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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.

Dunamu holds ESG management committee meeting

Members of the Dunamu ESG management committee pose at their first meeting held at its headquarters in Seoul, Monday. From left in the front row are Seoul National University Business School professor Roh Sang-kyu, Lee & Ko partner Yoon Jong-soo, Korea Green Foundation executive director Lee Mi-kyung, and Dunamu CEO Lee Sirgoo. Second from left in the back row is Dunamu Chairman Song Chi-hyung with other executives. Courtesy of DunamuBy Yoon Ja-youngDunamu, the operator of the country's largest cryptocurrency exchange Upbit, held its first environment, social and corporate governance (ESG) management committee meeting on Monday.According to the blockchain and fintech company, it held the meeting at its headquarters in southern Seoul, where discussions were made on its current implementation of ESG principles in operation and plans for the future.It also appointed three outside committee members ― Korea Green Foundation executive director Lee Mi-kyung, Seoul National University Business School professor Roh Sang-kyu, and Yoon Jong-soo, a partner at the law firm Lee & Ko. The E

Nov 22, 2022By Yoon Ja-young
Dunamu holds ESG management committee meeting

FTX crash to have limited impact on Korea's financial market: analysts

The sign of the FTX Arena, home to the Miami Heat basketball team, is visible on Nov. 12, in Miami. AP-YonhapGOPAX announces withdrawal delays in wake of FTX scandalBy Lee Min-hyungThe collapse of once-renowned global crypto exchange, FTX, is unlikely to deal a severe blow to the overall financial market in Korea, as the crypto market meltdown sparked by the bankruptcy does not have direct links to conventional financial systems, market analysts said.The fallout of FTX's sudden collapse is making headlines here and abroad amid heightened fears of a possible chain reaction rattling traditional financial markets. But stock and other traditional financial markets did not display serious reactions to the latest crypto fiasco despite increased aversion to risk by investors, according to analysts.“The FTX bankruptcy appears not to have caused huge damage to the overall financial market, other than the crypto market,” Hi Investment & Securities analyst Park Sang-hyun said. Cryptocurrencies' coupling with the Nasdaq is not clearly detected in the wake of the FTX scandal, whic

Nov 17, 2022By Lee Min-hyung
FTX crash to have limited impact on Korea's financial market: analysts

Terraform Labs co-founder Shin questioned over unfair trading charges

This undated file photo, provided by Upbit, shows Daniel Shin. YonhapProsecutors on Thursday questioned Daniel Shin, co-founder of Terraform Labs, on charges that he gained illegal trading profits before the massive collapse of the blockchain firm's cryptocurrencies.Terraform Labs has been under investigation for alleged fraud and tax evasion after investors in its cryptocurrencies ― TerraUSD and its sister coin Luna ― filed complaints against Do Kwon, another co-CEO, in May. The 37-year-old Shin, currently serving as the head of fintech firm Chai, was accused of capital market law violations for unfairly unloading Luna coins during a market boom and pocketed illegal profits worth 140 billion won ($104.8 million).Prosecutors suspect the unloaded coins were those pre-issued without notifying regular investors.Shin was also charged with breach of duty for allegedly using the customer information and funds of Chai to promote Luna.While there is currently no legal clause on stablecoins and bitcoins under the Capital Markets Act, prosecutors said they view Luna cryptocurrency as a financi

Nov 17, 2022
Terraform Labs co-founder Shin questioned over unfair trading charges

Korbit discloses crypto holdings amid FTX debacle

Details on Korbit's crypto holdings in its wallet are seen in this image disclosed by the exchange, Wednesday. Courtesy of KorbitBy Lee Min-hyungKorbit, one of the crypto exchanges in Korea, decided Wednesday to publicly disclose its cryptocurrency holdings, as part of efforts to win back investor confidence in the wake of Bahamas-based crypto exchange FTX's abrupt bankruptcy.Customers can check the details of Korbit's crypto holdings, including the amount and kind of virtual coins as well as its wallet address, according to the exchange.The company said the decision reflects its strong willingness to protect investors and ensure transparent management amid weakening market sentiment triggered by the latest scandal surrounding the liquidity crisis of the once-mega-sized crypto exchange. After the incident erupted, a number of Korbit's overseas counterparts also took similar steps, but no other exchanges have so far shared their wallet address, according to the company. “We have been able to make the bold decision, as Korbit has always abided by the law and stuck to a principle

Nov 16, 2022By Lee Min-hyung
Korbit discloses crypto holdings amid FTX debacle

Dunamu strengthening investor protection by tackling 'information asymmetry'

Logo of the Upbit investor protection center / Courtesy of DunamuBy Yoon Ja-youngDunamu, the operator of the country's largest cryptocurrency exchange Upbit, started tackling the problem of “information asymmetry” in the digital assets market. It includes translating whitepapers and business plans of digital asset industry players as well as offering overseas regulations and administrative orders in the Korean language. Upbit investor protection center, under Dunamu, is also working on a “digital asset guidebook” to establish proper investment practices.At the Upbit investor protection center website, Dunamu is offering diverse information related to digital assets for free. Anyone can learn about a range of topics related to digital assets offered at three different levels ― basic, intermediate and advanced. Each of the topics requires between three and 10 minutes of reading.The basic level, for instance, deals with topics such as initial coin offerings (ICO), security token offerings (STO), and Bitcoin halving. Topics for the intermediate level include diffe

Nov 16, 2022
Dunamu strengthening investor protection by tackling 'information asymmetry'

FTX creditors may number over 1 million as regulators seek answers

This photo illustration shows the logo of cryptocurrency FTX, reflected in its website on a laptop screen in Washington, DC, Nov. 13. AFP-YonhapCollapsed crypto exchange FTX outlined a "severe liquidity crisis" in U.S. bankruptcy filings, which said the group could have more than 1 million creditors, as regulators opened probes and the crypto pain spread with the Wall Street Journal reporting BlockFi was planning layoffs and a possible bankruptcy filing.FTX's late Monday filing to a U.S. bankruptcy court said it was in contact with dozens of global regulators and had appointed five new independent directors at each of its main companies, including its sibling trading firm Alameda Research.The exchange, which had been among the world's largest, filed for bankruptcy protection on Friday in one of the highest-profile crypto blowups after traders pulled $6 billion from the platform in three days and rival exchange Binance abandoned a rescue deal."FTX faced a severe liquidity crisis that necessitated the filing of these cases on an emergency basis last Friday," the court filing stated.FTX

Nov 16, 2022
FTX creditors may number over 1 million as regulators seek answers

FTX's collapse comes as wakeup call for crypto exchanges to reduce commission reliance

A price chart of Bitcoin is displayed in a customer center of Bithumb in Seoul, Monday. YonhapBy Lee Min-hyungThe unexpected insolvency of the once-high-profile cryptocurrency exchange, FTX, comes as a wake-up call for its Korean counterparts to reduce their excessive reliance on trading commission profits and diversify their revenue structures. This situation comes amid investors' growing skepticism about the entire industry, after some seemingly undefeatable market players collapsed in a flash. It took only a few days for FTX and the now-defunct Terra stablecoin to spiral out of control.Korea's crypto exchanges have so far remained relatively free from such incidents, but they now face mounting pressure to find alternative stable revenue sources amid dwindling investor sentiment and yearlong market doldrums.According to data from the nation's top four exchanges ― Upbit, Bithumb, Coinone and Korbit ― they reported double-digit earnings falls during the first half of 2022 from a year earlier. Upbit, the dominant market leader, generated an operating profit of 566.1 billion won betwee

Nov 15, 2022By Lee Min-hyung
FTX's collapse comes as wakeup call for crypto exchanges to reduce commission reliance

Korean crypto stocks plunge amid FTX bankruptcy

Representations of cryptocurrencies are seen in front of an FTX logo and decreasing stock graph in this photo illustration made Nov. 10. Reuters-YonhapCom2uS hit hardest by FTX falloutBy Lee Min-hyungThe meltdown of FTX has triggered a chain reaction in Korea's cryptocurrency-linked stocks, which saw their values plummet on the first trading day after one of the world's largest crypto exchanges filed for bankruptcy.Shares of Com2uS, a game developer which listed its C2X token on the exchange in March, suffered a double-digit decline on Monday, dipping to a new eight-year low. Com2uS shares closed Monday at 61,900 won, down 14.74 percent, from the previous trading day.Other crypto-related stocks in Korea also went on a losing streak on the same day. Vidente, the single-largest shareholder of Bithumb Holdings, was also hit hard in the aftermath of the FTX collapse. Bithumb is the nation's second-largest crypto exchange.Vidente shares soared late last year on the crypto industry which was booming at the time, but has since lost steam for an additional rally. The firm's stock price fell

Nov 14, 2022By Lee Min-hyung
Korean crypto stocks plunge amid FTX bankruptcy

FTX's collapse throws crypto market into chaos

Samuel Bankman-Fried, founder and CEO of FTX, testifies during a Senate Committee on Agriculture, Nutrition, and Forestry hearing on Capitol Hill in Washington, D.C., in this file photo taken on Feb. 9. AFP-YonhapBy Lee Min-hyungThe abrupt collapse of FTX, the world's third-largest crypto exchange, is affecting more than 10,000 retail and corporate investors, leading to major market disruptions. Ever since the company initiated its U.S. bankruptcy processes recently, major cryptocurrencies and FTX's FTT tokens have been on a sharp decline. Bitcoin was priced around $21,000 on Nov. 6, but plunged below $16,000 on Nov. 10 when fears of the firm's liquidity crisis started heightening in Korea and abroad. As of Sunday at 2 p.m., the world's leading cryptocurrency was being traded at $16,800, according to data from market tracker CoinMarketCap. Other cryptocurrencies also extended losses during the same period. Ethereum's price fell by around 25 percent over the past week due to the massive liquidity crisis, with FTX reporting liabilities of up to $50 billion.According to data from app ma

Nov 13, 2022By Lee Min-hyung
FTX's collapse throws crypto market into chaos

Gov't to ease LTV ratio to 50% for first-home buyers, allow loans for expensive homes

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, second from left, poses with other officials during a joint government meeting to address the housing market downturn at Government Complex Seoul, Thursday. From left are Financial Supervisory Service Governor Lee Bok-hyun, Choo, Minister of Land, Infrastructure and Transport Won Hee-ryong and Financial Services Commission Chairman Kim Joo-hyun. YonhapEased housing regulations to take effect starting DecemberBy Yi Whan-wooThe government said Thursday that first-home buyers will be able to borrow up to 50 percent of the value of a property to secure their loan as collateral, in a bid to prevent the recent downturn in the property market due to the current costly borrowing rate.The eased rule on the loan-to-value (LTV) ratio will be up from as low as 20 percent, which was adopted to curb the once-overheated property market. The LTV ratio is used to determine the available loan amount based on one's collateral.In addition, first-home buyers will be exempted from acquisition taxes worth up to 2 million won.The gover

Nov 10, 2022By Yi Whan-woo
Gov't to ease LTV ratio to 50% for first-home buyers, allow loans for expensive homes
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