my timesThe Korea Times
Economy

Cryptocurrency

Do Kwon's passport to be invalidated

Terraform Labs co-founder Do Kwon / Courtesy of Kwon's LinkedIn pageBy Lee Min-hyungThe passport of Do Kwon, co-founder of scandal-tainted stablecoin developer Terraform Labs, will be invalidated as of Oct. 19, which Korean prosecutors believe will help uncover his whereabouts. Under the order, he will be forced to be deported to his home country as an unauthorized immigrant. Even if Kwon argued that he is not “on the run,” the founder of the Terra stablecoin and its sister token, Luna, has not disclosed where he is staying, leaving only some sarcastic comments about the ongoing investigation targeting him.Earlier, Interpol issued a Red Notice for Kwon's arrest upon the request of Korea's investigative authorities. Kwon faces fraud charges related to the abrupt meltdown of two once-promising cryptocurrencies, which he has denied since the incident took place in May this year.Investors' fury has escalated over the past few months, as Kwon has rarely made public appearances, nor did he take any sincere actions to make public any facts over the charges he faces by responding

Oct 11, 2022By Lee Min-hyung
Do Kwon's passport to be invalidated

Dunamu, HYBE set to launch NFT platform via joint venture

The logo for Levvels' digital collectable platform, Momentica / Courtesy of LevvelsBy Lee Min-hyungDunamu and HYBE are set to launch Momentica, a “digital collectibles platform,” through their joint venture Levvels, by the end of this month. Users can buy and sell their digital cards of HYBE's globally popular artists through the online trading platform. They can also store their digital cards safely via the Levvels Blockchain, which is powered by the low-carbon-emission blockchain Luniverse, developed by Dunamu's blockchain research subsidiary Lambda 256.“Momentica will develop into a digital playground platform where fans and artists can communicate in a whole new way,” Levvels Chief Operating Officer Jang Sung-chan said. “The platform will also diversify fandom experiences by introducing a series of entertainment factors ― such as a photo card collection and decorations. We will also expand the service areas into not just art, but also entertainment, games and sports.”The two companies did not share when exactly the platform will be available fo

Oct 4, 2022By Lee Min-hyung
Dunamu, HYBE set to launch NFT platform via joint venture

Dunamu CEO cries foul over politicians' skepticism of cryptocurrencies

Dunamu CEO Lee Sirgoo delivers a keynote speech during the American Chamber of Commerce in Korea's (AMCHAM) blockchain seminar at Conrad Seoul, Thursday. Courtesy of AMCHAMAMCHAM hosts blockchain seminar for balanced regulationsBy Park Jae-hyukDunamu CEO Lee Sirgoo urged politicians to reform the current regulations on digital assets in line with international standards, without hesitating to express his concerns over lawmakers and government officials maintaining negative views concerning blockchain and cryptocurrencies.“I was summoned to next Thursday's National Assembly audit as a witness to answer questions on how to protect consumers amid the rapid growth of the virtual assets market and how to prevent accidents similar to the Terra-Luna crisis,” Lee said in his keynote speech during the American Chamber of Commerce in Korea's (AMCHAM) blockchain seminar, Thursday. “I have attended National Assembly audits several times, but I have always been unable to explain the industry's position to lawmakers.”The head of the company operating Upbit, the nation's lea

Sep 29, 2022By Park Jae-hyuk
Dunamu CEO cries foul over politicians' skepticism of cryptocurrencies

Cryptocurrencies feared to experience longer winter amid Fed's hawkish moves

gettyimagesbankBy Lee Min-hyungCryptocurrencies are feared to remain in the doldrums even after the end of this year amid the U.S. Federal Reserve's gestures to remain hawkish and for longer than expected.The price of Bitcoin has been trapped in a band of around $20,000 during the past three months without showing any particular signs of a rebound. But earlier hopes were that the crypto winter would not last long, as the Fed and global central banks were forecast to end monetary tightening soon.But the timeline is expected to be delayed further after the Fed conducted its third straight giant step of increasing the key rate by 75 basis points this month again.Other indicators ― such as the dollar and stock indices ― also clearly show investors' preference for safer assets are solidifying further. The Korean currency closed Thursday at 1,431.3 won per dollar, which was the weakest level seen in more than 13 years. The main bourse also tumbled to around 2,200-point mark on escalating skepticism over near-term rebound of risky assets.Ethereum prices are also hovering below $2,000 after

Sep 27, 2022By Lee Min-hyung
Cryptocurrencies feared to experience longer winter amid Fed's hawkish moves

Hedera eyes more partnerships with Korean banks, tech firms

A promotional image for LG Art Lab / Courtesy of Barry X Ball StudioBy Lee Min-hyungBUSAN ― Hedera Hashgraph, a distributed ledger technology network, will expand its partnerships with Korean tech players and financial firms by leveraging its fixed low costs and decentralized tracking and verification system, Leemon Baird, its inventor and co-CEO of Swirlds Labs, said in an interview.Hedera is a public cryptocurrency network platform for enterprises to create decentralized applications. Two major Korean firms ― LG Electronics and Shinhan Bank ― have teamed up with the Texas-headquartered company in their bid to catch up with the rapidly growing blockchain industrial paradigm. Hashgraphs are often considered an alternative to blockchains, and Hedera Hashgraph is the only authorized ledger. Despite the promising outlook of the Hedera network, it was less-well-known in the Korean market before its latest partnership with LG Electronics. Earlier this month, LG unveiled a non-fungible token (NFT) art-trading platform in the United States, allowing LG television owners who buy NFTs on its

Sep 26, 2022By Lee Min-hyung
Hedera eyes more partnerships with Korean banks, tech firms

Interpol red notice issued for wanted founder of Terraform

Terraform Labs founder Do Kwon / Courtesy of CoinageThe International Criminal Police Organization (Interpol) has issued a red notice for Do Kwon, the founder of Terraform Labs accused of fraud following the massive collapse of the firm's cryptocurrencies in May, officials said Monday. The blockchain firm has been under investigation for alleged fraud and tax evasion after investors in its cryptocurrencies ― TerraUSD and Luna ― filed complaints against Kwon in May, accusing him of carrying out a Ponzi scheme over the loss of billions of won following the crash of both coins earlier that month.The Interpol red notice has been issued after the Seoul Southern District Prosecutors Office in charge of the case requested the organization's assistance to trace the whereabouts of Kwon, prosecution officials said.Interpol red notice is a request to law enforcement worldwide to locate and provisionally arrest a person pending extradition, surrender, or similar legal action.In mid-September, the prosecutors office had court arrest warrants issued for Kwon and five others ― including Terraform f

Sep 26, 2022
Interpol red notice issued for wanted founder of Terraform

Web 3.0, decentralized finance, smart contracts to reshape blockchain

Visitors to the Upbit Developer Conference 2022 walk around booths set up at the event venue at the Busan Port International Exhibition & Convention Center, Friday. Courtesy of Dunamu Dunamu sheds light on future of blockchain at UDC 2022By Lee Min-hyungBUSAN ― The Upbit Developer Conference (UDC) 2022 wrapped up its two-day session, Friday, shedding light on the next mainstream blockchain concept, which industry leaders said will be reshaped under key new trends represented by Web 3.0, decentralized finance and smart contracts. The annual fair was all about the future of blockchain, with leading specialists discussing a detailed agenda on not just the aforementioned big concepts, but other pending issues the industry faces amid the murky regulatory outlook.After sharing the big themes in a series of keynote addresses delivered by blockchain moguls here and abroad on the first day of the event, the UDC 2022 discussed more interactive and consumer-friendly topics on

Sep 23, 2022By Lee Min-hyung
Web 3.0, decentralized finance, smart contracts to reshape blockchain

UDC 2022 kicks off in Busan with focus on blockchain

Song Chi-hyung, co-founder and chairman of Dunamu, delivers opening speech of the Upbit Developer Conference 2022, at the Busan Port International Exhibition & Convention Center, Thursday. Courtesy of DunamuPolygon, Solana upbeat over new era of Web 3.0By Lee Min-hyungBUSAN ― The Upbit Developer Conference (UDC) 2022 started Thursday with great fanfare under the key theme of “Imagine your blockchain life,” bringing together prominent blockchain developers from here and abroad in the nation's largest port city. Leaders and developers from major blockchain network operators ― such as Polygon, Solana, TRON and FTX ― have appeared at the event, where they discussed how blockchain will reshape people's daily lives.The UDC 2022 is expected to grab the attention of more than 3,000 visitors during the two-day-long fair. This marked the first time since 2019 that the event was held offline due to the years-long COVID-19 pandemic.Song Chi-hyung, co-founder and chairman of Dunamu, welcomed the audience with an opening address. Upbit is the nation's largest crypto exchange and an

Sep 22, 2022By Lee Min-hyung
UDC 2022 kicks off in Busan with focus on blockchain

Dunamu looks to global NFT market for growth

Dunamu CEO Lee Sirgoo speaks during a press conference on the sidelines of the Upbit Developer Conference 2022 at the Busan Port International Exhibition & Convention Center, Thursday. Courtesy of DunamuBy Lee Min-hyungBUSAN ― Dunamu, the operator of the nation's dominant crypto exchange platform, Upbit, has identified the worldwide non-fungible token (NFT) industry as its next big growth area amid the rise of the “fandom economy,” CEO Lee Sirgoo said, Thursday, on the sidelines of this year's Upbit Developer Conference (UDC) in Busan. “We have tried multiple businesses ― such as custody and digital wallet services ― but faced difficulties expanding into non-crypto trading sectors,” Lee told reporters during a press conference. “But we need to keep finding new revenue areas, and have high hopes of turning a new joint venture ― set up with Korea's top entertainment firm, HYBE ― into our next major growth driver.”Dunamu and HYBE, the Seoul-based music label managing K-pop superstar group BTS, established the joint venture, named Levvels, recently

Sep 22, 2022By Lee Min-hyung
Dunamu looks to global NFT market for growth

Dunamu ready to discuss new blockchain paradigm at UDC 2022

Dunamu's Upbit Developer Conference (UDC) 2022 official homepage / Screenshot from the UDC homepage By Lee Min-hyungBUSAN ― Dunamu is all set to put on the agenda the next blockchain paradigm during the Upbit Developer Conference (UDC) 2022, which will kick off its two-day run in the nation's southern port city of Busan from Thursday. The annual blockchain conference ― hosted by the operator of Korea's leading cryptocurrency exchange ― is one of the largest of its kind here. Dunamu expects more than 3,000 attendees to visit the conference venue.Blind bird tickets for the event sold out only about a week after going on sale. Dunamu invited a group of 50 renowned blockchain specialists from here and abroad to join the event giving both developers and the general public the opportunity to check out the latest industry trends.The UDC 2022 is scheduled to start with a welcome speech by Song Chi-hyung, co-founder and chairman of Dunamu. His address will be followed by key

Sep 21, 2022By Lee Min-hyung
Dunamu ready to discuss new blockchain paradigm at UDC 2022
previous page
3637383940
next page

Most Read in Economy