Economy - The Korea Times

INTERVIEW 'Crypto party isn't over yet'

Lee Sirgoo, the CEO of Dunamu, which operates Korea's largest cryptocurrency exchange operator, Upbit, responds to questions about recent updates in the global cryptocurrency market after the collapse of Terra-Luna during a recent interview at its headquarters in Seoul. Korea Times photo by Choi Won-sukBlowup of Terra's stablecoin raises credibility concerns for industry, forcing crypto investors to wait longer for price rebound By Kim Yoo-chulThings are changing rapidly in the world of crypto. Very recently, the global cryptocurrency market saw an extension of volatility even to stablecoins, mostly due to the huge collapse of the TerraUSD, a UST or algorithmic stablecoin, and its sister token, Luna ― which should theoretically maintain a 1:1 peg to a currency and commodity. Plus, because inflation remains too much of a force on central banks around the world, pressuring them to move expeditiously to bring the level back down by raising the benchmark rate sharply, more than 40 percent of crypto holders are now underwater in terms of their investments, according to analysts.All of the

Jun 23, 2022By Kim Yoo-chul

[INTERVIEW] 'Crypto party isn't over yet'

Korea's five crypto exchanges launch first alliance amid Luna fiasco

The leaders of Korea's major crypto exchanges pose after launching their joint consultative body at the headquarters of Coinone in Seoul, Wednesday. From left are Bithumb CEO Lee Jae-won, Coinone CEO Cha Myung-hun, Gopax CEO Lee Jun-hang, Korbit Chief Strategy Officer Kim Jae-hong and Dunamu CEO Lee Sirgoo. Courtesy of BithumbBy Lee Min-hyungKorea's top five cryptocurrency exchanges have launched their first joint consultative body in response to growing calls for preemptive measures to protect customers from possible crypto-related fiascos. The so-called Digital Asset eXchange Alliance (DAXA), consisting of Upbit, Bithumb, Coinone, Korbit and Gopax, was launched on Wednesday aiming to drive the industry's sustainable growth here and to come up with measures to enhance customer protection, according to the five exchanges.This move was the first follow-up measure jointly taken by the exchanges after the National Assembly and the government held an emergency conference earlier this month to discuss countermeasures against a possible recurrence of the recent crypto debacle surrounding t

Jun 22, 2022By Lee Min-hyung

Korea's five crypto exchanges launch first alliance amid Luna fiasco

Investors panic due to plunge in values of major cryptocurrencies

By Lee Min-hyungThe prices of Bitcoin and Ethereum took a nosedive on Tuesday amid escalating fears that monetary authorities here and abroad will step up their fight against inflation with more aggressive monetary tightening.Bitcoin's price plunged to an 18-month low, failing to defend the 30 million won ($23,200) mark. Ethereum, the world's second-most-valuable cryptocurrency, also plunged by more than 30 percent in the past week. Ethereum was traded at around 1.52 million won on Tuesday afternoon, a drop of more than 70 percent from its previous high in November 2021, according to data from Korea's largest crypto exchange, Upbit.This year, crypto investors have been spooked by the U.S. Federal Reserve's monetary normalization. After ending its near-zero interest policy in March this year, the Fed has since raised its benchmark rate to 1 percent. But with the world's largest economy grappling with soaring inflation in the wake of the pandemic, the Fed is sending repeated signals for additional rate hikes.Last month, an unexpected meltdown of the once-promising Terra and Luna coins

Jun 14, 2022By Lee Min-hyung

Cryptocurrency

Cryptocurrency

INTERVIEW 'Crypto party isn't over yet'

Korea's five crypto exchanges launch first alliance amid Luna fiasco

Investors panic due to plunge in values of major cryptocurrencies

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