Tag: South Korea

South Korea

Bitcoin Tumbles After South Korean Exchange Hack

The value of bitcoin dropped from from $7,256 to a low of $6,651 on Sunday night, following the news that the South Korean cryptocurrency exchange, Coinrail, was hacked over the weekend.

In a statement on its website on Monday, Coinrail confirmed that there was a “hacking attempt” on June 10.

The statement continues: “At present, 70% of your Coinrail total coin/token reserves have been confirmed to be safely stored and moved to a cold wallet and are in storage. Two-thirds of the coins confirmed to have been leaked are covered by freezing/recalling through consultation with each coach and related exchanges. The remaining one-third of coins are being investigated with investigators, relevant exchanges and coin developers.”

Coinrail says that the exact extent of the hacking is still be determined.

South Korea Cryptocurrency Ban Talk Sends Bitcoin, Ethereum Tumbling

The price of bitcoin has dropped significantly following new reports that authorities in South Korea might ban the trading of cryptocurrency exchanges.

As mainstream news outlets started reporting on comments made by the South Korean Minister of Justice, Park Sang-Ki, that a bill is being prepared to ban the trading of cryptocurrencies, the price of bitcoin fell from $14,932 at 12:04am BST on January 11 to $12,884 by 4:20am BST, according to data from CoinDesk.

At the time of writing, 5:55pm BST, the price has recovered to $13,746, which is still a 7.5% decline in the overall value compared to this earlier high.

CLS Expands Third Party Access in Korea

Fund management institutions can now access the CLS system in Korea for the first time via CLS third-party service provider, HSBC.
This announcement builds on the earlier adoption of CLS participation in Korea by other non-bank financial institutions (NBFIs), including a number of leading securities brokers. Third-party participation globally accounts for approximately 22% of the total value settled in CLS and there was a 12% increase in the number of third-party participants using the service in the Asia Pacific region in 2016.