Crypto
South Korea to deploy cryptocurrency tracking system in 2023
The Ministry of Justice in South Korea introduced plans to introduce a crypto monitoring system to counter cash laundering initiatives and recuperate funds linked to prison actions.
The ‘Digital Forex Monitoring System’ can be used to observe transaction historical past, extract data associated to transactions and verify the supply of funds earlier than and after remittance, in response to native media outlet khgames.
The South Korean Ministry of Justice will introduce a “cryptocurrency monitoring system” within the first half of this yr to strengthen the monitoring of cash laundering and restoration of prison proceeds utilizing cryptocurrencies. https://t.co/2CLkaLUrX6
— Wu Blockchain (@WuBlockchain) January 29, 2023
Whereas the system is slated to be deployed within the first half of 2023, the South Korean ministry shared plans to develop an unbiased monitoring and evaluation system within the second half of the yr. A tough translation of the ministry’s assertion reads:
“In response to the sophistication of crime, we’ll enhance the forensic infrastructure (infrastructure). We’ll construct a prison justice system that meets worldwide requirements (international requirements).”
The South Korean police beforehand established an settlement with 5 native crypto exchanges to cooperate in prison investigations — to create a secure buying and selling atmosphere for crypto buyers in the end.
Associated: South Korean prosecutors request arrest warrant for Bithumb proprietor: Report
The South Korean Supreme Court docket dominated that crypto alternate Bithumb should pay damages to buyers over a 1.5-hour service outage on Nov. 12, 2017.
The finalized ruling from the Supreme Court docket ordered damages starting from as little as $6 to round $6,400 be paid to the 132 buyers concerned.
“The burden or the price of technological failures must be shouldered by the service operator, not [the] service customers who pay fee for the service,” the court docket said.
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BlackRock‘s iShares Bitcoin Trust IBIT has seen its record-breaking streak of inflows come to an end on Wednesday.
What Happened: According to data from SoSoValue, IBIT recorded no net inflows for the day, snapping a 71-day stretch of continuous investment.
On Wednesday, spot Bitcoin ETF flows saw net outflows totaling $121 million, signaling a turbulent day for cryptocurrency investments.
Notably, Grayscale’s Bitcoin Trust ETF (GBTC) registered the most substantial single-day outflow, withdrawing $130 million.
Contrasting this, Fidelity Wise’s Origin Bitcoin Fund 
FBTC emerged as the frontrunner for inflows, attracting $5.61 million in a single day, followed closely by the collaborative ETF from Ark Invest and 21Shares 
ARKB, which saw an influx of $4.17 million.
www.benzinga.com/events/digital-assets
Also Read: Jack Dorsey Wants To Make Bitcoin Mining As Easy As Plugging In A Lamp: Here’s How
Hong Kong Steps Into The Crypto ETF Arena
The news of BlackRock’s pause coincides with a significant development in the Asian market.
HashKey Exchange announced the completion of the first-ever cryptocurrency subscription for Bitcoin and Ethereum spot ETFs offered by Hong Kong-based Bosera International and HashKey Capital.
This subscription model allows for redemption without immediate sale of the underlying assets, potentially offering cost and liquidity benefits to investors.
Hong Kong’s foray into cryptocurrency ETFs marks a potential turning point for the Asian market.
These ETFs are expected to begin trading on the Hong Kong Stock Exchange on April 30, providing investors in the region with a new avenue for cryptocurrency exposure.
What’s Next: The Benzinga Future of Digital Assets event, scheduled for Nov. 19, will convene industry leaders, analysts, and investors to discuss these critical developments.
This conference presents a unique opportunity to gain insights into the future of Bitcoin ETFs, cryptocurrency subscriptions, and the broader digital asset ecosystem.
Don’t miss out on this chance to stay ahead of the curve in this rapidly changing market.
Read Next: Why Is MOG Crypto Coin Going Up? Trader Sees ‘Billions’ As Price Target
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Scammers are exploiting the rising popularity of Telegram and its associated cryptocurrency, Toncoin (TON), to execute a highly scalable scheme design to pilfer the digital tokens from unsuspecting users. Kaspersky researchers have discovered the operation, which has been active since November 2023, and warns that it is a growing threat.
Victims are being lured into the scheme via an invitation to join an “exclusive earning program” received from a contact in their list. The invitation leads them to an unofficial Telegram bot, falsely touted as a cryptocurrency storage solution. The victims are then instructed to link it to a legitimate wallet and to buy Toncoins through official channels such as the official Telegram bot or through cryptocurrency exchanges.
After duping victims into purchasing the coins, scammers push them to buy so-called ‘boosters’ using a separate bot, stating that this is the step needed to commence earning. The ‘boosters’, likened to those seen in online games, are misleadingly marketed as tools that allow users to capitalise on their coins further. “This scheme resembles boosters in online games – by purchasing one, the user gains additional advantages,” explains Olga Svistunova, Senior Web Content Analyst at Kaspersky. Once bought these ‘boosters’ cost victims their cryptocurrency, and the money lost is irreversible.
Following the purchase of the scam ‘boosters’, users are manipulated into propagating the scheme. They are encouraged to create a private Telegram group with their friends and acquaintances, share a specially generated referral link and a video with instructions on earnings. The scammers claim that at least five people should join the private group via the referral link before a victim can start earning. They are also told that they will receive payment for each friend invited and will make a commission from each of the fraudulent ‘boosters’ purchased by those they have referred.
Alluding to the potential scale of the scam, the Telegram Open Network (TON) was developed by the Durov brothers and is now backed by an independent community. Telegram itself has reached 900 million monthly users and ranks globally as the 6th most used and 6th most downloaded app. This expansive user base increases both the potential pool of victims and the likely impacts of the scheme.
Kaspersky experts have urged all users to exercise caution when encountering offers of quick riches, even if they are received from friends or acquaintances. Avoid transferring cryptocurrency to unknown or suspicious wallets, and consider comprehensive protection for your digital assets, such as Kaspersky Premium which alerts you to suspicious websites and guards your wallet against scammers, miners and other threats. Staying updated and informed about the latest fraudulent schemes is another effective protective measure.
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