South Korean Cryptocurrency Exchange Collaborates with two Companies; Aims at Enhancing …

Both the companies will offer ‘public disclosure information’ and ‘smart contract audit information’ for digital currencies registered on Coinone.

The leading crypto exchange firm of South Korea, Coinone has teamed up with two companies, namely, CertiK-a cybersecurity audit company and Xangle – a disclosures firm to improve security and transparency attributes.

As per the Coinone announcement on August 7, the company has inked a deal on white paper with CertiK and Xangle. Both the companies will offer ‘public disclosure information’ and ‘smart contract audit information’ for digital currencies registered on Coinone.

As part of the collaboration, Xangle will function on project transparency and investor protection, and CertiK will monitor the security of the program, project information security, technology validation, screening process, and other.

The report for Xangle mentions that the company will offer security for crypto traders and also enhance the transparency of the projects. The disclosures might contain information about new tokens, investment stocks volatility, modifications in a project’s business framework, and token governance.

CertiK will examine projects at the code level and will carry audits of project registered on Coinone, according to the company announcement.

South Korea’s no.3 cryptocurrency exchange mentioned,

Coinone strives to establish a listing system and strengthen the public function of the exchange (market surveillance, disclosure, and internal listing) in order to harmonize the two goals of actively listing cryptocurrency and securing investor confidence.

The move comes after three major cryptocurrency firms. Namely, Bithumb, Upbit, and Korbit, along with Coinone, are facing difficulties in updating their bank accounts in the country. The South Korean banking organizations are now requesting for a demand standards from crypto exchanges, following the new guidelines of Financial Action Task Force (FATF). According to new FATF guidelines, it makes crypto exchanges officially responsible for any identified money laundering operations. The limitations are so strong that small scale crypto exchange firms might find it difficult to stand.

Recently, it was reported that the South Korean Financial Intelligence Unit of Financial Services Commission is considering monitoring of the crypto exchanges directly.

Coinone other Developments

Earlier, it was reported by a source, Coinone had revealed its plan to grow its business across Indonesia, in April 2018. The crypto exchange outlined to back six digital currencies in June after launches such as Bitcoin, Ether, Bitcoin Cash, Litecoin, Ethereum Classic, and Quantum.

On the other side, payment business of Coinone and Coinone Transfer- subsidiary cryptocurrency exchange has collaborated with SBI Ripple Asia to simplify blockchain remittance in the country. The new platform is named as ‘Cross’ that will enable customers to send remittances across 8 nations also in Thailand, the Philippines, and China.

According to the information, in the local South Korea press mentions that the main issue for Coinone is the risk that the coins would launch viruses by itself in the crypto exchange and enable to hack it.

About CertiK

CertiK – a US-based company, established in 2017. The company has two members and a co-founder, Ronghui Gu. The blockchain-based cybersecurity startup firm has received investment from Binance Labs and Consensus Labs. CertiK is already operating in South Korea. Back in June 2019, the firm reached a deal with the local blockchain platform, FLETA in order to improve the systems of the company and help protect other components of its system.

Apart from partnering with Coinone, CertiK also introduced a native blockchain on 22nd July.

About Xangle

Xangle is cryptocurrency disclosure firm, headquartered at Seoul. The company offers ‘tear-sheet-style’ details of tokens structure and fundamentals such as formal name, important people, registered address, pricing, and important events.

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South Korea’s Coinone partners with Certik, Xangle to improve security and transparency features

As per the company’s announcement, the two firms will provide “public disclosure information” and “smart contract audit information” for …

South Korean cryptocurrency exchange giant Coinone has tapped cybersecurity audit firm CertiK and disclosures company Xangle to provide more security and transparency.

As per the company’s announcement, the two firms will provide “public disclosure information” and “smart contract audit information” for cryptocurrencies listed on Coinone.

Under the partnership, Xangle will be working on investor protection and project transparency, whereas CertiK will oversee the security of the code, technology verification, project information security, and screening process.

Coinone strives to establish a listing system and strengthen the public function of the exchange (market surveillance, disclosure, and internal listing) in order to harmonize the two goals of actively listing cryptocurrency and securing investor confidence,” the number three crypto exchange in the country said.

The news follows after Coinone, along with three crypto firms (Bithumb, Upbit, and Korbit), is reportedly having a hard time renewing their accounts in South Korean banks. The country’s banking institutions are now asking for demand requirements from exchanges, after the new Financial Action Task Force (FATF) guidelines make them legally liable for any detected money laundering activities. The restrictions are so tight that smaller crypto exchanges may find it hard to survive.

Meanwhile, Coinone’s payment business and subsidiary crypto exchange Coinone Transfer has partnered with SBI Ripple Asia to facilitate blockchain-based remittance in South Korea. Dubbed as Cross, the new platform can now allow users to send remittances in eight countries, including China, Thailand, and the Philippines.

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Over $2.3 Billion Lost in 2 Years to South Korean Crypto Scams

Bithumb exchange was hacked twice losing a total of $43 million between 2018 and 2019. Equally, the Coinrail exchange also lost about $40 million …

The South Korean Ministry of Justice has released data that shows how much the country has lost to cryptocurrency-related crimes within the last two years.

According to the data, South Korea lost nearly 2.7 trillion won ($2.3 billion) to crypto scams, embezzlement, Ponzi schemes and illegal transactions from July 2017 to June 2019.

However, the figure does not include financial losses incurred from cryptocurrency exchange hacks. The country had experienced several hacks over the last two years (2017-2019). Bithumb exchange was hacked twice losing a total of $43 million between 2018 and 2019. Equally, the Coinrail exchange also lost about $40 million in a hack in 2018.

The report by the South Korean Justice Ministry revealed that 132 crypto-related criminals had been indicted and detained. It also added that 288 persons had been charged without physical detention between July 2017 to July 2019.

According to the Korean Herald, Justice Minister Park Sang-ki had called for stern measures against crypto-related crimes. Also, more calls for tighter online security has been proposed by Rep. Je Youn-kyung of the Democratic Party. However, the bill is pending at the National Assembly.

The country had taken several regulatory steps to curb crypto-related scams. South Korea had earlier in January, placed a ban on the use of anonymous bank accounts in crypto-related transactions. This was because a lot of money launderers used the anonymous nature of most cryptocurrency to carry out fraudulent activities.

Also, in a bid to curb fraudulent activities, South Korean crypto exchanges launched a hotline service that will serve as a means of sharing transactions of suspected fraudulent activities on their servers. The crypto exchanges Bithumb, Upbit, and Corbit are targeting phishing and pyramid schemes as these are the main techniques scammers use to gain personal information of crypto investors for money laundering.

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Bithumb Is Going To List MIXMARVEL (MIX) And Start The 10 Million Airdrop Today!

Yesterday, on Twitter, the global crypto exchange Bithumb announced that it will list MIXMARVEL (MIX). As per the announcement, the launch date is …

Yesterday, on Twitter, the global crypto exchange Bithumb announced that it will list MIXMARVEL (MIX). As per the announcement, the launch date is 10th May 2019 at “2:00 in the afternoon (KST).” Bithumb is a South Korean blockchain platform where you can purchase, sell, exchange, or trade cryptocurrency. The platform offers a number of cryptocurrencies to choose from.

In the official blog announcement about the launch, there is another exciting revelation that might interest Bithumb users. The blog says that the crypto exchange will conduct “10 million airdrop event” as a mark of celebration of the listing of MIXMARVEL (MIX.) Those who are interested in learning more about the event can go through the official blog of the crypto exchange, and for those who wish to go into even deeper into the details can check out the Mixmarvel’s Foundation page.

[New Coin Listing🔔] MIXMARVEL (#MIX) is listed on Bithumb!

■ Timeline for the listing : May 10, 2019 (Fri) in the afternoon (KST)

■ Open date of Deposit address : May 10, 2019 (Fri) at 2:00 PM (KST)

For more details >> https://t.co/VVOSis7CBZpic.twitter.com/V4OVxpbcfW

— Bithumb (@BithumbOfficial) May 10, 2019

In the blog, one can find information regarding the processing time for deposit as well as withdrawals. According to the announcement, the withdrawal time is decided for the coming Monday to Saturday, and the timings for it are 09:00 ~ 21:00. Please note that these days do not include Sundays and other official holidays. For withdrawals, the channel which has been made available includes “PC Web, Mobile, and API.”

The 10 million Airdrop event:

The crypto exchange has revealed the timeline for the event. It will span for three consecutive days. It will be conducted from 10th of May, 2019 till 12th May 2019 (midnight.).

Distribution of MIX:

The daily contribution rate is the key factor which will decide how many MIX tokens will get distributed. Ideally, as per the blog, an amount of 2,500,000 MIX has been decided for every three days.

Additionally, there is a special distribution plan for the users who will manage to gather the largest amount of transactions in these three days. The first three users will be then awarded extra MIX. The number of MIX tokens as per ascending order are- 200K MIX, 500K MIX, and 800K MIX tokens. Further, there is a mention of how the contribution rate will be calculated as well as how the accumulation of the transaction (KRW) will be figured out

On the other hand, the deposit for the airdrop event will take place only on the 10th of May. The airdrop is made available for those who will deposit MIX tokens externally during the mentioned timeline. The airdrop will also be awarded to the top three participants. The first user with highest deposit amount needs to fulfil the distribution amount of 150K MIX tokens, the second one with 90K MIX Tokens, and the third one with 60K MIX tokens. The minimum amount of deposit to be qualified for the event is 1500 MIX.

When will the winner get the payment after Airdrop?

As per the blog, the lucky date is 22nd May 2019. As a caution, it is advised by the exchange that the transaction should not smell of any illegal activity or any kind of abnormality. The entire responsibility of the right kind of transaction is laid on the shoulders of the user, by the crypto exchange.

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5th Biggest Korean Bitcoin Exchange Closes Shop

According to Business Korea, only Upbit earned profits for 2018 with Bithumb, Coinone, and Korbit all reporting net losses. Upbit spent some portion of …
south koreaNews

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Osato Avan-Nomayo · @3rdPesinSingula| Apr 20, 2019 | 06:00


Coinnest, one of the largest Bitcoin exchanges in South Korea has announced that it will be shutting down following a litany of administrative, financial and legal issues.


5th Largest South Korean Bitcoin Exchange Closes Shop

In a statement published on the company’s website on Thursday (April 18, 2019), the platform announced its decision to shut up shop. Coinnest had already terminated account creation features as early as Tuesday (April 16, 2019).

Following the decision to shut down, the platform says it will stop trading and deposit services at the end of April 2019. Customers will have until the last day of June 2019 to withdraw crypto held in the company’s wallets.

Coinnest also announced a lowering of withdrawal fees, as well as the minimum withdrawal amount to enable the process to go on smoothly. The platform warned users that it will not process any withdrawals after June 30, 2019.

This news of the Coinnest shutdown rounds up what has most likely been a miserable year for the beleaguered exchange. Back in April 2018, Bitcoinist reported the arrest of the company’s CEO for fraud and embezzlement.

Kim Ik-hwan, the arrested CEO was subsequently found guilty and sent to prison with a $2.5 million fine. At the start of the year, an airdrop went bad also cost Coinnest about $5 million further worsening the company’s liquidity problems.

South Korean Exchanges Report Significant Losses

The Coinnest shutdown comes closely on the heels of reports that three of the “big four” South Korean Bitcoin exchanges recorded losses in 2018. The prolonged bear market of 2018 which saw cryptocurrency plummet massively caused significant dents in the revenue earned by these platforms.

According to Business Korea, only Upbit earned profits for 2018 with Bithumb, Coinone, and Korbit all reporting net losses. Upbit spent some portion of 2018 under scrutiny from regulators and law enforcement in South Korea with the company eventually forced to reduce the number of tokens traded on its platform.

This decision perhaps helped shield Upbit from the negative impact of the bear market. Upbit reported a profit of more than $87 million.

Bithumb, on the other hand, incurred a net loss greater than that reported by Coinone and Korbit combined. Financial results published by the BTCKorea.com, operators of the platform, Bithumb suffered a net loss of $180.65 million.

End-of-year financials for both Coinone and Korbit show losses of $5 million and $40 million respectively.

Do you think other exchange platforms will close down following the difficulties experienced in 2018? Let us know your thoughts in the comments below.


Images via Coinnest, Shutterstock

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