The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    BTS' Jungkook to drop 2nd solo single

  • 3

    PHOTOSTrapped along borders

  • 5

    Opposition leader Lee again proposes talks with President Yoon

  • 7

    BTS' Jungkook drops 2nd solo single

  • 9

    VIDEOBustling Chuseok: Namsan Hanok Village immerses visitors in Korea's rich traditions

  • 11

    Korea fails to be included on FTSE Russell's global bond index

  • 13

    Swimmer Kim Woo-min captures 3rd gold in Hangzhou

  • 15

    Poll shows 79% of young Koreans agree on need to improve ties with Japan

  • 17

    My left arm: how right-handed shooter won Asiad medal with left hand

  • 19

    S. Korea cruises past N. Korea in women's basketball

  • 2

    Korea wins gold in League of Legends competition; Faker tops podium

  • 4

    Trailblazing nonagenarian artist honored for redefining Korean fiber art

  • 6

    Pentagon's CWMD strategy document calls N. Korea 'persistent threat'

  • 8

    Are 'finfluencers' helping or harming investment community?

  • 10

    Yoon hosts Chuseok luncheon for Korean atomic bomb victims in Hiroshima

  • 12

    Apple, China met to discuss Beijing's crackdown on western apps: WSJ

  • 14

    Builders vie for leadership in modular construction

  • 16

    Second release of Fukushima wastewater to start next week

  • 18

    S. Korea eliminates N. Korea in women's table tennis doubles

  • 20

    Following successful Asiad debut, swimmer Hwang Sun-woo turns eyes to bright future

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Sun, October 1, 2023 | 06:51
Companies
Korean blockchain operators urged to enhance vigilance against accidents
Posted : 2022-08-14 08:46
Updated : 2022-08-14 08:46
Lee Min-hyung
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link

Industry players advised to do more research on failed projects

By Lee Min-hyung

Korean blockchain operators are being urged to reinforce verification of their software programs and stay alert to any danger signs amid unceasing concerns over the possible recurrence of an accident similar to the recent Terra-Luna fiasco, industry officials said.

It has been three months since the once-promising algorithmic stablecoin and its sister token stunned the blockchain industry after their sudden collapse. The shock, however, does not appear to have lasted long here, as few noticeable technological improvements have been made on some local blockchain platforms.

Klaytn, a blockchain platform developed by Korea's leading mobile giant Kakao, is losing the market's trust after it was exposed to some network errors.

The blockchain caught the attention of local partners, such as game firms, as it was developed by one of the most famous tech firms here. But with more partner firms leaving the Klaytn ecosystem, the price of the coin also nosedived. It was once traded at more than $4 in March last year, but its value plunged to around $0.3 as of Thursday.

Industry sources said blockchain players should do more research on failed cases, rather than aggressively promoting their next projects and future roadmaps.

"Tech powerhouses such as the United States are accustomed to analyzing why certain projects ended up in failure and remain cautious not to make a similar mistake again," a cryptocurrency industry source said.

When there is a problem, the U.S. focuses more on finding out the root cause behind it, but this is not the case in Korea, according to the official.

"We are not used to taking such an attitude in case of a crisis," the source said. "Most Korean companies take makeshift measures without endeavoring to find accurate solutions against the possible recurrence of such incidents."

Ethereum founder Vitalik Buterin delivers a keynote speech during the Korea Blockchain Week 2022 in Seoul, Monday. Yonhap

A few blockchain companies brought up the issue of the recent Terra debacle and raised awareness of security loopholes during the recent Korea Blockchain Week, the nation's largest annual blockchain event which ended its two-day run on Tuesday.

Many speakers from local blockchain firms went all-out to promote their own platforms' technological competitiveness to attract the attention of more than 8,000 participants, mostly delivering rosy future outlooks of the industry.

Another source from the blockchain industry also urged authorities to introduce tighter regulations on blockchain companies, so they can be more responsible for their actions.

"For instance, if authorities mandate cryptocurrency developers to issue an investor alert in detail, fewer people will fall victim to incidents like the Terra fiasco," an official at a crypto exchange said.

When the Terra-Luna ecosystem was spotlighted by investors last year, a number of people here and abroad went on a buying spree without knowing what exactly the coin is and how it can deliver high yields.

"Some alternative coin developers are still watching for a chance to delude such investors. Even if blockchain firms and cryptocurrency developers should operate their platforms with by focusing on ensuring security and stability, this is not the case for all of them. Investors should be reminded that some companies may be exposed to moral hazard risks at any time."

But now is an apparent transition period in the blockchain industry, as it is still in the legally grey area here. So no one can say for sure whether another big debacle will occur again in any other form in the near future, according to the official.

"This is why financial watchdogs should introduce laws on digital assets and blockchain as early as possible to force market players to thoroughly check any internal risk factors before launching their platforms on the market."


Emailmhlee@koreatimes.co.kr Article ListMore articles by this reporter
 
miguel
wooribank
LG
Top 10 Stories
1Guide to Chuseok celebrations across Korea Guide to Chuseok celebrations across Korea
2Chuseok exodus begins ahead of extended 6-day holiday Chuseok exodus begins ahead of extended 6-day holiday
3Korea sees record-low births in July Korea sees record-low births in July
4Hyundai E&C to build upmarket apartment complex in Seoul's Gwanak District Hyundai E&C to build upmarket apartment complex in Seoul's Gwanak District
5[INTERVIEW] Risk-averse culture is forcing daring creators to flee showbiz INTERVIEWRisk-averse culture is forcing daring creators to flee showbiz
6Political battle intensifies after court rejects Lee's arrest warrant Political battle intensifies after court rejects Lee's arrest warrant
7Korea on track to prove esports prowess at Asian Games Korea on track to prove esports prowess at Asian Games
8Lotte focuses on health care, mobility to spur growth Lotte focuses on health care, mobility to spur growth
9DMZ Open Int'l Music Festival to be held in Goyang in November DMZ Open Int'l Music Festival to be held in Goyang in November
10Two Koreas trade barbs over nuclear war Two Koreas trade barbs over nuclear war
Top 5 Entertainment News
1[INTERVIEW] 'Coexistence of different art hubs across Asia is necessary': Art Week Tokyo Director INTERVIEW'Coexistence of different art hubs across Asia is necessary': Art Week Tokyo Director
2Trailblazing nonagenarian artist honored for redefining Korean fiber art Trailblazing nonagenarian artist honored for redefining Korean fiber art
3[INTERVIEW] With '30 Days,' Kang Ha-neul finds new level of comfort in acting INTERVIEWWith '30 Days,' Kang Ha-neul finds new level of comfort in acting
4Rwandan artists bring diversity to Seoul's art scene Rwandan artists bring diversity to Seoul's art scene
5[INTERVIEW] ONEUS returns as 'mermaid prince' INTERVIEWONEUS returns as 'mermaid prince'
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group