An investor has filed a complaint with the prosecution to demand compensation from the Coinbit cryptocurrency exchange.
The victim, in his post on an online bulletin, claimed Monday that it started trading in May when Coinbit opened its exchange. When he was trading, he found his Korean currency asset and coins were written as “minus,’’ so he hurriedly sold off the coins, he said.
Is Bithumb’s trading volume manipulation either a fraud or a violation of the financial laws in Korea? Who will investigate the alleged manipulation?
As the cryptocurrency is not subject to any financial rules and laws in South Korea, the police and the prosecution, not the financial regulators, must investigate the manipulation case.
Bithumb is inflating its daily trading volume by as many as 20 times, according to the CoinMarketCap report.
Bithumb’s reported trading volume stood at $3.3 billion on Nov.5, making it the world’s largest cryptocurrency trading exchange. Bithumb is three times larger than the runner-up BitMax and four times larger than Binance.
President Moon Jae-in’s Chief of Staff for Policy Jang Ha-sung is expected to resign soon. His resignation might raise the voices of the advocates for cryptocurrency and initial coin offering (ICO).
Jang has shown extreme skepticism on cryptocurrency and ICO. Under his leadership, few Blue House staff could suggest the positive role the ICO and cryptocurrency have on the economy.
More than 100 Korean blockchain startups plan to relocate their head offices to the Jeju Island once the island provides tax and other administrative incentives, according to a survey.
The survey conducted by the Korea Business Startup Association showed that more than 100 companies out of its 170 member firms showed interest in relocating their headquarters to Jeju.
![[단독]펜텀 토큰 200억대 투자 사기 논란..투자자들 3개월 ‘락(lock)’ 몰랐다-①](https://www.blockmedia.co.kr/wp-content/uploads/2018/11/KakaoTalk_20181102_142509435.jpg "[단독]펜텀 토큰 200억대 투자 사기 논란..투자자들 3개월 ‘락(lock)’ 몰랐다-①")
(Block Media Exclusive)
Investors who bought Fantom tokens are at a loss because these tokens fell 25 percent and have no way of recouping their investment at least for the next three month.
Confusing names also triggered legal a legal suit. The Fantom Foundation, a blockchain-based smart contract platform, Friday threatened to take legal action against the Fantom Korea for damaging the foundation. The Fantom Foundation said it has no relations whatsoever with the Fantom Korea.
South Korean blockchain associations and Korea University Thursday proposed adopting the initial exchange offering (IEO) as a tool for blockchain producers and platforms to raise capital.
Investors might regard the IEO safer than the initial coin offering (ICO) because cryptocurrency exchanges screen technical viability and business potential of blockchain platforms before listing and trading coins on the exchange.
South Korean exchanges are moving overseas while foreign cryptocurrency exchanges are opening offices in South Korea.
South Korean cryptocurrency exchanges picked the United States, Singapore, and Malta as their centers of overseas operations.
They are going offshore out of the belief that cryptocurrency business is a global business and that they have limits in expanding business in South Korea where regulations are tight and initial coin offering is banned.
However, Chinese exchanges started business here because Korea has an abundant pool of blockchain producers, IT technicians, and a strong IT infrastructure.
A great experimentation is underway in the blockchain world. Insurance companies are no exception...
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South Korea’s cryptocurrency exchange Bithumb is to open a securities token exchange in the United States through a partnership with the U.S. crowdfunding platform SeriesOne. Bithumb said the blockchain-based asset tokenization would become a global trend in the future.
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Ten blockchain startups plan to open offices on Jeju Island. Jeju Governor Won Hee-ryong invited the leaders of the Korea Blockchain Startup Association to the island. Once they decide to headquarter their offices on the island, they would enjoy the tax and other benefits the venture capital companies get now
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Korea’s largest venture capital, Korea Investment Partners (KIP), decided to invest in the...
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