Lưu trữ cho từ khóa: South Korea

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Samsung integrates blockchain for enhanced security in AI home devices

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Samsung integrates blockchain for enhanced security in AI home devices

South Korean tech giant Samsung is doubling down on blockchain to enhance protection across its AI home appliances.

Samsung is set to expand its use of blockchain, unveiling plans to boost security across its artificial intelligence home appliances.

In a blog post on Monday, Oct. 21, Samsung outlined that the new initiative extends the existing Knox Matrix framework, previously used on mobile devices and TVs, to a broader range of home appliances. The framework uses a private blockchain to create a “Trust Chain” that allows interconnected devices to monitor each other for security threats, alerting users if issues arise.

“Based on blockchain technology, Trust Chain allows connected devices to monitor each other for security threats and notifies users of threat-blocking measures if there is a problem with the security status.”

Samsung

Additionally, Samsung aims to enhance security across devices with its “Cross Platform” technology, ensuring consistent standards regardless of operating system, while “Credential Sync” boosts privacy by encrypting and synchronizing user data, the blog announcement reads.

Samsung plans to begin rolling out these features to key products next year, though it has not provided a specific timeframe. It is understood that the corporation will also integrate biometric authentication, allowing users to log in to apps and services via fingerprints, eliminating the need for passwords.

For Samsung, this is far from its first foray into the blockchain realm. The Suwon-si-headquartered multinational has previously explored blockchain solutions across various sectors, including its Galaxy smartphones, which feature a blockchain wallet dubbed “Samsung Blockchain Wallet,” and the Samsung Blockchain Keystore, designed to safeguard private keys and facilitate decentralized app usage.

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South Korean regulator to review crypto ETF approval: report

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South Korea’s financial watchdog is reportedly set to review the approval of spot crypto ETFs and the legalization of corporate crypto accounts through a newly formed committee.

South Korea, which has been cautious in its approach to crypto regulation, is now considering the approval of spot crypto exchange-traded funds and corporate crypto accounts through its newly established Virtual Assets Committee.

According to a News1 Korea report on Oct. 10, the committee, chaired by the Financial Services Commission’s vice chairman, will include representatives from several government ministries and private-sector experts. While Bitcoin (BTC) and Ethereum (ETH) have secured approval from regulators for spot ETFs in the U.S. and Hong Kong, South Korea has yet to allow such products, and corporate crypto accounts remain prohibited.

However, the report does not indicate a specific timeline for when South Korean authorities will review the approval of crypto ETFs.

South Korea speeds up with crypto regulation

The move comes as the Korean regulatory body faces mounting calls for reform in these areas as the domestic crypto market evolves. Currently, the FSC is processing renewal applications for virtual asset service providers that first registered in 2021, as the regulator pushes amendments to the Specific Financial Information Act, designed to enhance oversight of market manipulation and unfair trading practices, the report notes.

The FSC reportedly also indicated it is considering “Phase 2 legislation,” which would focus on tighter regulatory controls for crypto businesses, such as issuance and listing requirements, following the recent enactment of the Virtual Asset User Protection Act, introduced in July.

South Korea has been gradually expanding its crypto oversight, focusing on balancing market growth with investor safeguards. As a result, major domestic crypto trading platforms, such as Upbit, have come under increased scrutiny, with the FSC recently investigating the exchange’s dominance and ties with K Bank.

Upbit, which holds around 80% of the local market, is the country’s largest crypto exchange and ranks fifth globally by 24-hour trading volume.

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DeFi

South Korea’s largest crypto exchange Upbit to be probed by the FSC

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South Korea’s Financial Services Commission plans to investigate Upbit over concerns about its market dominance and its close ties with K Bank.

A local media report cited FSC chairman Kim Byoung-hwan, stating that the country’s top financial regulator will thoroughly investigate the concentration of power in South Korea’s crypto market, focusing on Upbit’s market monopoly.

The FSC chairman’s remarks came during an Oct. 10 parliamentary session, during which Democratic Party lawmaker Lee Kang-il raised concerns about the risks associated with a single entity accounting for such a large market share.

Upbit is South Korea’s largest crypto exchange and the fifth largest globally by 24-hour trading volume. As of June 2024, the platform accounted for roughly 80 percent of the country’s cryptocurrency market share and a customer base of over 8 million users, according to data from Statista.

Lee alleges that Upbit’s dominance grew after it partnered with K Bank, a domestic digital bank. He also raised concerns about K Bank’s upcoming IPO, highlighting the risks tied to its heavy reliance on Upbit’s deposits.

According to Lee, the concentration of Upbit’s deposits in K Bank reportedly amounts to 4 trillion won or about 20% of the bank’s total deposits of 22 trillion won. He warned that if Upbit transactions were disrupted, it could lead to a “bank run” at K Bank.

The lawmaker also questioned K Bank’s decision to offer a 2.1% interest rate on Upbit deposits, especially considering the bank’s operating profit margin is under 1%.

Kim Byoung-hwan acknowledged these concerns, adding that the Virtual Assets Committee, which is responsible for monitoring the cryptocurrency market, would conduct a comprehensive review of Upbit’s dominance and K Bank’s role in supporting it.

South Korea has increased its oversight of the crypto sector in recent years with the government implementing strict anti-money laundering measures and investor protection policies. Regulators also introduced the Protection of Virtual Asset Users in June, mandating VASPs to hold at least 80% of users’ digital assets in cold storage with credible financial institutions.

Further, the Financial Supervisory Service, the executive arm of the FSC, has also established a real-time monitoring system in collaboration with cryptocurrency exchanges.

Chairman Kim, meanwhile, has maintained a cautious approach to banks engaging with the crypto sector. Earlier this year, he warned of the risks involved with allowing bank accounts for corporate use in crypto transactions, citing the need to prioritize investor protection measures. 

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Korea eyes FX rules for stablecoins used in cross-border trade: report

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South Korea is planning to impose foreign exchange controls on stablecoins, underscoring the government’s concerns over their growing use in cross-border trade.

South Korea is weighing the introduction of foreign exchange controls on stablecoins, reflecting government concerns over their growing use in cross-border trade, The Korea Economic Daily has learned. The Ministry of Economy and Finance is reportedly reviewing measures to enhance the stability of crypto transactions, particularly those involving stablecoins.

While stablecoins have been widely used only within the cryptocurrency ecosystem, the ministry believes that they may soon function as a payment and transaction method in the real economy. Concerns have been raised that these assets are operating outside government oversight, posing risks to the stability of South Korea’s foreign exchange market, the report reads.

Though no specific timeline has been announced, the Financial Services Commission is expected to prioritize discussions on stablecoin regulation in its forthcoming legislative efforts, drawing from regulatory frameworks established in Japan and the European Union.

The potential regulatory shift follows the South Korean government’s broader efforts to tighten oversight of the local crypto market. As crypto.news reported, Korean crypto exchanges, such as Upbit, Bithumb, and Coinone, will soon be obligated to pay an oversight fee to the Financial Supervisory Service of South Korea beginning next year as the country steps up its regulatory framework for the crypto sector.

Local industry representatives initially suggested delaying the imposition of supervisory fees on crypto operators. However, the decision to implement these fees was expedited due to upcoming inspections by the FSS following the enforcement of the Virtual Asset User Protection Act.

The new law introduces several requirements for crypto exchanges, including a mandate to keep at least 80% of users’ assets in cold storage. These assets must be kept separate from company funds and invested in “risk-free” assets to generate a yield. Additionally, exchanges must reassess listed assets by verifying their circulation and reviewing their whitepapers, with any assets that fail to meet the criteria required to be delisted.

The recent enforcement follows the postponement of a 20% crypto gains tax by South Korea’s Ministry of Economy and Finance, with reports indicating that the ruling party may delay the tax until 2028.

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Phân tích

Wormhole token soars 20% in 24 hour trading after Upbit listing

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Wormhole’s token went up by 20% after South Korean cryptocurrency exchange Upbit announced that the W token has been listed for trading on the KRW, BTC, and USDT markets.

According to data on CoinGecko, the Wormhole’s (W) token’s price surged above 20% after news of Upbit’s listing. At the time of writing, W is exchanging hands at $0.38, jumping from its previous price of $0.32. The W token has a market cap of $935 million and a total value locked of $3.2 billion.

On Oct. 2, South Korea’s largest exchange Upbit announced that it has launched Wormhole for spot trading pairs with Korean Won, Bitcoin and Tether at 18:00 UTC+8.

According to the Upbit’s release, the exchange will facilitate trading for Wormhole with sell orders at prices less than 10% of the previous day’s closing price and are restricted for approximately five minutes after trading support.

Wormhole first launched its W token as a native token on Solana and has since been listed on a number of various crypto exchanges including Binance and Kraken.

Wormhole recently launched Era3 which sets a new standard for cross-chain interoperability, making it easier for apps, tokens, networks, and institutions to go multichain. According to their website, Wormhole Era3 is the next step for connecting all crypto and bringing traditional finance on-chain.

On June 3, the protocol unveiled its governance staking feature for W token holders. The feature would allow W token holders to stake their tokens to participate in governance decisions. This helps in promoting a more decentralized and community-driven management structure.

Wormhole is a message passing protocol that connects various blockchains. It utilizes the Guardian Network for off-chain message delivery and verification, and uses its own message verification system.

Wormhole offers developers access to liquidity and users of over 30 blockchains. It has been utilized in the fields of DeFi, NFTs, governance staking, and more.

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Phân tích

WOO surges 17% amid South Korean trading frenzy

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WOO’s price shot up 17% in the last 24 hours, ranking it as the top performer among the 300 leading cryptocurrencies.

WOO (WOO) was exchanging hands at $0.2109 at press time, marking a 59% rise from its monthly low of $0.1327. The asset’s market cap had surpassed $385 million, up from $284.9 million recorded at the beginning of September.

The WOO ecosystem offers a combination of centralized and decentralized financial services aimed at providing enhanced liquidity for cryptocurrency market participants. Its services include WOO X, a centralized exchange; WOOFi, a decentralized exchange; and Wootrade, a liquidity pool tailored for institutional clients.

South Korean traders are driving the rally, as CoinGecko data shows that the WOO/KRW pair on Bithumb alone generated over $36.8 million in 24-hour volume. Binance came in second, recording $23.5 million in trading volume.

This led to a staggering 691% surge in daily trading volume, which now stands at approximately $119.5 million.

Possible short squeeze approaching?

CoinGlass data shows WOO’s open interest jumped 81.4% to $20.16 million, alongside a boost in trading volume, pointing to more investor action.

WOO price, 50-day SMA and RSI – Oct. 1 | Source: crypto.news

WOO trading above its 50-day Moving Average signals strong bullish momentum, while an RSI above 76 indicates it’s entering overbought territory. This suggests potential for further gains but also raises the likelihood of a short-term pullback or consolidation as traders may start to take profits.

Source: CoinGlass

The critical liquidation thresholds for WOO are currently set at $0.2074 and $0.2143, with high leverage observed among intraday traders, according to CoinGlass. A drop to $0.2074 could trigger $358K in long liquidations, while a rise to $0.2143 might liquidate $168.92K in short positions. 

At press time, data showed that bears dominated the market, increasing the likelihood of long position liquidations at lower price levels.

Further, WOO’s funding rate has dropped from 0.0055% to -0.0433%, suggesting a shift in sentiment to the bearish side. However, if the price continues to climb, it could trigger a short squeeze, pushing short sellers to cover their positions and possibly driving higher prices.

Amid the hype surrounding WOO among Korean traders, an X user questioned WOO X’s transparency principles, accusing it of pressuring exchanges to disable the sell button for WOO tokens. The user called the move “shady,” suggesting that despite WOO’s claims of openness, the community had noticed this questionable action.

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Phân tích

Nervos Network’s CKB rockets, but gains could be limited

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The Nervos Network token was one of the best-performing cryptocurrencies on Friday, Sept. 13, as it surged to a high of $0.018, its highest level since June 7.

Nervos Network (CKB), a layer-2 network, jumped as investors anticipated more purchases by South Korean traders after it was listed by Upbit.

These traders can now buy the token using U.S. dollars, South Korean won, or Tether (USDT).

Data from CoinMarketCap shows that South Korean traders were among the most active, driving the price up. The CKB/KRW trading pair saw a 24-hour volume of over $170 million on Upbit, followed by Binance, which handled over $122 million.

Cryptocurrency prices often jump sharply after they are listed on major exchanges like Binance, Coinbase, and OKX.

However, these gains tend to be short-lived, often leading to a significant pullback once the initial hype dies down. For example, Alpaca (ALPACA) jumped by over 150% after being listed by WhiteBit in August but has since dropped by over 44% from its peak.

Nervos Network is a proof-of-work layer-2 project that aims to enhance Bitcoin (BTC) by incorporating programmability and scalability. It achieves this using the RGB++ protocol.

Like Stacks (STX), Nervos aims to do for Bitcoin what other layer-2 networks like Arbitrum, Polygon, and Base did for Ethereum (ETH) network. According to its website, some of its ecosystem dApps are JoyID, a passwordless wallet, Huehub, the first orderbook exchange, and Omiga, an inscription protocol.

Nervos Network formed a falling wedge

Nervos Network price chart | Source: TradingView

On the daily chart, the CKB token formed a “God candle,” soaring to a high of $0.018. This rebound occurred after the token formed a falling wedge chart pattern, a popular bullish signal. It also created an inverse head and shoulders chart pattern.

In most cases, these “God candles”—sudden bullish spikes—tend to be short-lived. Last week, KITTY and GME tokens surged after Roaring Kitty’s return on X. They have dropped by over 20% this week. 

Therefore, there is a likelihood that the Nervos Network will retreat and retest the psychological level at $0.01, a drop of nearly 40% from the current level.

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Altcoin

South Korean CEO arrested in $366m crypto scam

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The CEO of a South Korean technology firm, Wacon, has been arrested for allegedly masterminding a large-scale crypto scam that defrauded over 500 investors. 

CEO Byun Young-oh, along with an accomplice identified as Yeom, orchestrated a Ponzi-style scheme through a platform called MainEthernet. 

Wakon, which reportedly has about 12,000 members, is suspected of operating as a Ponzi scheme or multi-level marketing campaign. The firm offers virtual currency staking products, including tipping and mainnet businesses, without registering with financial authorities. It has branches throughout South Korea.

The scam, which allegedly amassed $366 million, primrly targeted elderly citizens. Many of them were promised interest rates between 45% and 50% on their Ethereum (ETH) deposits.

Scam details

The platform, which functioned as a digital wallet service, lured investors with promises of secure and lucrative returns. However, by mid-2023, reports emerged that investors were unable to withdraw their funds.

Despite these concerns, Byun assured investors that the issues would be resolved within months. By November 2023, signs of the company’s collapse became apparent as MainEthernet’s office in Seoul removed its signage.

The Seoul Central District Prosecutors’ Office has charged Byun and Yeom with fraud, and the case is expected to go to trial soon. 

Prosecutors are continuing to investigate the extent of the scheme, seeking to identify additional victims and potential accomplices. Byun has denied involvement in any Ponzi scheme, claiming ignorance of such structures. The investigation remains ongoing.

Local media outlets Cheonji Daily and iNews24 helped with this reporting. 

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Korean crypto exchanges face more pressure amid trading activity concerns

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South Korea’s financial regulator is establishing a system to monitor unusual crypto trading, urging exchanges to cooperate and provide internal data.

South Korea‘s Financial Supervisory Service (FSS) is working on a system that would monitor all unusual crypto trading activity as the country seeks to enhance transparency and oversight in its crypto market.

In a Jul. 4 statement, the agency urged the domestic trading platforms to share internal data with the system so that they could ensure compliance with the legislation that becomes active on Jul. 19.

The system targets trades outside normal volume and price ranges, large transactions, and unusually delayed executions, according to guidelines outlined by the FSS. Matt Younghoon Mok, senior foreign attorney and partner at Lee & Ko in Seoul, commented to Bloomberg that these requirements could pose “significant challenges for altcoins that cannot promptly meet regulatory standards.”

As crypto.news reported earlier, South Korean crypto exchanges are set to re-evaluate over 1,000 listed tokens, following the implementation of the Virtual Asset User Protection Act aimed at safeguarding crypto investors’ rights and interests.

Despite the extensive review, the Digital Asset Exchange Alliance, representing five major Korean exchanges, expects minimal “mass delistings” over the next six months, citing proactive regulatory compliance measures already in place across domestic platforms. The regulations will apply to nearly three dozen registered crypto exchanges, including Upbit, Bithumb, Coinone, Korbit, and Gopax, which will conduct initial reviews to determine whether to maintain or delist each token.

Under the new regulatory framework, crypto exchanges must establish a review committee to evaluate various factors such as the reliability of the issuing entity, user protection measures, technology and security standards, as well as regulatory compliance.

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