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Korean Crypto Exchanges Block Romance Scammers’ Access to Digital Assets Worth Over $82 Million
31.1.2024
South Korean cryptocurrency exchanges have successfully stopped romance scams and voice phishing criminals from siphoning digital assets worth over $82.6 million in the past year. The exchanges attribute their success in blocking criminals to abnormal transaction detection systems, which assist...
BRICS Meeting: Iran Pushes for Common Currency — China, Russia Prioritize Settlements in Local Currencies
31.1.2024
The first BRICS sherpa meeting with 10 member states has kicked off in Russia with representatives from Brazil, Russia, India, China, South Africa, Saudi Arabia, the United Arab Emirates, Iran, Egypt, and Ethiopia. China, Russia, and Iran are all advocating for the use of national currencies...
South Korean Prosecutors, Police Face Bribery Wrap in Crypto Fraud Trial
31.1.2024
Eight South Korean prosecutors and police officers could be trialed in connection to the high-profile case of a suspected crypto fraudster. Per Newsis, the trial of one unnamed prosecutor has already begun in the city of Gwangju. The case centers around a suspected crypto fraudster surnamed Tak....
South Korean Web3 Music Service Somesing Loses $11.58 Million in Token Exploit
29.1.2024
Somesing, a popular blockchain-based social karaoke platform in South Korea, has fallen victim to an exploit resulting in the loss of approximately $11.58 million. In a recent Medium post, the platform revealed that 730 million of its native token SSX had been compromised. The attack targeted...
South Korean Crypto Exchanges Blocked $82m Worth of Romance Scam Transactions in 2023
29.1.2024
South Korean crypto exchanges say they blocked over $82 million worth of transactions linked to romance scams last year. Per Seoul Shinmun, the crypto exchange Coinone claimed catfishing and other romantic scams that make use of crypto were now “rampant” in South Korea. Coinone said that it...
South Africa Gears up to Issue First Batch of FSP Licenses to Crypto Providers
26.1.2024
South Africa is reportedly preparing to issue the first batch of financial services provider (FSP) licences to crypto service providers. Gerhard van Deventer, head of enforcement at South Africa’s Financial Sector Conduct Authority (FSCA), confirmed the move speaking at a podcast on Moneyweb...
South African Regulator Expects to Determine Fate of 50 Crypto License Applications in ‘Coming Weeks’
26.1.2024
The head of enforcement at South Africa’s financial industry watchdog said on Jan. 24 that he expects the organization to decide the fate of 50 crypto firms’ license applicants in the coming weeks. The watchdog stated that from the more than 100 entities that applied for a license, 20 have since...
Ozys’ Former Chief Security Officer Allegedly Weakened Security of Network Weeks Before $81.5M Hack
25.1.2024
Source: Pixabay South Korean blockchain network Ozys has made a damning revelation in the aftermath of its January 1, 2024 platform hack. In a January 25 Medium blog post, Ozys CEO Jinhan Choi clarified that the breach was not a result of overlooked security measures on their part. Rather, it was...
Is Binance Coin About to Crash? BNB Price Turns Red as Ethereum-Based Bitcoin Mining Protocol Raises $9.2 Million
25.1.2024
Binance coin has turned red as BNB tumbles away from double-topped resistance, but with price heading south is Binance Coin about to crash? Find out in this BNB price analysis. Indeed, this downside move comes despite bullish developments on-chain for Binance Coin, with yesterday witnessing...
South Korean ‘Crypto Drug Dealer’ Jailed for 7 Years
25.1.2024
A South Korean court has sent a drug dealer who sold narcotics to crypto-paying “customers” to jail for seven years. Per the news agency Yonhap, the Criminal Division of the Busan District Court also ordered the unnamed individual – referred to by the media as “A” – to pay a fine of over $9,000....
South Korean Tax Body Seized Crypto Worth $28.4m From ‘Tax Dodgers’ in 2023
24.1.2024
South Korea’s tax body last year confiscated cryptoassets worth $28.4 million from citizens who were trying to avoid paying taxes. Per Newsis, the number of “crypto tax dodgers” has ballooned from 5,741 – a figure reported in late 2022 – to 10,849. The latest figures come from the National...
South Korean Authorities Slammed for Taking Crypto Regulation ‘Baby Steps’
24.1.2024
South Korea’s financial regulators are taking “baby steps” while US counterparts forge ahead with rapid crypto regulation progress, a new report has claimed. Per the South Korean media outlet News Tomato, domestic financial authorities are yet to “properly organize” their crypto arms. The outlet...
US Senator Marco Rubio Warns BRICS Expansion Threatens Western Sanctions’ Effectiveness
23.1.2024
Florida Senator Marco Rubio expressed his worries about the increasing influence of BRICS, the international group, in the world’s economic system. According to Rubio, if the group keeps expanding, it will be a valid alternative to the current system, allowing nations to sway away from...
Do Kwon’s Terraform Labs Files for Bankruptcy Protection in US
22.1.2024
Terraform Labs, the issuer of the collapsed stablecoin TerraUSD (UST), has filed for Chapter 11 bankruptcy protection in the United States. The filing by Terraform Labs was officially submitted to the U.S. Bankruptcy Court for the District of Delaware. This action marks a significant legal step...
South Korean ‘Bogus Crypto Exchange’ Fraudster Jailed
22.1.2024
Source: MemoryMan/Adobe A South Korean court has sent an individual who provided a bogus crypto exchange with illegal bank documents to prison for four years. Per Busan Ilbo, Judge Kim Jae-yoon of Changwon District Court sentenced an unnamed individual “in their 30s” following a fraud conviction....
South African Fintech Startup Ukheshe Acquires 100% Stake in EFT Corporation
21.1.2024
South African fintech startup Ukheshe recently announced that it has acquired a 100% stake in EFT Corporation, an Africa-focused payment services provider. According to the startup, the acquisition takes Ukheshe closer to its stated goal of attaining a larger footprint in Africa and beyond. Access...
Manta Network Faces Money Laundering Allegations After Recovering From DDoS Attack
19.1.2024
Zero-knowledge L2 blockchain Manta Network has been accused of money laundering in South Korea shortly after the blockchain was hit by a DDoS attack. In an X post published on January 18th, user @Definalist noted that 2 million MANTA tokens were transferred to the personal wallet of Manta’s...
South Korea urges financial regulator to reassess Spot Bitcoin ETF
19.1.2024
Spot Bitcoin ETF applications have seen the light at the end of the tunnel in the US. The US SEC gave a green light last week, paving the way for ETFs of other crypto tokens. Talks are buzzing around town that Ether ETF could be the next offering, triggering the likes of BlackRock to make …
South Korean Presidential Office Suggests Reevaluation of Bitcoin ETF Approval
19.1.2024
South Korea‘s Presidential Office has recently proposed reconsideration for the approval of a local spot Bitcoin exchange-traded fund (ETF). According to reports from Maeil Business, the suggestion for reevaluating the spot Bitcoin ETF comes from Sung Tae-yoon, the Chief of Staff for Policy...
Do Kwon Should be Extradited to South Korea, not United States, Lawyer Argues
19.1.2024
Do Kwon’s lawyer has argued that Terraform Labs’ co-founder should be extradited to South Korea and not the United States. The statement comes as a response to extradition requests from both countries, with Kwon currently in detention in Montenegro. Goran Rodic, Kwon’s Montenegrin...