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BlockchaINVEST • January 7 - March 11, 2019

At BlockchaInvest, international blockchain companies and crypto projects looking to raise capital meet local investors and fund managers in a…

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Tag: South Korea

CoinZest Airdrop Event Goes Wrong, Customers Receive $5.3 Million Worth of Crypto

Category: Altcoins, Bitcoin, Exchange, News

CoinZest Airdrop Event Goes Wrong, Customers Receive $5.3 Million Worth of Crypto

CoinZest,  a South Korean cryptocurrency exchange has been left with no choice but to roll back all transactions on its servers after it mistakenly airdropped bitcoin and altcoins amounting to $5.3 million to its clients, instead of the intended We Game tokens (WGT), according to local news source, CoindeskKorea on January 19, 2019. CoinZest Systems Go Haywire Per sources close…

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Two Former Executives Jailed for Faking Cryptocurrency Transaction Volumes

Category: Crime, Exchange, News

Two Former Executives Jailed for Faking Cryptocurrency Transaction Volumes

On January 17, 2019, two former executives from Komid, a South Korean cryptocurrency exchange, were jailed for three and two years respectively for using fake accounts to fraudulently inflate transactions on the exchange. The Sentencing In a historic move, the 13th Criminal Settlement Agreement of the South District Court in Seoul has dished out the first ever jail term for…

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Korea’s Biggest Conference Is around the Corner

Category: Press Releases

Korea’s Biggest Conference Is around the Corner

Chain Plus Korea, one of the most influential blockchain summit and conference organized by Chainers and MTN (Money Today Network, the 3rd largest Economic Media Group) is about to open on January 23-24 2019 at the Seoul Dragon City in Seoul, with the prediction of 2,000+ audience to attend from worldwide.      The conference was not only responded well by…

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Only 7 out of 21 Crypto Exchanges Pass South Korean Government Audit

Category: Altcoins, Bitcoin, Business, Exchange, News, Regulation

Only 7 out of 21 Crypto Exchanges Pass South Korean Government Audit

The South Korean Government recently conducted a security audit on 21 Cryptocurrency exchanges and according to a local news story published on January 10, 2019, only seven of them passed the audit. The audit took place between September and December 2018 and out of the 21 surveyed, Bithumb, Coinone, and Korbit, along with four others, made the grade. This means…

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Where Are They Now?: South Korea Prohibits ICOs, Keeps Crypto-Exchanges and Adopts Blockchain

Category: Adoption, Altcoins, Blockchain, Cryptocyclopedia, Regulation

Where Are They Now?: South Korea Prohibits ICOs, Keeps Crypto-Exchanges and Adopts Blockchain

In the global blockchain regulation race, there are a number of battlegrounds where the technology, or at least facets of it, are debated with intense fervor. South Korea is most certainly one of those nations where blockchain contention runs deep.   Tipped as one of the world’s “blockchain hubs,” South Korea has been a source of prosperity for the global…

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Bithumb Wins Hack Case Court Battle; Judge Rules Crypto Exchanges are “Not Financial Institutions”

Category: Altcoins, Business, News, Platform, Tech

Bithumb Wins Hack Case Court Battle; Judge Rules Crypto Exchanges are “Not Financial Institutions”

South Korea-based cryptocurrency exchange Bithumb has been acquitted of a lawsuit filed by an investor named Ahn Park. Park accused the trading platform of lax security measures which allowed hackers to steal his crypto holdings worth $355,000, reports Finance Magnets, December 26, 2018. Bithumb not Responsible for Compensating their Users Bithumb’s client, named Ahn Park, had accused the digital currencies…

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South Korea: Authorities Nab Nine People for Dealing Drugs Using DarkCoin Cryptocurrency

Category: Altcoins, Blockchain, Crime, Finance, News, Tech

South Korea: Authorities Nab Nine People for Dealing Drugs Using DarkCoin Cryptocurrency

According to a report published by Finance Magnates, on December 25, 2018, South Korean authorities have arrested nine cybercriminals for orchestrating drug deals using cryptocurrencies.  Execute Illegal Transactions with DarkCoin On December 23, 2018, the Seoul Central District Prosecutors’ Office stated that the criminals arrested used the darknet and even set up their website to facilitate the trade of drugs….

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South Korea’s Second Largest City to Develop Blockchain-Enabled Virtual Power Plant

Category: Adoption, Blockchain, Business, News, Regulation

South Korea’s Second Largest City to Develop Blockchain-Enabled Virtual Power Plant

The South Korean government will be spending four billion Korean won (KRW) ($3.500.000) to create and deploy a “virtual power plant” based on blockchain technology reports local media outlet Yonhap News on December 10, 2018. According to the report, the city administration of Busan, the second most populated city in South Korea, proposed the project. Also involved are Nuri Telecom,…

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Amazon Web Services Outrage Causes Korean Exchanges to go Dark

Category: Altcoins, Blockchain, Business, News, Platform, Tech

Amazon Web Services Outrage Causes Korean Exchanges to go Dark

Amazon Web Services (AWS) suffered an outage that affected two major cryptocurrency exchanges and dozens of other businesses. These server Failures ended up leaving Coinone and Upbit with its services offline, reported The Next Web on November 22, 2018.  South Korean Exchanges Lose Connection Two of the major South Korean digital currency exchanges went off for a few hours due…

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Cryptocurrency Exchange Zeniex Terminates Service after Government Crackdown

Category: Altcoins, Bitcoin, Business, Exchange, News, Regulation

Cryptocurrency Exchange Zeniex Terminates Service after Government Crackdown

South Korean cryptocurrency exchange Zeniex will terminate its services due to increasing government pressure on unauthorized digital currency exchanges. According to Zeniex’s website post, published on November 9, 2018, the cryptocurrency exchange noted that operating amidst a government crackdown on the industry will be a challenging feat. Closing Down Due to Government Pressure The cryptocurrency exchange opened on May 8,…

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