News
The investor warning from the South Korean regulator comes as Synthetix USD, a stablecoin collateralized with Synthetix tokens, failed to recover its dollar peg.
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BitHumb News
BitHumb is one of the most popular cryptocurrency trading platforms in South Korea. The BitHumb exchange was founded by BTC Korea.com LTD company in 2013 and now is headquartered in Seoul. BitHumb is one of the leaders among the cryptocurrency trading companies in South Korea and Japan in terms of trading volume. Almost all options of BitHumb are oriented on Asian countries. Almost all popular cryptocoins are available, but the only available fiat currency there is the Korean Republic’s won. BitHumb fees for transactions are about $0.15 and don’t depend on the transaction’s amount. The platform has a difficult process of verification and other security properties. Nevertheless, the exchange was hacked in 2017 and it affected three percent of users. However, it was not a problem of security, as the access was made from a BitHumb employee’s PC.
- Analysis
A surprise, botched coup kept South Korean regulators busy at the end of 2024, but when the dust settled, financial watchdogs awoke.
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Prosecutors allege Bithumb’s former CEO used a $2 million company lease deposit to buy an apartment, though the exchange says he repaid the funds.
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Upbit must respond to the FSC’s suspension notice by Jan. 20 or face restrictions on new registrations on the platform for six months.
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South Korea will implement the law on virtual asset user protection by July 19.
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A convenience store in South Korea offers Bitcoin meal boxes in collaboration with the local exchange Bithumb, where customers can win small amounts of Bitcoin with their purchases.
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The financial loss comes days after reports of Bithumb facing potential internal issues that led to the delay of its planned IPO.
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According to prosecutors, Lee Jeong-hoon intended to revamp Bithumb’s governance to gain from exchange coins, circumventing financial regulations.
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City authorities of Cheongju are looking to seize cryptocurrency from anyone who owes at least $750 in crypto taxes to the government.
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The proposed bill would require top government officials and lawmakers to declare all personal crypto holdings over $760.
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The raids came as a local lawmaker stepped down from politics amid accusations of allegedly selling millions in cryptocurrency before new laws were enforced.
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The net is closing in on Bithumb executives as the suspected real owner of the exchange is arrested.
4100 - Market Analysis
Bad news continues to dominate crypto media headlines, but Bitcoin and the broader market appear not to care.
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A ruling from local courts has Bithumb liable to pay just over $200,000 in damages to the 132 investors which filed against the cryptocurrency exchange.
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The former chair was under allegations of $70 million in fraud charges which were said to have occurred during the acquisition of Bithumb.
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