Bithumb, one of South Korea's four biggest cryptocurrency exchanges, will stop issuing new virtual accounts from August as it has failed to renew a contract with NH Nonghyup Bank.According to investment banking (IB) industry sources on July 31, Bithumb has decided to temporarily stop issuing new
Due to the recent series of cyber attacks, cryptocurrency exchanges are having a hard time taking out an insurnace policy. The prospects of “group negotiations” with insurers pursued by the association of exchanges for its members are still remote.According to the Korea Blockchain Association and in
Bithumb, the largest virtual currency exchange in Korea, announced on June 20 that it has suffered damage from hacking. Bithumb said 35 billion won (US$31 million) worth of virtual money was stolen, including Ripple.The announcement fueled disbelief in the domestic cryptocurrency trading industry as
Automatic trading bots have appeared in the cryptocurrency market following the appearance of robo advisors that help investors manage their investments based on artificial intelligence (AI) and big data.According to cryptocurrency industry sources on June 19, the number of cryptocurrency trading as
Dunamu, the operator of the cryptocurrency exchange Upbit, plans to popularize the blockchain technology by developing a platform that turns web-based services into blockchain-based services.Park Jae-hyeon, the director of Lamda256, the blockchain research institute of Dunamu, hosted a media seminar
Cryptocurrency prices have fallen sharply following the news that Upbit, Korea’s largest cryptocurrency exchange, was investigated by South Korean prosecutors on fraud charges.The Bitcoin price plunged to 89.1 million won (US$80,000) at Bithumb as of 4:40 pm on May 11, a drop of one million won (US$
Dunamu, the operator of the Upbit cryptocurrency exchange, announced on May 9 that it has officially opened the Upbit Cryptocurrency Index (UBCI).The index is designed to help investors grasp the movements of the cryptocurrency market at a quick glance. It is calculated and provided by Upbit.The UBC
Although it has been over 100 days since financial authorities introduced the real-name trading system for cryptocurrencies, transactions are still made through corporate accounts.The domestic cryptocurrency market is getting more opaque as the financial authorities are not pushing hard banks and cr
It is noteworthy that as the government has showed a lukewarm attitude about virtual money-related policies, the cryptocurrency industry itself sets standards for safe virtual currency trading and fraud-free initial coin offerings (ICOs).According to the cryptocurrency industry on April 30, various
The Bitcoin price has exceeded 10 million won again in about a month as American investors who left it for a while to avoid taxation are returning and news leaked about Goldman Sachs investing in cryptocurrencies.According to local cryptocurrency exchange Upbit, the price exceeded 10 million won in
Korea's third largest cryptocurrency exchange Coinone will set up an overseas cryptocurrency exchange for the first time as a Korean company. A sharp decline in trade in the Korean cryptocurrency market has made it difficult for Korean cryptocurrency exchanges to secure profitability, leading th
With many countries seeking to integrate the blockchain technology into actual service models, expectations are growing that an advanced model will first appear in the gaming industry.According to industry sources on April 9, HanbitSoft Inc. has announced a global game asset trading blockchain platf
Korean cryptocurrency exchange Upbit will launch Korea’s first cryptocurrency index.Dunamu operating Upbit announced on March 22 that the company developed the UBCI (Upbit Crypto Index), a standard index that can measure market conditions by suggesting a standard on coin quotes.Upbit is aiming to pr
Kakao Corp, South Korea’s largest messaging app operator, is to jump into the blockchain business, which is known as a core technology of cryptocurrency. Some market watchers say the company can list its blockchain unit on the stock market by issuing its virtual currencies.Kakao said on March 5, “We
Upbit, the Korean cryptocurrency exchange which is number one in Korea in terms of trading volume, is being dogged by controversy over national wealth outflow.According to the financial industry on March 1, the controversy was aroused as it was belatedly known that Bill Shihara, CEO of Bittrex, a US
The price of Bitcoin, a representative virtual currency (cryptocurrency), was on the rise on the first day of Lunar New Year Holidays. The price moved around 10 million won (US$9,000) the day before the holidays and broke through the 11 million won (US$9,900) level in the afternoon of February 15.As
As banks continue to be reluctant to issue a new cryptocurrency accounts, a South Korean cryptocurrency exchange, which failed to open a digital currency account, has decided to suspend its transactions on its platform.According to industry sources, South Korean cryptocurrency exchange Coinpia halt
Global cryptocurrency exchanges are seeking to break into the South Korean market one after another following BitPoint, the third largest exchanges in Japan. They aim to expand an ecosystem by participating in the domestic market, which is the third largest in the world.According to industry sources
Line Corp., mobile messenger app unit of South Korea’s leading online portal operator Naver Corp., announced to launch cryptocurrency exchange business in Japan as part of its strategy to create a synergy based on its top messaging platform with more than 120 million users in Japan and its financial
As banks will look into whether or not exchanges that use corporate accounts (aka honeycomb accounts) are against financial authorities' anti-money laundering guidelines, so that investment by 800,000 members of these exchanges may be brought to a halt. As banks implement real-name cryptocurrency tr