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North Korean Hackers Threatened Bithumb Exchange With a $16M Ransom Amid the 2017 Data Breach, Says Report

A new report commissioned by the U.S. secret services unveiled what happened behind the attack launched by North Korean hackers against a South Korean crypto exchange. The case is about a breach on June 29, 2017, which exposed data tied to over 30,000 customers stemming from Bithumb. Hackers Threatened to ‘Destroy’ Data and Cryptos Stolen According to Maeil Kyungjae, the U.S. authorities found that North Korean hackers got access to personal data and funds from customers then demanded a ransom payment afterward. The blackmailers targeted the crypto exchange Bithumb by asking them for 20 billion won ($16 million). Moreover, threat…

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South Korea’s Kimchi Premium Returns: BTC and ETH Prices Jump 18% Higher Than the Global Average

While a great number of spot exchanges have seen consistent prices in a few select areas in the world, bitcoin is selling for a premium. That’s the case in South Korea right now as there’s a price gap, otherwise known as the ‘kimchi premium’ on domestic South Korean exchanges in comparison to foreign exchanges. Bitcoin, Ethereum, and Bitcoin Cash See Premiums in South Korea Bitcoin prices on domestic South Korean crypto trading platforms are much higher than they are across a majority of exchanges worldwide. For instance, on Tuesday morning (EST) the price per bitcoin (BTC) has been coasting along…

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South Korea’s ‘Kimchi premium’ is back: Is the Bitcoin rally starting to heat up?

Demand for Bitcoin in South Korea is heating up as the country's BTC premium rises over 5%. The "Kimchi premium" is back. Bitcoin (BTC) is trading more than 6% higher across major South Korean crypto exchanges as of March 29. Data from CryptoQuant shows that the premium in the South Korean market was nonexistent for many months and, in fact, dropped to around -6% in early February when BTC dipped below $30,000. The so-called Kimchi premium forms when the price of Bitcoin trades higher on South Korean exchanges than other markets. The return of this premium is a bullish sign…

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Investor losses legal battle against Bithumb for 2017 data breach incident

The user claimed to have lost a massive amount of money due to Bithumb’s negligence. According to news agency Yonhap, Bithumb will not have to repay a crypto investor who allegedly lost $401,000 as a result of a 2017 data breach suffered by the firm. A High Court judge determined that the man (identified as “Mr. A” for privacy purposes) had failed to successfully prove that his data was compromised during the incident. As a result, the exchange will not be held liable for Mr. A’s lost funds. Mr. A stated that he was holding Korean won (KRW) funds on…

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Two Police Raids Later, BTC Exchange BitHumb Is Up For Sale

Two police raids later, the Bitcoin exchange BitHumb is officially up for sale and it will be sold to the highest bidder for $600 million as we are reading more in the latest crypto news below. The biggest South Korean bitcoin exchange is up for sale, two police raids later as the buyers started making offers in the range of $430 to $600 million and the buyer will be responsible for implementing the Special Payments Act. BitHumb was the largest cryptocurrency exchange in South Korea which is allegedly up for sale to the highest bidder according to the news outlet…

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Bithumb Reportedly For Sale Following Numerous Police Raids

Bithumb, the major cryptocurrency exchange in South Korea, is reportedly up for sale following the numerous recent police raids. Bithumb Holdings To Sell Its Stake According to a recent report, Bithumb Holdings, a company that owns 74% of Bithumb Korea, is promoting a sale of the cryptocurrency exchange. The file reads that Samjon KPMG is in charge of the sale, and there are “submitted letters of intent to take over.” The coveted price of the major cryptocurrency exchange in Korea is reported to be in the range between 500 billion won and 700 billion won, which is between $430 million…

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Bithumb chairman summoned for questioning by police over suspected fraud.

Source: Cointelegraph The drama over supposed fraud including Bithumb’s senior executives continues as the company’s chairman has reportedly been summoned for interrogation. The Seoul Metropolitan Police Agency is supposedly looking for to inquire Lee Jung-hoon, chairman of the board at Bithumb Korea and Bithumb Holdings, rendering to a Sept. 18 report by South Korea’s state-run news agency Yonhap. As reported, Lee is supposedly accused of numerous fraud and misappropriation offences concerning the unsuccessful listing of the BXA token. The supposed fraud produced investor damages of up to 30 billion won ($25 million), the report notes. The police are also allegedly…

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Police Brings In BitHumb Chairman For Questioning Over Fraud

Police brings in BitHumb chairman after raiding the officers of the company, for alleged involvement in fraud as we are reading more in today’s latest crypto news. The drama came after the alleged fraud involving the Bithumb senior executive. The Police brings in for questioning the company’s chairman Lee Jung-hoon. He was a chairman of the board at Bithumb Korea and BitHumb holdings according to a report by South Korea’s state-run Yonhap agency. As reported, Lee was accused of multiple frauds and embezzlement offenses regarding the listing of the BXA token. The fraud caused the investor damages of more than…

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Local Authorities Summon Bithumb Chairman Of The Board Over Alleged Fraud

Bithumb’s situation worsens as South Korean authorities have reportedly summoned company Chairman Lee Junh-hoon for alleged fraud regarding the sale of BXA tokens. This comes days after local police raided the exchange for the third time in less than a month. Three Police Raids For Bithumb In September September turns out to be a rather unpleasant month for the popular South Korea-based cryptocurrency exchange. As CryptoPotato reported earlier this month, the Intelligent Crime Investigation Unit of the Seoul Police raided the company’s headquarters under allegations for fraud. Authorities alleged that the exchange sold its native BXA tokens to investors for…

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Police summon Bithumb chairman for questioning over alleged fraud

Police raids on the Bithumb offices are apparently not just FUD as more investigation reports come in. The drama over alleged fraud involving Bithumb’s senior executives continues as the company’s chairman has reportedly been summoned for interrogation. The Seoul Metropolitan Police Agency is purportedly seeking to question Lee Jung-hoon, chairman of board at Bithumb Korea and Bithumb Holdings, according to a Sept. 18 report by South Korea’s state-run news agency Yonhap. As reported, Lee is allegedly accused of multiple fraud and embezzlement offenses regarding the failed listing of the BXA token. The purported fraud caused investor damages of up to…

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The reason technology guarantees are a must for crafting EU crypto regulation

After Malta set out to deliver a regulatory framework for the cryptocurrency sector, policymakers & advisers recognized how blockchain, dispersed ledger technology & smart contracts, as well as correlated technologies, imposed new challenges to providing consumer protection & to fitting in existing legal structures. Immutability of data & subsequently code, or rather smart contracts is a desirable feature to provide pledges to users that data (& smart contracts) cannot be interfered with. Nevertheless, this also poses a critical challenge: Every so often, it is intolerable, or infeasible, to change code after it has been written to such a distributed ledger.…

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South Korean police seize Bithumb shares in third raid this month

The plot thickens as Bithumb director’s shares are seized after he had applied for the seizure of the chairman's shares. South Korea’s largest cryptocurrency exchange Bithumb has been raided by the Seoul Metropolitan Police for the third time this month, according to a report in a local media outlet.  During the Sep. 16 raid, police reportedly seized a number of shares in Bithumb Holdings belonging to Bithumb Korea Director Kim Byung-Geon. The seizure action was granted by the Seoul Central District Court on Sep. 14. Kim had been unsuccessfully trying to acquire Bithumb, and had been sued in the process.…

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Police Raid Bithumb’s Offices Again as Fraud Investigation Intensifies

Bithumb, one of South Korea’s largest cryptocurrency exchanges, appears to be amid another inquiry from the country’s law enforcement. This week, local news source Seoul Shinmun reported that the Seoul Metropolitan Police Agency had conducted a search and seizure operation at the exchange’s offices. The BKA Token Bites Bithumb Once More According to the report, the police raided Bithumb’s location in the Gangnam District yesterday. An official told the news medium that the operation aimed at retrieving additional information that could help bring clarity to the allegations against Lee Jung-hoon, Bithumb Korea and Bithumb Holdings’ board chairman. The bone of contention…

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South Korean police reportedly raid Bithumb for second time

Bithumb has remained quiet despite the second police raid in the course of a week. Bithumb, the largest cryptocurrency exchange in South Korea, is reportedly facing more police raids in Seoul. The Seoul Metropolitan Police Agency has conducted additional search and seizure checks at Bithumb’s headquarters in the Gangnam District on Sept. 7, local publication Seoul Shinmun reports. A police official reportedly said that the latest investigations aim to secure additional evidence related to existing allegations against Lee Jung-hoon, chairman of board at Bithumb Korea and Bithumb Holdings. As reported by Cointelegraph, the executive is purportedly accused of major financial…

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Court finds Bithumb ‘partially liable’ for 2017 hack

A judge in the Seoul Central District Court today announced a ruling regarding a lawsuit filed by three users of Bithumb Korea who claimed $126,000 and $38,000 for damages citing data leaks during a 2017 Bithumb hack. The ruling is said to hold Bithumb partially liable for the damages claimed by the users.  Local news source Fn News said that the users Hong, Seo and Jang claimed to have fallen victim to a phishing scam during which they disclosed their verification number to the hacker which lead to the hacker changing their XRP and ETH amounts to Korean Won –…

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Popular Crypto Exchange Bithumb Seized by Law Enforcement

Earlier today, Live Bitcoin News reported that bitcoin had suffered a major setback and ultimately fell below $12,000 and back into the $11,400 range. Now, we’re learning that it may have had to do with the seizure of Bithumb, a popular cryptocurrency trading platform based in South Korea. Bithumb Is Now in the Hands of Korean Officials Bithumb has been seized by law enforcement officials after it was allegedly discovered that executives were selling BXA tokens – the official tokens of the exchange – before listing them on the Bithumb website publicly. These tokens were sold for a recorded $25…

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Bithumb found ‘partially liable’ for a 2017 hacking incident

Bithumb legal issues do not stop in South Korea. A judge in the Seoul Central District Court dismissed two claims filed by individuals against the controversial crypto exchange, Bithumb. The individuals were seeking $126,000 and $38,000 respectively for damages related to a data breach incident back in 2017. According to Fn News, plaintiffs Hong and Seo (both named only by their surname) stated that they had lost money due to a phishing attack using private data that was extracted in a hack of Bithumb. The third claimant, Jang, was granted $5,000 to cover his total loss. This amount reflects a…

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Bithumb Got Raided By South Korean Police, Cryptos Face Huge Dip

Bithumb got raided by the South Korean police and after they were done, top cryptocurrencies such as Bitcoin and Ethereum faced a huge dip as we are reading further in the blockchain news. After the fifth biggest exchange Bithumb got raided, major cryptocurrencies faced crashes including Bitcoin and Ethereum. Intelligence unit from the Seoul Metropolitan Police Agency raided the officers in an executive search and seizure orders based on fraud allegations. The police were looking to seize the proof of foul-lay regarding the launch of the BXA tokens. Back in 2018, the Blockchain Exchange Alliance entered into a new deal…

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Major South Korean Crypto Exchange Raided by Police in Alleged $25.2M Fraud Case

South Korean police raided the country’s largest cryptocurrency exchange, Bithumb on September 2 as part of an investigation of fraud allegedly committed by the organization’s main shareholder. With the recorded number of visitors to the platform touching 4.11 million between May and July, Bithumb is the largest exchange in the country. According to a local publication, the Seoul Metropolitan Police Agency’s Intelligent Crime Investigation Unit “searched and seized premises” used by the exchange as headquarters in Gangnam-gu, Seoul. Police action appears to stem from the alleged investment fraud committed at the issuance of the BXA, the exchange’s native token. Media…

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