Coinbit, a South Korean cryptocurrency exchange, announced on Feb. 16 that it will launch its Crypto Linked Service for the first time in Korea.

Coinbit’s Crypto Linked Service is a technically principal-guaranteed product that allows its users to purchase Bitcoin at its current price only at a transaction fee of 2%.

When Bitcoin’s price goes up or down by 10% from the time it is purchased, or at the end of the event on April 18, the event will reward the users with their profits, with commission fees as the exception, but all losses will be covered by the exchange.

An official from Coinbit said: “In an effort to provide financial help to the people who are in a difficult economic situation due to COVID-19, more retail investors are interested in the recent soaring price of Bitcoin but are reluctant to enter the market, as volatility has increased.”

Coinbit has received much attention from many retail investors for its community board airdrop event, which has been held several times in the past.

It was an unprecedented event for cryptocurrency traders at the time, drawing attention from many retail investors. This resulted in Coinbit ranking high in major Korean web portals, Naver’s real-time search keyword rank, and nearly 300,000 on-site user traffic recorded, creating a huge sensation in the Korean cryptocurrency industry.

DBX, a South Korean cryptocurrency exchange, announced the establishment of its first foreign branch in China, a country that has banned the operations of local crypto exchanges.

As reported by local media, Money Today, the South Korean exchange received a temporary operating permit for its Chinese authorities last December. The company finally gained its registration certificate on February 5.

“The license to create a corporation is important to us because it was obtained from the authorities, which are opposed to foreign exchanges,” a DBX official said.

The exchange entered China as a part of its international operations. It is now planning to expand its footprint into the United States, Singapore, Indonesia and Cambodia.

Skrill to Release Direct to Crypto Withdrawals FeatureGo to article >>

Despite the completion of business registration in China, the South Korean exchange is planning to start its operations in March under the brand Tabi. However, it is not clear what type of services the exchange will offer: if it will work in some blockchain development or something else.

Once the largest cryptocurrency market, the local Chinese crypto communities’ dream shattered overnight when the government banned the sale of initial coin offerings (ICOs) in September 2017 and restricted the operations of crypto trading.

The Chinese government later clarified that though retail crypto trading is not permitted, handling of digital currencies as commodities are allowed. A section of Chinese people is now heading to over-the-counter (OTC) exchanges to trade crypto.

Meanwhile, the Chinese central bank is geared up to launch the digital version of fiat and is heavily testing the digital currency in real-world scenarios. The regulator partnered with several private players, and the local governments of many cities are giving away millions of dollars worth of digital yuan.

In this episode, Anna Baydakova and Danny Nelson discuss North Korea reportedly stealing your crypto to create nuclear weapons, Tesla rattling markets at an opportune time and Nigeria trying to ban crypto.

Starting Feb. 12, in the Chinese calendar, we are in the year of the ox, or bull; at least for now, things are looking quite bullish for crypto. Usually, Chinese users would massively sell bitcoin ahead of the New Year but the current rally is being mostly driven by institutions, not retail buyers in Asia. So it looks like the “To the Moon” show must go on!

A United Nations expert panel said North Korea used the money it extorted by cyber attacks to fund nuclear weapons development. The panel said that according to its investigations, North Korean regime-linked hackers worked all through 2020 and made the money now funding weapons of mass destruction and ballistic missile programs. According to Chainalysis, the hackers used DeFi infrastructure, over-the-counter brokers and mixers to sell their crypto. So will we end up with a bit of North Korean hacker crypto one day?

Tesla hyped the bitcoin market right around the time some bad news came out of China. In February, Tesla’s annual report to the Securities and Exchange Commission included the news the company put an aggregate of $1.5 billion into bitcoin. Just before that filing several Chinese government agencies publicly questioned Tesla cars’ quality and safety. Coincidence?

Nigeria is trying to curb crypto adoption, but that is not so easy. In early February, the country’s central bank sent a letter to financial institutions ordering them to shut down all bank accounts associated with cryptocurrency trading platforms. Result: Binance halted deposits in Nigeria. As a result, Nigerians turned to peer-to-peer trading platforms. Is this actually good for crypto adoption? We’ll see.

Stories mentioned in this episode:

Did you enjoy the show? We would love to hear what you think. Leave us a review on Apple Podcasts or your preferred service and talk to us directly via email at borderless@coindesk.com.

US Charges Three North Korean Hackers Over €1bn Cryptocurrency Attack.

The US justice department has accused three North Korean military intelligence officials of a campaign of cyber-attacks to steal €1bn in crypto and traditional currencies from banks around the world and other victims. North Korea is a bigger cyber-attack threat than Russia, say security experts.

“North Korea’s operatives, using keyboards rather than guns, stealing digital wallets of cryptocurrency instead of sacks of cash, are the world’s leading bank robbers,” said the assistant attorney general John Demers in a statement.

The three hackers in question created malicious cryptocurrency applications, opening backdoors into victims’ computers; hacked into companies marketing and trading digital currencies like bitcoin; and developed a blockchain platform to evade sanctions and secretly raise funds, the department said.

The case filed in federal court in Los Angeles builds on 2018 charges against one of the three, Park Jin Hyok, who was charged at that time with the hack of Sony pictures four years earlier, the creation of the WannaCry ransomware, and the 2016 theft of €72m from the central bank of Bangladesh.

The new charges add two more defendants, Jon Chang Hyok and Kim Il, with the allegations saying the three worked together in the North Korean military intelligence hacking group, the Reconnaissance General Bureau. Among the cybersecurity community, that body is also known as the Lazarus Group and APT 38.

In addition to the earlier charges, the three engaged in operations out of North Korea, Russia and China to attempt to steal €1bn by hacking computers using spearfishing techniques and promoting cryptocurrency applications loaded with malicious software that allowed them to access and empty victims’ crypto wallets, the charges said.

They also allegedly hacked into and robbed digital currency exchanges in Slovenia and Indonesia and scammed a New York exchange out of €9.2m.

Thank you for taking the time to read this news article “US Charges Three North Korean Hackers Over €1bn Cryptocurrency Attack”. For more UK daily news, Spanish daily news and Global news stories, visit the Euro Weekly News home page.

U.S. government agencies published a detailed breakdown this week of one of the North Korean government’s crypto-related cybercrime tools.

‘AppleJeus’ is designed to operate and appear as legitimate-looking crypto trading software, targeting would-be victims who seek to trade cryptocurrencies. First deployed in 2018, AppleJeus has been masked by a series of official-sounding names.

Those names include Celas Trade Pro, JMT Trading, Union Crypto, Kupay Wallet, CoinGoTrade, Dorusio and Ants2Whale.

Details of AppleJeus and the ways in which it is used to illicitly take control of computers were published in a report on Wednesday, drawing on a report developed by the Federal Bureau of Investigation (FBI), the Cybersecurity and Infrastructure Security Agency (CISA), and the Treasury Department.

The report comes on the heels of a significant indictment of three North Korea-tied hackers. On February 17, U.S. prosecutors charged three North Korean hackers for a vast array of attacks and thefts — including over $100 million of funds stolen from crypto companies. That action followed other attempts to staunch North Korea-linked cyberattacks. Last August, the U.S. Department of Justice also attempted to retrieve funds from 280 crypto accounts connected to such activities.

The report details HIDDEN COBRA, characterized as “malicious cyber activity by the North Korean government” centered around cryptocurrency attacks and thefts. The report indicates that cybercriminals operating within the so-called Lazarus Group have stolen and laundered hundreds of millions worth of cryptocurrency since January of last year.

The hackers targeted individuals and companies, such as crypto exchanges and financial service firms, and ultimately committed criminal acts in 32 countries across all continents except Africa.

“It is likely that these actors view modified cryptocurrency trading applications as a means to circumvent international sanctions on North Korea — the applications enable them to gain entry into companies that conduct cryptocurrency transactions and steal cryptocurrency from victim accounts,” states the report.

Once a user downloads the affected software, AppleJeus malware would infect a victim’s computer with a remote administration tool. This would allow malicious actors to then control the afflicted computer. Hackers could then spread malware across the victim’s network and gain access to stored information.

According to the report, the approach by which Hidden Cobra participants spread different versions of AppleJeus evolved over time.

“Initially, HIDDEN COBRA actors used websites that appeared to host legitimate cryptocurrency trading platforms to infect victims with AppleJeus; however, these actors are now also using other initial infection vectors such as phishing, social networking, and social engineering techniques to get users to download the malware,” the report stated.

Hidden Cobra exploits affected these countries since January 2020: Argentina, Australia, Belgium, Brazil, Canada, China, Denmark, Estonia, Germany, Hong Kong, Hungary, India, Ireland, Israel, Italy, Japan, Luxembourg, Malta, the Netherlands, New Zealand, Poland, Russia, Saudi Arabia, Singapore, Slovenia, South Korea, Spain, Sweden, Turkey, the United Kingdom, Ukraine, and the United States. Sectors harmed were finance, energy, technology, industry, telecommunications, and government.

If users suspect they have been affected by AppleJeus, the report recommends victims generate new keys or move funds out of compromised crypto wallets, expel affected hosts, run anti-malware scans on infected computers, and notify either the FBI, CISA, or Treasury Department.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

US Department of Justice charged three computer programmers who apparently belong to the infamous  North Korea-affiliated hacker group known as Lazarus for attempting to steal and extort over $1.3 billion in fiat and cryptocurrency from financial institutions. The charges also accused the trio of deploying “multiple malicious cryptocurrency applications” and “fraudulently market a blockchain platform.”

Federal Bureau of Investigation (FBI), among other agencies, investigated the cryptocurrencies stolen by the Lazarus Group. At the same time, the Department of Justice had filed a complaint to forfeit 280 crypto-accounts last year, which were connected to the laundering of approximately $28.7 million worth of crypto. Investigators were able to keep up with the Lazarus Group, despite the fact that they tried to cover their tracks by attempting to liquidate the stolen funds via “chain hopping.” 

Federal prosecutors claimed that the accused targeted hundreds of crypto firms and stole tens of millions of dollars’ worth of crypto. This included $75 million from a Slovenian crypto company in December 2017, $24.9 million from an Indonesian company in September 2018, and $11.8 million from a financial services company in New York in August 2020.

The criminal schemes also include a cyberattack on Sony Pictures Entertainment in November 2014 “in retaliation” for the film “The Interview,” which depicted a fictional assassination of the North Korean leader. 

The alleged perpetrators of the crimes, Jon Chang, Kim Il, and Park Jin Hyo, who are from North Korea, could face a prison sentence between 5 and 30 years if convicted. At the same time, DoJ charged one Ghaleb Alaumary, from Ontario, Canada, for money laundering for the North Korean conspiracy. Alaumary agreed to plead guilty to the charge, which carries a maximum prison sentence of 20 years.

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US Lawmakers Looking Into China’s Role in GameStop Pump: Report

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Former London Stock Exchange Group CEO Urges UK Government to Explore Cryptocurrencies

Traders remain bullish even as DeFi’s TVL falls to $54.4 billion

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The former CEO of the London Stock Exchange Group, Xavier Rolet, has advised the UK government to look into cryptocurrencies and SPACs to minimize the adverse impact of Brexit. In a recent report, Rolet claimed that the UK has trailed behind other countries in both aspects.

Born in France, Rolet is a businessman and the Chief Executive Officer of the London-based credit-focused asset management firm CQS. Before assuming this position, though, he served as the CEO of the London Stock Exchange Group and was named as one of the 100 best CEOs in the world in 2017 by the Harvard Business Review.

In a report cited by Bloomberg, Rolet touched upon the potential consequences to the UK economy following the withdrawal from the European Union and the European Atomic Energy Community, better known as Brexit.

The executive believes that the UK has two viable options to consider if it wants to minimize the risks and help the nation flourish.

In the first one, he urged the government to “promptly consider the SPAC revolution.” Also referred to as “blank check companies,” these special purpose acquisition companies (SPAC) operate as shell corporations listed on a stock exchange with the idea of buying out a private company, thus making it public. Ultimately, this strategy eliminates the need to go through a traditional initial public offering (IPO).

While the US has seen significant adoption in the past year with a 10x increase in the raised funds compared to 2019’s results, the UK regulators have halted their progress on the London markets.

Rolet’s second advice involved digital assets as he noted that “all relevant UK government agencies should be resourced to thoroughly understand cryptocurrencies.”

With proper regulations, the crypto ecosystem could “place London and the UK at the center of a reputable and safe financial market.”

While UK’s regulators have hindered SPACs’ progress within the country, the nation’s financial watchdog, the FCA, has also been rather harsh against the cryptocurrency industry.

As of the start of this year, the Financial Conduct Authority banned crypto derivatives and exchange-traded notes (ETNs) to retail customers.

Additionally, the watchdog has issued several warnings to investors that they could lose all their funds if allocated in digital assets.

The regulator also announced that all UK-based digital asset businesses need to be registered with it but extended the deadline for applications to July 9th, 2021.

Featured Image Courtesy of TheGuardian

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

Source: uk-government-to-explore-cryptocurrencies/

Decentralized finance and the numerous platforms offering investment services have been the talk of the cryptocurrency sector for several months and this has resulted in investors capturing spectacular gains for some of the top DeFi tokens like Uniswap (UNI) and AAVE. 

The fast-moving prices and 1,000% APY on staked tokens elicited cheers from investors when the market was going up, but the recent selling pressure seen as Bitcoin price dropped below $45,000 shows that the highest fliers are often the quickest to fall as traders rush to exit their positions and lock in their gains.

On Feb. 22 Bitcoin (BTC) price entered a sharp corrective phase which saw the top digital asset pullback by more than 20% from its all-time high of $58,274. As this occurred, the majority altcoins also saw double-digit corrections and DeFi tokens like PancakeSwap (CAKE) fell as much as 55%. 

The total value locked in DeFi platforms also took a hit as Bitcoin and altcoins corrected. Data from DeFi Llama shows the combined TVL of all DeFi platforms fell from $64.89 billion to $54.22 billion on Feb. 24. Cointelegraph also reported that this week’s correction led to the second-largest day of DeFi loan liquidations in history. 

The decline in TVL is a result of decreasing token values rather than protocol outflows, indicating that token holders remain committed to the continued expansion of decentralized finance and that the current yields are still incentivizing investors to rem engaged.

Market analysis indicates that despite the recent $5.8 billion Bitcoin and altcoin liquidation, bulls remain optimistic and see this price pullback as a sign of a healthy market.

The same goes for the DeFi sector, which has been in a strong uptrend since the start of the year. Increasing DEX volume as well as a rising TVL show that DeFi is still in the early stages of growth, and while pullbacks are to be expected, the overall trend is positive as institutional and retail investors increasingly gain exposure to this emerging asset class.

Source: vl-falls-to-54-4-billion

“Pundi X has the technology to empower merchants across the world to deploy easy-to-use blockchain solutions. We’re excited to bring it to the UAE market.” – Sahil Arora, ZPAE CEO

XPOS devices enable cryptocurrency transactions on the blockchain from anywhere….from trendy cafes in Seoul, South Korea, to pubs in New Hampshire, USA. Similarly, the XPASS card makes it easy for customers to pay with their crypto-assets.

“Any corner of the world where XPOS is, that’s a place where seamless transactions can take place. Both ZPAE and Pundi X essentially want the same things; making the blockchain accessible.” – Zac Cheah, Pundi X’s CEO and Co-Founder

ZelaaPayAE (ZPAE) was founded with the aim of unlocking the power of cryptocurrency in the Middle East. The ZPAE token trades on numerous exchanges such as CoinTiger, JustSwap, Bilaxy, and others. The company is engaged in introducing a number of decentralized finance products in the UAE.

Source: rchant-crypto-payment-solutions-for-uae/

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The US Department of Justice has announced an indictment of three North Korean hackers said to be involved with the Korean military regarding   to cyberattacks and financial including theft of money and cryptocurrency.  The indictment is an expansion of a 2018 case outlining similar nefarious actions.

The theft of money and cryptocurrency from financial institutions and companies was said to include multiple malicious cryptocurrency applications, as well as the development and fraudulently market a blockchain platform.

A second case involved a Canadian-American citizen that has pleaded guilty to money laundering while admitting to being a money launderer for “multiple criminal schemes, including ATM “cash-out” operations and a cyber-enabled bank heist orchestrated by North Korean hackers.” Ghaleb Alaumary, 37, of Mississauga, Ontario, Canada, was charged for his role as a money launderer for the North Korean actions, among other criminal activities. Alaumary has agreed to plead guilty to one count of conspiracy to commit money laundering, which carries a maximum sentence of 20 years in prison.

Alaumary was said to have organized teams of co-conspirators in the United States and Canada to launder millions of dollars obtained through ATM cash-out operations, including from BankIslami and a bank in India in 2018. Alaumary also conspired with Ramon Olorunwa Abbas, aka “Ray Hushpuppi,” and others to launder funds from a North Korean-perpetrated cyber-enabled heist from a Maltese bank in February 2019. Last summer, Abbas was charged in a separate case.

The hacking indictment filed in the U.S. District Court in Los Angeles alleges that Jon Chang Hyok (전창혁), 31; Kim Il (김일), 27; and Park Jin Hyok (박진혁), 36, who are said to be members of units of the Reconnaissance General Bureau (RGB), a military intelligence agency of the Democratic People’s Republic of Korea (DPRK), which engaged in criminal hacking. Jon, Kim, and Park are charged with one count of conspiracy to commit computer fraud and abuse, which carries a maximum sentence of five years in prison, and one count of conspiracy to commit wire fraud and bank fraud, which carries a maximum sentence of 30 years in prison.

The DOJ said these North Korean military hacking units are known by multiple names including Lazarus Group and Advanced Persistent Threat 38 (APT38).

Assistant Attorney General John C. Demers of the Justice Department’s National Security Division, stated:

“As laid out in today’s indictment, North Korea’s operatives, using keyboards rather than guns, stealing digital wallets of cryptocurrency instead of sacks of cash, are the world’s leading bank robbers. The Department will continue to confront malicious nation state cyber activity with our unique tools and work with our fellow agencies and the family of norms abiding nations to do the same.”

FBI Deputy Director Paul Abbate said the cyber-enabled theft was met with the “outstanding, persistent investigative efforts of the FBI in close collaboration with U.S. and foreign partners:”

“By arresting facilitators, seizing funds, and charging those responsible for the hacking conspiracy, the FBI continues to impose consequences and hold North Korea accountable for its/their criminal cyber activity.”

The indictment alleges:

Simultaneously, the FBI and the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency, in collaboration with the U.S. Department of Treasury, today released a joint cybersecurity advisory and malware analysis reports (MARs) regarding North Korean cryptocurrency malware. The joint cybersecurity analysis and MARs highlight the cyber threat North Korea – which is referred to by the U.S. government as HIDDEN COBRA – poses to cryptocurrency and identify malware and indicators of compromise related to the “AppleJeus” family of malware (the name given by the cybersecurity community to a family of North Korean malicious cryptocurrency applications that includes Celas Trade Pro, WorldBit-Bot, Union Crypto Trader, Kupay Wallet, CoinGo Trade, Dorusio, CryptoNeuro Trader, and Ants2Whale). The joint cybersecurity advisory and MARs collectively provide the cybersecurity community and public with information about identifying North Korean malicious cryptocurrency applications, avoiding intrusions, and remedying infections.

The U.S. Attorney’s Office and FBI has obtained seizure warrants authorizing the FBI to seize cryptocurrency stolen by the North Korean hackers from a victim in the indictment, a financial services company in New York,  held at two unnamed cryptocurrency exchanges.  The seizures include sums of multiple cryptocurrencies totaling approximately $1.9 million, which will be returned to the unnamed victim.

Initial Coin Offering (ICO) is equivalent to the cryptocurrency industry’s Initial Public Offering (IPO). ICOs function as a money-raising method initiated with the ICO of a company that wants to raise money to create a new coin, application or service. Interested investors can buy the offer and get a new cryptocurrency token issued by the company. This token may have some benefits for using the product or service the company offers, or it can simply represent a stake in a project related to the company.

ICOs are easy to configure due to technologies that abstract much of the development process required to create a new cryptographic asset, such as the ERC-20 Token Standard. Most ICOs work by enabling investors to send money (usually Bitcoin or Ethereum) to a smart contract that stores the funds and distributes an equivalent value at a later time in the new coin. Since you receive money from a global pool of investors, tokens collected in ICOs can be astronomical.

The ICO really caught the attention of users in July 2014. During this period, Ethereum rose to $ 18.4 million and a new era of ICO has entered.

With the success of Ethereum, ICOs have become the de facto method to fund the development of the crypto project as a token that is somehow integrated into the project.

Since 2013, ICO has often been used to fund the development of new cryptocurrencies. The pre-created token can be easily sold and exchanged on all cryptocurrency exchanges if there is demand.

When a cryptocurrency entrepreneur wants to raise money through an ICO, they usually need to calculate what the project is about, how much money will be needed after the project is completed, how many virtual tokens the founders will hold, what kind of money will be accepted, and how long the ICO campaign will last.

During the ICO campaign, enthusiasts and supporters of the project buy some of the project’s tokens with digital currency. These coins are called tokens and are similar to the shares of a company sold to investors. If the money collected does not meet the minimum funds requested by the firm, the money can be returned to the backers and the ICO will be deemed unsuccessful. If the funding requirements are met within the specified time frame, the money collected is used to achieve the goals of the project.

While ICO serves as the website of token issuers, IEO is an exchange platform.

ICO may differ between different projects. IEO directs exchange users according to AML (Risk Management) and KYC (Customer Recognition).

While personal sales are provided by the developers in the project in ICO, these transactions can only be provided through crypto money exchanges in IEO.

ICO has to collect money by attracting the attention of users through high projects to meet the market needs of companies. IEO, on the other hand, can only earn direct profit from stock exchange sites.

For the transaction to my personal after-sale token list, the ICO must reach the exchange itself; IEO can be accessed from every stock market site on which it is listed.

A South Korean court ordered one of the biggest domestic crypto exchanges to compensate victims of an “accidental withdrawal” incident in 2018. Bithumb has been ordered to pay customers who withdrew their bitcoin funds to an unknown wallet.

According to Fn News, six Bithumb customers brought the case before the 15th Division of the Civil Agreement of the Seoul Central District Court. They alleged that the exchange provided them with misinformation regarding withdrawing funds in November 2018.

Due to the alleged chain of errors, users sent the bitcoin (BTC) to an unknown wallet. Victims wanted to transfer their cryptos from the Bithumb wallet to a third-party one through a function offered by the exchange.

But per Judge Min Seong-cheol, the operation went wrong, as Bithumb’s system didn’t transfer the funds to the third-party wallet. In reality, their funds ended in a wallet whose owner’s identity is still unknown, according to the Seoul court.

Victims alleged that Bithumb’s customer service told them the exchange did nothing wrong, although the company was well aware that there has been a mistake.

The case gathered popularity across the country thanks to a video posted on Youtube. South Korean IT community rapidly made the video viral because of the faults spotted on the video published by the victims.

Judge Min commented during the trial:

It is difficult to say that the defendant has fulfilled its precautionary obligations under the paid lease contract, such as not fulfilling the duty to verify the identity of the withdrawal address requested by the plaintiffs and the withdrawal address transmitted to the defendant server.

Initially, victims sought $1 million in compensation, but the judge determined to compensate at the bitcoin rate on the date the incident happened ($4,550 – $4,650 approx). This decision created controversy amongst the victims, taking into consideration the current bitcoin prices nowadays.

As of press time, Bithumb hasn’t issued a public comment about the court’s decision.

What do you think about the court’s decision? Let us know in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

The rate of crimes related to cryptocurrencies has dropped more than 50% in 2020 due to tightened regulatory norms, but ransomware attacks don’t seem to stop. One of the most notorious groups known for these attacks is the Lazarus Group. This North-Korean hacking group has amassed billions of dollars from their victims.

As of late, the United States Department of Justice (DOJ) has charged three computer programmers who apparently belong to this infamous group which is also affiliated by the nation’s government. The alleged reportedly attempted to steal and extort over $1.3 billion in fiat and cryptocurrency from financial institutions. In addition, the DOJ also accuses the trio of deploying “multiple malicious cryptocurrency applications” and “fraudulently market a blockchain platform.”

The investigation into the Lazarus Group was carried out by the Federal Bureau of Investigation (FBI), among other agencies. The DOJ had previously filed a complaint to forfeit 280 crypto-accounts in 2020, which helped launder approximately $28.7 million worth of crypto.

However, in collaboration with crypto exchanges, investigators were able to track the illicit funds even though the group tried covering their tracks.

Per Federal prosecutors, the accused have targeted several hundred cryptocurrency firms and managed to steal millions of dollars’ worth of crypto. These thefts include $75 million from a Slovenian crypto company in December 2017, $24.9 million from an Indonesian company in September 2018, and $11.8 million from a financial services company in New York in August 2020.

The group was responsible for a major cyberattack on Sony Pictures Entertainment in November 2014 “in retaliation” for the film “The Interview,” which depicted a fictional assassination of the North Korean leader. A pretty solid hint that it is in fact backed by the government.

The perpetrators Jon Chang, Kim Il, and Park Jin Hyo, residents of North Korea, could face a prison sentence between 5 and 30 years if proven guilty. Meanwhile, DoJ charged one Ghaleb Alaumary, a resident of Ontario, Canada, for money laundering for the North Korean conspiracy. Alaumary agreed to plead guilty to the charge for which he faces a maximum prison sentence of 20 years.

South Korean financial watchdogs are about to start overseeing crypto-related activities in the nation, and additional barriers for exchanges keep appearing. Moreover, one of the South Korean regulatory bodies codified the measures announced last year on privacy coin listings.

According to Electronic Times, the Financial Services Commission’s Financial Intelligence Unit (FIU) confirmed that all privacy coins would be delisted from the domestic cryptocurrency exchanges.

The watchdog argued that difficulties in determining transaction details carry a high risk of money laundering through such cryptocurrencies.

Although the FIU just confirmed it, the local press first reported the measure in November 2020. The FIU pledged to ban privacy coins such as monero (XMR) and zcash (ZEC).

South Korean platforms such as Okex have since been forced to delist several privacy coins to align with the anti-money laundering (AML) rules.

However, as of press time, no major South Korean crypto exchanges have any privacy-centric cryptos listed. The Financial Intelligence Unit is the regulatory body responsible for dealing with AML matters.

Also, per Yonhap Times, the unit will ask domestic exchanges to flag and report any unusual transactions on their platforms “within three working days.” According to the FIU guidelines, the reports should specify the transaction’s values in fiat Korean won (KRW).

The regulatory body expects policy exchanges through a protection management system, which will gather information such as banking data and social security numbers. In fact, the unit wants that banks are also responsible for making exchanges compliant with AML rules.

The South Korean crypto bill will become effective in March 2021, after clearing a series of delays and discussions on who should oversee all the crypto industry from a legal perspective.

Also, the coronavirus pandemic halted discussions, as other bills were granted a significant priority on the pipeline.

What do you think about this news ahead of the South Korean crypto bill deadline? Let us know in the comments section below.

Use Bitcoin and Bitcoin Cash to play online casino games here.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

South Korean financial watchdogs are about to start overseeing crypto-related activities in the nation, and additional barriers for exchanges keep appearing. Moreover, one of the South Korean regulatory bodies codified the measures announced last year on privacy coin listings.

According to Electronic Times, the Financial Services Commission’s Financial Intelligence Unit (FIU) confirmed that all privacy coins would be delisted from the domestic cryptocurrency exchanges.

The watchdog argued that difficulties in determining transaction details carry a high risk of money laundering through such cryptocurrencies.

Although the FIU just confirmed it, the local press first reported the measure in November 2020. The FIU pledged to ban privacy coins such as monero (XMR) and zcash (ZEC).

South Korean platforms such as Okex have since been forced to delist several privacy coins to align with the anti-money laundering (AML) rules.

However, as of press time, no major South Korean crypto exchanges have any privacy-centric cryptos listed. The Financial Intelligence Unit is the regulatory body responsible for dealing with AML matters.

Also, per Yonhap Times, the unit will ask domestic exchanges to flag and report any unusual transactions on their platforms “within three working days.” According to the FIU guidelines, the reports should specify the transaction’s values in fiat Korean won (KRW).

The regulatory body expects policy exchanges through a protection management system, which will gather information such as banking data and social security numbers. In fact, the unit wants that banks are also responsible for making exchanges compliant with AML rules.

The South Korean crypto bill will become effective in March 2021, after clearing a series of delays and discussions on who should oversee all the crypto industry from a legal perspective.

Also, the coronavirus pandemic halted discussions, as other bills were granted a significant priority on the pipeline.

What do you think about this news ahead of the South Korean crypto bill deadline? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Blockchain News – South Korean Crypto Exchange Becomes the First Overseas Platform Legally Recognized in China – News Bitcoin News

A South Korean cryptocurrency exchange announced it established its first legally recognized branch in China. Although the nation banned all local crypto trading services, DBX said the firm already obtained a license to go ahead with the operations.

According to Money Today, DBX received the operating license to establish the subsidiary in China as part of its overseas expansion plans. The crypto exchange is affiliated with the Korea Blockchain Coordination Association.

Per the details given by the exchange, the Chinese government first green-lighted the opening of the branch on December 28, 2020, by issuing a temporary permission. However, the officials granted the final incorporation’s certification on February 5, 2021.

A DBX official commented on the matter:

The license to establish a corporation this time received from the Chinese government is a license that was obtained from the opposition to the establishment of foreign (crypto) exchanges in China so that it can give even greater meaning.

The branch, named Tabi, will open its doors “no later than” March, said crypto exchange officials. DBX plans to extend its operations across the United States, Singapore, Indonesia, and Cambodia.

The relationship cryptocurrencies-China has been quite turbulent. Since 2017, Chinese regulators have been placing bans on crypto-related activities by first issuing a ban on local crypto exchanges. However, the government later went beyond and cracked down on domestic trading and mining operations as well.

However, the nation’s authorities have been making some clarifications over the past of years regarding their stance towards bitcoin (BTC). The Beijing Arbitration Commission published an article on the legal nature of bitcoin in China in August 2020.

They stated that bitcoin’s use as a commodity has never been banned in the Asian giant.

Moreover, China is paving the road to adopting its upcoming central bank digital currency (CBDC), the digital yuan. Recently, news.Fintech Zoom reported that the country has been giving away 10 million yuan ($1.55 million) in its CBDC in Beijing. Recipients can spend the digital yuan during the Chinese New Year festival.

What do you think about this opening of a crypto exchange’s overseas branch in China? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Fintech Zoom does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Mastercard, the world’s second-largest credit card company, is adopting crypto. 

Mastercard announced the update on Wednesday, pointing out that digital assets have become “an important part of the payments world.” 

The post said that it has plans to let customers, merchants, and businesses use cryptocurrencies directly on the Mastercard network this year. However, it made clear that only select assets would be supported. 

The company made specific reference to stablecoins, stating that they “offer reliability and security” and are often “more regulated and reliable” than other assets. 

The post outlined four criteria crypto assets will need to fall under to be approved onto the Mastercard network. Consumer protections, adherence to KYC procedures, compliance with local laws, and suitability for payments were all listed. 

Notably, the post said that the assets should be “for spending, not investment.”

While it didn’t explain in detail what that means, it likely rules out Bitcoin. The aversion to investment assets could be a further hint that the company will be focusing on stablecoins —assets like USDC are generally not considered investments as they are designed to track the price of the U.S. dollar. 

The company acknowledged the powerful potential of using blockchain technology as a payments system.

It said that making a move into crypto will “cut out inefficiencies” and also highlighted its recent work in partnering with crypto-native companies like Wirex and BitPay. MasterCard issued crypto cards with both companies to allow users to spend cryptocurrencies, though adding direct support for crypto on the Mastercard network is a giant leap in favor of crypto. 

Mastercard also said it had been communicating with central banks worldwide, referencing the advent of CBDCs. The post concluded by applauding the innovative work happening within the payments sector as a whole, confirming its plans to “set the stage” for emergent technologies to shine.    

Mastercard is the second biggest credit card company in the world, behind only Visa.

The rival company has also shown signs of embracing crypto, most recently announcing a move to allow crypto payments at U.S. banks. In December, Visa shared the news of an imminent release of a Visa card to support USDC payments on Ethereum. Now that crypto is drawing more mainstream attention, it seems that the world’s most trusted payments services are intent on moving with the tide. 

Disclosure: At the time of writing, the author of this feature owned ETH, among a number of other cryptocurrencies. 

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