The Seoul Bitcoin Meetup has penned an open letter to New York Agreement (NYA) signatories, urging them to rescind support for the controversial SegWit2x hard fork that is scheduled for mid-November.
The Seoul Bitcoin Meetup has nearly 1,700 members, making it South Korea’s largest bitcoin community.
Earlier today, on October 12, the Bitcoin price experienced a sudden surge in price, demonstrating an overnight increase in value of 8 percent, from $4,780 to $5,220.
On October 11, Cryptocoinsnews reported that the Bitcoin price had recorded a slight correction from $4,900 to $4,780, after increasing by over $530 in a span of three days.
Taiwan will not regulate against initial coin offerings (ICOs) and cryptocurrencies like bitcoin and will avoid the hardline stance taken by the likes of China and South Korea.
In significant news today, Taiwan’s Financial Supervisory Commission chairman Wellington Koo has told a joint session of the parliament and the cabinet today that Taiwan will not follow the paths of China and South Korea in an outright ban on crypto-related activity. Instead, the head of Taiwan’s financial regulator pledged to adopt a friendlier stance to support the development and adoption of both cryptocurrencies and blockchain technology in the country.
Earlier today, on October 5, the cryptocurrency market and the majority of leading cryptocurrencies including bitcoin, Ethereum, and Litecoin endured a major correction, declining by over 4 percent in value. Particularly, the bitcoin price underperformed relative to other cryptocurrencies, dropping from $4,450 to $4,250 within the past three days.
On October 4, the bitcoin price sustained stability at the $4,250 margin, with upward momentum created by the authorization of Japanese cryptocurrency and bitcoin trading platforms.
Following the exit of the Chinese cryptocurrency exchange market caused by the Chinese government’s imposition of a nationwide ban on cryptocurrency trading platforms, Japan and South Korea have evolved into major bitcoin exchange markets and industries.
Emergence of Japan and South Korea as Major Bitcoin Markets
According to various cryptocurrency market data providers including CryptoCompare, Japan has secured 56.
South Korean authorities have confirmed that hackers from North Korea targeted bitcoin exchanges in the country in multiple attempts to steal the cryptocurrency.
The Republic of Korea’s National Police Agency (NPA) has published details of its investigation surrounding several claims of cybersecurity incidents involving hackers from North Korea. As covered by CCN in the past, a recent report by cybersecurity firm FireEye pointed to a state-sponsored North Korean campaign to steal bitcoin from South Korean cryptocurrency exchanges.
Law enforcement officials have confirmed that hackers from North Korea sought to steal bitcoins from exchanges in South Korea.
In a report released last week, the Republic of Korea's National Police Agency (NPA) said the incidents – which were said to be ultimately unsuccessful – did occur. It further detailed that 25 employees at four different exchanges were targeted in 10 separate "spear phishing" attempts since July.
Earlier today, on September 29, the price of bitcoin and Ethereum declined by nearly three percent and seven percent respectively due to the South Korean government’s ban on domestic initial coin offerings (ICOs).
Cryptocoinsnews reported that the South Korean Financial Services Commision (FSC) officially announced its short-term plans of banning “all forms” of ICOs that are conducted by companies within South Korea.
South Korea's financial regulator has prohibited domestic companies and startups from participating in initial coin offerings (ICOs).
Following a meeting to discuss cryptocurrency controls today, the Financial Services Commission (FSC) said it will prohibit all forms of the blockchain funding method "regardless of technical terminology," while margin trading of virtual currencies will also be illegal following the ruling.
South Korea has banned initial coin offerings (ICOs), according to reports from local media sources.
South Korea Bans Initial Coin Offerings: Report
As reported by regional news sources News1 Korea and JoongAng, the South Korean Financial Supervisory Service (FSS) decided to ban initial coin offerings during the September 29 meeting of its cryptocurrency task force in Seoul.
Interest in South Korea's booming cryptocurrency market continues apace.
Following its emergence as a global leader in bitcoin and cryptocurrency volume, local exchange startup Korbit has announced that PC and mobile gaming firm Nexon has signed a stock trading agreement that would see it acquire Korbit's management rights.
According to local news source, Hankyung, Nexon has agreed to purchase a 65 percent stake in Korbit at a sale price of 91.
NXC, the holding company of Nexon, the $10 billion Japanese gaming company founded by South Korean entrepreneur Kim Jung Ju in 1994, has acquired Korbit, the second largest cryptocurrency exchange in South Korea and the first bitcoin exchange in the country, at a $150 million valuation.
According to sources close to the deal including Hankyung, South Korea’s largest finance and business news publication, Nexon purchased 65.
South Korea is getting a new cryptocurrency exchange, one backed by an already established fintech firm.
The new platform, known as Upbit, is a partnership between South Korean app maker Dunamu and U.S.-based Bittrex, one of the market's longest-running exchanges focused on alternative cryptocurrencies.
Set to open next month, Upbit plans to support an extensive range of tokens (over 100 in total). As such, a key part of its value proposition will be the consolidation of potential trading options.
An affiliate of Kakao, South Korea’s largest messaging platform, is set to launch a comprehensive new cryptocurrency exchange Upbit – with support for some 110 cryptocurrencies.
South Korean FinTech startup Dunamu, the operator of the country’s most popular stock trading app Kakao Stock, has revealed details of a new cryptocurrency exchange called ‘Upbit’. Dunamu, an affiliate of Kakao Corporation which sees its messaging app KakaoTalk used by 93% of South Korea’s population, reportedly said on Monday that Upbit will be the largest virtual currency exchange in South Korea.
Earlier today, on September 21, bitcoin price dipped below $3,900 after demonstrating strong signs of recovery on Monday.
On September 19, Cryptocoinsnews previously reported that bitcoin price surged to $4,040, increasing by over $440 in a 24-hour period.