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Investors spooked by abrupt bank run on FTX

Binance and FTX logos are seen in this illustration taken on Nov. 8. Reuters-YonhapBy Lee Min-hyungCryptocurrency investors have been spooked by the ongoing market crash caused by Binance's overnight decision to pull out of a deal to acquire FTX, one of the world's largest crypto exchanges.The abrupt decision came amid escalating concerns over FTX's liquidity crisis after the company halted all crypto withdrawals.The market jitters ended up causing price falls of most major and minor cryptocurrencies. According to data from CoinMarketCap, Bitcoin fell to the lowest level in almost two years. As of Thursday 8:30 a.m., Bitcoin prices plunged to $15,700 before slightly recovering to around $16,500 in the afternoon. Ethereum also showed a similar curve, with its value falling to around $1,080 during the same period.But the price of Solana suffered the biggest drop among mainstream cryptocurrencies. Solana is frequently considered as a strong competitor of Ethereum. Solana was traded between $32.55 and $36.90 on Nov. 6, but the value fell sharply to as low as $13.23 as of Thursday amid th

Nov 10, 2022By Lee Min-hyung
Investors spooked by abrupt bank run on FTX

Dunamu holds forest tending campaign on metaverse platform

By Yoon Ja-youngThe country's leading blockchain and cryptocurrency exchange operator Dunamu is holding a virtual conservation campaign on its metaverse platform 2nd Block.A promotional poster for a forest care campaign held on metaverse platform 2nd Block / Courtesy of DunamuAccording to Dunamu, the “forest tending campaign with 2nd Forest,” enables participants to take care of a virtual forest. The campaign, open to anyone through the metaverse, aims at promoting how to properly take care of forests to tackle climate disasters such as wildfires. The campaign is being held on Dunamu's metaverse platform 2nd Block from Nov. 7 to 11.It follows the cryptocurrency exchange operator's campaign in March, where participants were encouraged to have trees in the 2nd Forest, the virtual forest established within 2nd Block. Back then, participants planted 10,260 virtual trees in the metaverse, and the same number of trees were planted in the real world ― in an area in North Gyeongsang Province, which had been devastated by wildfire. The forest tending activities in the virtual worl

Nov 9, 2022
Dunamu holds forest tending campaign on metaverse platform

BOK completes mock test on digital currency

GettyimagesbankThe Bank of Korea (BOK) said Monday it has found some technical "restrictions" standing in the way of the introduction of a central bank digital currency (CBDC) as it has completed a mock test on the feasibility of the new form of money. The BOK launched the two-phase mock test of a CBDC in August 2021 and competed the 10-month-long experiment on June 22, according to the central bank. During the second phase, the focus was placed on reviewing the feasibility of offline transactions, trading of digital assets and other issues."We have found that it is necessary to shorten the response time to improve the real-time handling of massive transactions to levels of other electronic payment services," the BOK said in a release."We have also confirmed that there are some restrictions in applying new technologies (linked to a CBDC) to existing systems at this point," it added.The test was conducted in line with the growing interest in digital currencies in major countries.The BOK said it has yet to determine whether to introduce a CBDC, but it will carry out more in-depth tests

Nov 7, 2022
BOK completes mock test on digital currency

Upbit introduces independent login system

A sign for Upbit is seen in front of its headquarters in Seoul in this file photo. YonhapBy Lee Min-hyungUpbit, the nation's dominant cryptocurrency exchange, introduced its independent login system, providing users with easier and more secure access, Monday.Upbit users can log in with either a personal identification number or biometric authentication without installing other programs or apps, it said.Dunamu, the operator of Upbit, said the new login system comes with enhanced security, so its customers can trade their digital assets more safely.Currently, users can access the platform via either the Upbit login or social login via KakaoTalk. But the latter will not be available after Nov. 20.“Our new login system will help users to access Upbit more easily and conveniently,” an official from Dunamu said. “Security has also been strengthened to enable safe trading of their digital assets.”The new system was introduced about two weeks after Kakao's service went down for a day in mid-October, which caused Upbit users difficulties in logging into the crypto plat

Oct 31, 2022By Lee Min-hyung
Upbit introduces independent login system

Dunamu's Momentica offers digital collectibles for global fans

Momentica promotes the sale of digital cards of boy band ENHYPEN on its homepage. Screenshot from Momentica's website By Lee Min-hyungDigital cards of the seven members of boy band ENHYPEN have become available for global fans to collect for the first time on the Momentica digital collectibles platform. Momentica is operated by Levvels, a joint venture established by Dunamu and HYBE, Korea's leading firms in cryptocurrency and entertainment, respectively. The Los Angeles-based subsidiary focuses on the emerging fandom market with its expertise in non-fungible tokens (NFTs) and blockchain technology.The company will add more digital cards representing a star-studded lineup of K-pop idols, including members of Le Sserafim, Seventeen and Fromis 9.Momentica said fans can collect various digital content related to the stars and trade it via the trading platform.Momentica also certifies content ownership of the artists when fans purchase the digital cards. All of them are

Oct 26, 2022By Lee Min-hyung
Dunamu's Momentica offers digital collectibles for global fans

Assembly to bring charges against Korean crypto moguls for absence at audit

Rep. Baek Hye-ryun from main opposition Democratic Party of Korea, center, presides over a National Assembly audit session in Seoul, Oct. 13. Joint Press Corps-YonhapBy Lee Min-hyungLawmakers are moving to bring charges against Korean crypto magnates for not appearing after being summoned as witnesses to the National Assembly's annual audit regarding the recent Luna debacle.The moguls include former Bithumb Holdings Chairman Lee Jung-hoon, Hashed CEO Simon Kim, Terraform Labs co-founder Shin Hyun-sung, also known as Daniel Shin, and Kang Jong-hyun who is known as the de facto owner of Bithumb, the nation's second largest cryptocurrency exchange. The Assembly summoned all of the ranking crypto figures on Monday to question them about the details of their involvement in the abrupt meltdown of the now-collapsed Luna cryptocurrency.But none of them appeared for the Assembly's annual audit, citing health reasons.“The former Bithumb chairman submitted a written statement for his absence once again, even if he exudes enormous influence on the exchange as a major shareholder,” Re

Oct 25, 2022By Lee Min-hyung
Assembly to bring charges against Korean crypto moguls for absence at audit

Do Kwon criticized for declining to confirm whereabouts

Luna founder Do Kwon, right, speaks with Unchained Podcast host Laura Shin during an online interview, Oct. 18. Screenshot from Unchained Podcast's YouTube channelBy Lee Min-hyungDo Kwon, co-founder of Terraform Labs, is being met with a deluge of criticism for declining to confirm his whereabouts even after making apologies for the recent Luna coin debacle. Earlier, Kwon argued he is not “on the run” or evading investigation by the police, though it has turned out he left Singapore and headed for Dubai in September. He did not enter the United Arab Emirates city, but instead stayed there briefly before transiting to another country. It remains unknown where his next or final destination was.The investigation authorities here requested cooperation from neighboring countries to identify his specific whereabouts.Kwon expressed his apologies to investors in the ill-fated Terra-Luna ecosystem, saying that he is to blame for the fiasco. Previously, he had not made a sincere apology after the collapse of the once-promising crypto ecosystem, only leaving some sarcastic comments

Oct 20, 2022By Lee Min-hyung
Do Kwon criticized for declining to confirm whereabouts

Dunamu to make leap forward as global platform

The corporate logo of Upbit is displayed at its headquarters in Seoul in this file photo. YonhapBy Yoon Ja-youngDunamu, the operator of the nation's largest crypto exchange, Upbit, is accelerating its pace to make a leap forward as a global trading platform. Dunamu set up Levvels, a joint venture with HYBE in the U.S. early this year, driving its efforts to take on the global market on top of the U.S. market. Its metaverse platform, 2nd Block, as well as Upbit NFT are also getting the spotlight, as the two main pillars in the plan envisioned by Dunamu are expected to create a synergistic effect with diverse businesses through organic connections. Dunamu has been leading the trend here, presenting innovative services including Stock Plus, Upbit and Stock Plus Unlisted, by grasping the changes of the era in time. It has been the frontrunner of the market thanks to its status as a “trading platform,” which enables the trading of anything with value in a convenient and safe manner through technology. Dunamu plans to use this recipe of success once again, to rise as a global p

Oct 20, 2022
Dunamu to make leap forward as global platform

Korbit, Save the Children partner up on NFTs

Logos of Korbit and Save the Children / Courtesy of Korbit and Save the ChildrenBy Lee Min-hyungKorbit, a Seoul-based cryptocurrency exchange, has partnered with Save the Children Korea to launch a donation campaign involving non-fungible tokens (NTF).Under their memorandum of understanding, the exchange operator will hold a series of campaigns by donating NFTs to the non-profit organization's charitable programs, the nation's first crypto exchange said Wednesday.Save the Children Korea engages in a variety of humanitarian programs here, so as to help young children in need.“We are pleased to team up with Save the Children Korea for the NFT campaign,” Korbit CEO Oh Se-jin said. “Korbit will keep casting a good influence on society by utilizing its blockchain technologies and holding socially responsible campaigns.”Save the Children Korea CEO Jung Tae-young also welcomed the partnership with Korbit, saying deepening ties with the company will benefit the welfare of children.“Save the Children Korea received a donation via Bitcoin for the first time in the

Oct 19, 2022By Lee Min-hyung
Korbit, Save the Children partner up on NFTs

Upbit to introduce new login system after Kakao disruption

The corporate logo of Upbit is displayed at its headquarters in Seoul in this file photo. YonhapBy Lee Min-hyungUpbit, the nation's leading crypto exchange operator, will introduce an independent login system so as to cut its reliance on Kakao, which suffered a data center fire that blocked Upbit users from trading their cryptocurrencies during the weekend.Up until now, users have had to log in with their KakaoTalk accounts when accessing Upbit. KakaoTalk is the dominant messaging app in Korea, so a number of companies have adopted a social login system via Kakao. Upbit was one of them.However, the crypto exchange faced unexpected problems after KakaoTalk became unavailable during the weekend due to the server outage. Upbit users have complained that they could not access the platform and trade their cryptocurrencies in real-time.Upbit said it would partially compensate any losses suffered by investors by offering commission-free benefits. The company also decided to stop using the current Kakao login system from Nov. 22, and replace it with its own one.Starting from Oct. 31, Upbit's

Oct 18, 2022By Lee Min-hyung
Upbit to introduce new login system after Kakao disruption
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