Search Results for:korea

Binance, Huobi freeze $1.4m of crypto tied to North Korean hackers

North Korea

Crypto exchanges Binance and Huobi have frozen accounts linked to a $100 million (£83m) hack carried out by Lazarus Group, a hacking group located in North Korea, in June 2022.

Close to $1.4 million (£1.17m) of crypto was frozen across both exchanges that were originally stolen last year in an attack on the Harmony Horizon cross-chain bridge.

The accounts were identified following an investigation by blockchain analytics firm Elliptic, according to a 14 February report...

South Korea to launch blockchain-based digital ID scheme by 2024

ID Card

The South Korean government is working on a blockchain-based digital ID for its citizens that could launch as soon as 2024.

According to Bloomberg reporting, South Korean citizens will soon have access to digital IDs embedded in their mobile phones to function in the place of physical resident registration cards.

The blockchain-based IDs would be fully decentralised so that the government cannot see how or when the ID is being used.

They are planned for a 2024...

North Korea’s stash of stolen crypto has plunged in value

Victims of North Korea-linked crypto thefts may take some comfort in knowing that connected wallets have plunged in value.

Despite the recent drawdown, the exponential rise in the value of cryptocurrencies over the past decade has made them key targets. Hackers are regularly seeking to obtain cryptocurrencies through hacks and ransomware campaigns.

Fortunately, transactions on most blockchains are easy to track. Wallets connected with North Korean hacking groups like...

Lee Jae-myung to raise Korean election funds through NFT rewards

Election Campaign

Lee Jae-myung, presidential nominee for the ruling Democratic Party of South Korea, plans to raise election funds through a blockchain platform and reward NFTs to donors.

The world-first move comes in a bid to gain support from tech-savvy young voters, especially those with an interest in cryptocurrencies.

Each NFT will include an image of Lee Jae-myung with election pledges inscribed below. They will be offered to anyone who sends money to his fundraising campaign ahead...

Klaytn and ConsenSys to collaborate on Bank of Korea CBDC pilot

Klaytn, the public blockchain project of Korean Internet provider Kakao, has announced a strategic partnership with ConsenSys to improve its digital currency capabilities in preparation for its participation in the Bank of Korea's CBDC pilot platform later this year.

As well as working with national banks, Klaytn also expanded into the NFT market through OpenSea support at the end of March, highlighting the company's diverse array of ventures so far this year.

Klaytn...

South Korea threatens to shutdown all crypto exchanges amidst growing crackdown

The head of South Korea’s financial regulatory agency has said that all crypto exchanges operating in the country could be shut down later this year.

The statement from Eun Sung-soo comes as the South Korean government has launched a reinvigorated crackdown on ‘illegitimate crypto businesses’ and digital money laundering.

Seoul’s tax collection department kicked off the crackdown last week with the seizure of 25 billion won (£16.1 million) from over 600 tax...

South Korea’s biggest job site using blockchain to verify applications in ‘full implementation’

South Korean technology provider ICONLOOP and recruitment platform SaraminHR have announced success in a pilot to prevent job application fraud through blockchain technologies.

The two companies signed an agreement earlier this year to build and promote a blockchain-based decentralised identity ecosystem, among other services. The announcement relates to what is claimed as 'the first full implementation of blockchain technology in the recruitment and staffing industry in South...

South Korea’s NH Bank to launch blockchain consortium for cryptocurrency services

South Korea's Nonghyup Bank (NH Bank) is working with blockchain laboratory Hexlant and law firm Bae, Kim & Lee to develop financial services using virtual assets.

As reported by the Korea Herald, the consortium has signed a memorandum of understanding (MoU) to develop a joint institution for the research and development of cryptocurrency exchanges.

"Through the consortium, we will step up efforts to take a lead in the local cryptocurrency industry," said Jang...

Government blockchain initiatives take hold in New Zealand and South Korea

BlockchainNZ, a blockchain industry group based in New Zealand, wants the country to consider the benefits it can derive out of the disruptive technology and allow its specialists to work together with the government to formulate a strategy concerning the use of cryptographic technology.

According to the industry group’s press release, it will be requesting a national blockchain strategy from the government on May 30. Moreover, BlockchainNZ’s executive director Mark Pascall...

South Korea to waive tax on blockchain tech – reports

The South Korean Ministry of Strategy and Finance has added 16 areas to its research and development tax credit initiative – including blockchain technologies. According to TheNews.Asia, the proposed amendments to the enforcement decree of the 2018 tax law are scheduled to become effective in February. The country offers R&D tax break through a hybrid R&D tax credit and volume-based investment credit. The official document highlights 16 fields, which include fine dust reduction...