Shin's arrest warrant has received significant attention, particularly given that it followed the arrest of Do Kwon. However, the outcome remained the same with the court ultimately denying the prosecution's request.The court's decision was based on its assessment that Shin posed no risk of flight or tampering with evidence. “It may take a

Apr 3, 2023By Lee Yeon-woo
Failure to secure arrest warrant for Terraform co-founder clouds extradition plan for Do Kwon

Paycoin delisted from cryptocurrency exchanges

Promotional image of Paycoin / A screenshot from Paycoin's official websiteBy Lee Yeon-wooLocal cryptocurrency Paycoin has been delisted from Korea's top five cryptocurrency exchanges, meaning that around three million Paycoin users will no longer be able to make transactions on these exchanges starting from April 14.According to market sources, Sunday, the Digital Asset Exchange Association (DAXA) decided to stop supporting Paycoin transactions on Friday. DAXA is the joint consultative body of five cryptocurrency exchanges, including Bithumb, Coinone, Gopax, Korbit and Upbit.“Paycoin has not successfully addressed the concerns that led to its classification as a 'virtual asset of concern,'” the DAXA explained.“After careful examination, we have concluded that there is a risk of further harm to investors at this time, given the rapid changes in the business and the past and future performance and direction of the overseas payment business,” it added.Launched in 2019 by Pay Protocol, a subsidiary of the payment service company Danal, Paycoin was designed to be

Apr 2, 2023By Lee Yeon-woo
Paycoin delisted from cryptocurrency exchanges

Regulator fines exchanges over irregular crypto trades

gettyimagesbankBy Lee Yeon-wooFinancial authorities announced that Korea's five cryptocurrency exchanges have neglected their duty to monitor irregular crypto trading practices. These exchanges were fined and given disciplinary warnings and have been instructed to implement improvements within the next three months.The Financial Intelligence Unit (FIU) said on Thursday that it has imposed regulations on five cryptocurrency exchanges, namely Bithumb Korea, Coinone, Dunamu, Korbit, and Streami. The FIU took the action after discovering that these exchanges had failed to fulfill their obligations regarding the reporting of irregular crypto trading.Under the current law, cryptocurrency exchanges are required to report irregular crypto trading to prevent illegal activities like money laundering.The instances of irregular trading discovered this time include the use of borrowed-name bank accounts for transactions and insufficient internal controls.For example, the agency discovered that a 95-year-old man was trading over 30 different types of cryptocurrency, primarily late at night. To avo

Mar 30, 2023By Lee Yeon-woo
Regulator fines exchanges over irregular crypto trades

Terraform Labs co-founder's extradition could be delayed more than 1 month

Do Kwon, the cryptocurrency entrepreneur, is taken to court in handcuffs, to face charges of forging official documents, in Podgorica, Montenegro, March 24. Reuters-YonhapBy Lee Min-hyungThe extradition of Do Kwon, the co-founder and CEO of the now infamous Terraform Labs, could be delayed by more than a month, as his legal representative expressed the intent of appealing against the upcoming judgment from the first trial in Montenegro where he is in custody on charges of passport forgery.Kwon was arrested in the Balkan country last week, and a local court there extended his detention by up to 30 days. He may face a prison sentence of five years on the charge of official document forgery there, according to a recent interview conducted by Yonhap News Agency with Kwon's attorney.The crypto fugitive has been wanted for almost a year after the value of the Luna cryptocurrency plummeted to near zero in May 2022.With Kwon facing criminal fraud charges in multiple countries ― such as the United States and Singapore ― attention has been focused on where Kwon will be sent for punishment. For

Mar 29, 2023By Lee Min-hyung
Terraform Labs co-founder's extradition could be delayed more than 1 month

Prosecutors seek arrest warrant for Terraform co-founder Shin for 2nd time

Daniel Shin, co-founder of Terraform Labs, delivers an opening speech at Blockchain Seoul 2018 held at the COEX Convention & Exhibition Center in southern Seoul on Sept. 17, 2018. NewsisProsecutors on Monday requested an arrest warrant for Daniel Shin, a co-founder of Terraform Labs, for allegedly obtaining illegal profits before its cryptocurrencies collapsed massively last year.The Seoul Southern District Prosecutors Office previously sought an arrest warrant in November, but the court rejected the request, saying he would not be a flight risk or destroy evidence.The prosecution filed the warrant again following the arrest of Do Kwon, another co-founder of the blockchain firm, in Montenegro last week. The prosecution is seeking his extradition.They have been under investigation for alleged fraud since the wipeout of the company's cryptocurrencies, TerraUSD and Luna, in May.Shin faces multiple charges of fraud, breach of duty, and violations of acts on capital markets, electronic financial transactions and financial information.Prosecutors suspect Shin stored Luna, which had bee

Mar 27, 2023
Prosecutors seek arrest warrant for Terraform co-founder Shin for 2nd time

Korean crypto investors want Do Kwon punished in US

Police officers escort Terraform Labs co-founder Do Kwon in Podgorica, capital of Montenegro, March 24. AP-YonhapBy Lee Min-hyungKorean crypto investors' sentiment is growing that Do Kwon ― the founder of the now-defunct Terra-Luna ecosystem ― should be detained and punished in the United States.Kwon was arrested in Montenegro last week, but his possible repatriation to Korea has not been confirmed, as U.S. and Singaporean authorities also filed suits against the scandal-tainted Luna coin developer.The abrupt collapse last year of the once-red-hot cryptocurrency has incurred huge losses to a group of more than 200,000 investors in Korea alone. But the sense of public anger is escalating that Kwon should not be sent to his home country due to the country's reputation for relatively weak punishment for financial crimes. A recent online vote also showed that Kwon should face punishment in the U.S. According to the vote posted on the nation's largest Luna victim community site with over 2,700 members, more than 70 percent wanted Kwon to face investigation and punishment in the U.S. Only

Mar 27, 2023By Lee Min-hyung
Korean crypto investors want Do Kwon punished in US
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