Korean cryptocurrency

Thanks for contacting us. We've received your submission. North Korean hackers managed to steal a fortune in cryptocurrency in , according to the results of a recent study. North Korean hackers were linked to at least seven cyberattacks on crypto platforms last year and seized 40 percent more in value compared to , according to the analysis. Ethereum accounted for 58 percent of the stolen tokens, while bitcoin accounted for 20 percent. The group is best known for carrying out the infamous Sony Pictures hack in

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Content:

• Why Is Cryptocurrency Trading Popular In South Korea?
• North Korean hackers stole $400 mln in cryptocurrency in 2021: Chainalysis
• North Korea stole $400 million of cryptocurrency in 2021, report says
• Justice News
• Regulator steps up warnings on overseas cryptocurrency exchanges targeting Koreans
• Top 10 Korean Cryptocurrency Exchanges
• North Korean hackers stole $550m worth of cryptocurrency in 2021, report says

WATCH RELATED VIDEO: South Korean authorities move to clean up and cool down cryptocurrency markets

Why Is Cryptocurrency Trading Popular In South Korea?

The isolated country, beset by sanctions from the United States and other countries, has long relied on its hacker corps to break into financial institutions around the world to steal money.

In recent years, those hackers have increasingly focused on companies that handle and trade cryptocurrency, which is stored in digital wallets and can easily be sent around the world if a hacker gains access.

That tactic was particularly effective last year, according to researchers at Chainalysis, a company that monitors transactions on blockchains, which are a kind of public record that track all transactions for most cryptocurrencies. Many cryptocurrencies have risen sharply in value in recent years, and software developers have created an entire ecosystem of projects and exchanges that allow users to trade one type of cryptocurrency for another, or from virtual money to cash. According to research from the cybersecurity company Kaspersky, also published Thursday, North Korea has a dedicated hacking team that has been steadily attacking small- and medium-sized companies that deal with cryptocurrency and related projects.

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North Korean hackers stole $400 mln in cryptocurrency in 2021: Chainalysis

VentureBeat Homepage. Did you miss a session from the Future of Work Summit? Head over to our Future of Work Summit on-demand library to stream. South Korea is truly crypto crazy. South Korea is the only nation were investing in cryptocurrencies is truly mass market.

North Korea stole $400 million of cryptocurrency in 2021, report says

Unsupported Browser Detected. It seems the web browser you're using doesn't support some of the features of this site. For the best experience, we recommend using a modern browser that supports the features of this website. As Bitcoin and other cryptocurrencies have dominated the news across the world of late, this new craze is none more so evident than in South Korea, where huge amounts of Bitcoin are traded daily. So, how does a country of only 50 million people become the third-largest market in the world for Bitcoin trades, behind Japan and the United States? South Korea is known for its technology and high-speed internet, so trading cryptocurrencies here is simple and quick. Many citizens were born into the digital generation and buying digital currencies is tempting as the huge price fluctuations offer a get-rich-quick opportunity. For a long time, wealth in Korea has been regarded as an inheritance rather than an achievement. Amid this social atmosphere, Bitcoin and other virtual currencies offer the opportunity for social mobility to all classes. This urge to speculate on cryptocurrencies comes despite the great risks and volatility.

Justice News

In South Korea, cryptocurrencies are not considered legal tender and exchanges, while legal, are part of a closely-monitored regulatory system. Cryptocurrency taxation in South Korea represents a grey area: since they are considered neither currency nor financial assets, cryptocurrency transactions are currently tax-free. However, the Ministry of Strategy and Finance has indicated that it is considering imposing a tax on income from crypto transactions and is planning to announce a taxation framework in Although a rumored ban never materialized, in the South Korean government prohibited the use of anonymous accounts in cryptocurrency trading and also banned local financial institutes from hosting trades of Bitcoin futures. In , the Financial Services Commission FSC imposed tighter reporting obligations on banks with accounts held by crypto exchanges.

Regulator steps up warnings on overseas cryptocurrency exchanges targeting Koreans

A United Nations panel of experts that monitors sanctions on North Korea has accused Pyongyang of using stolen funds to support its nuclear and ballistic missile programmes to circumvent sanctions. North Korea does not respond to media inquiries, but has previously released statements denying allegations of hacking. Chainalysis did not identify all the targets of the hacks, but said they were primarily investment firms and centralised exchanges, including Liquid. The attackers used phishing lures, code exploits, malware, and advanced social engineering to siphon funds out of these organisations' Internet-connected "hot" wallets into North Korea-controlled addresses, the report said. Many of last year's attacks were likely carried out by the Lazarus Group, a hacking group sanctioned by the US, which says it is controlled by the Reconnaissance General Bureau, North Korea's primary intelligence bureau. The group has been accused of involvement in the "WannaCry" ransomware attacks, hacking of international banks and customer accounts, and the cyber attacks on Sony Pictures Entertainment.

Top 10 Korean Cryptocurrency Exchanges

December 11 A s is well known, anti-money laundering AML and know-your-customer rules KYC are obligations of service providers like banks and other financial institutions. Their aim is to facilitate investigations into the real identity of customers and the purpose and source of their transactions, so that the services provided to customers will not be used for money laundering, financing of terrorism, tax evasion, or other illegal activities. In principle, Ruftia applies to banks and other financial institutions. As cryptocurrency exchanges are not regarded as financial institutions in Korea, they are not yet technically under the purview of Ruftia and thus, are not legally obliged to abide by AML and KYC regulations. The ruling party lawmakers have proposed an amendment to Ruftia by which cryptocurrency exchanges are to be deemed financial institutions for the purpose of the application of the Act.

North Korean hackers stole $550m worth of cryptocurrency in 2021, report says

Bithumb is a South Korean cryptocurrency exchange. In June hackers stole user information from a Bithumb employee's personal computer. In January Bithumb was raided by the government for alleged tax evasion.

As cryptocurrencies soared toward the end of , investors were taking special note of their performance in a few key markets. South Korea is one of them. In March , the South Korean National Assembly passed new legislation that paved the way for the regulation and legalization of cryptocurrencies and crypto exchanges. This action was taken in recognition of the burgeoning growing cryptocurrency ecosystem even in the midst of the COVID epidemic.

If I had been born and bred in a place like North Korea, would I have turned out differently? So, when the country announced it was holding a blockchain conference in April , I knew I had to go. For the blockchain conference, there was an application process. The available payment methods? I chose the latter because it was less painful, and fortuitously for North Korea, Ether appreciated by as much as 50 percent in the ensuing two months, resulting in a 50 percent profit from simply doing nothing. All of that perfectly illustrates the curious link between North Korea and cryptocurrency, which critics say threatens global stability—a connection built entirely on what that dictatorship is and its place in the world.

SEOUL: More than 60 cryptocurrency exchanges in South Korea must notify customers of a partial or full suspension of trading by Friday Sep 17 midnight, a week before a new regulation comes into effect. To continue operating, exchanges must register with the Financial Intelligence Unit by Sep 24, providing a security certificate from the internet security agency. They must also partner with banks to ensure real-name accounts. Exchanges that have not registered must shut down services after Sep 24, while those that have registered but failed to secure partnerships with banks will be prohibited from trading in won.