Guilty Conscience? $30M Crypto Exit Scam in South Korea Refunds Victims

Earlier this week, a crypto exit scam in South Korea called “Pure Bit” disappeared with more than $30 million in user funds. On November 4, the group conducted an initial coin offering (ICO) to raise nearly $30 million using Ethereum (ETH) to build a cryptocurrency exchange. On November 13, as CCN reported, Pure Bit and The post Guilty Conscience? $30M Crypto Exit Scam in South Korea Refunds Victims appeared first on CCN

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South Korea Rejects Crypto Exchanges as Venture Firms, Taxes to Double

In a blow to the industry, the government of South Korea has stuck with its legislative proposal to exclude the cryptocurrency and blockchain industry from being certified as venture firms. First proposed by South Korea’s Ministry for Small and Medium Enterprises (SMEs) and Startups in August, the revision to the law called for Korea’s domestic The post South Korea Rejects Crypto Exchanges as Venture Firms, Taxes to Double appeared first on CCN

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Bithumb Hack ‘Doesn’t Really Change the Fundamentals of Bitcoin’: Charlie Lee

Charlie Lee, the founder of Litecoin, went on CNBC’s Fast Money program on Wednesday to discuss the recent hacking of South Korea’s cryptocurrency exchange Bithumb, among other developments in the crypto sphere. Speaking via telephone, the founder of the world’s fifth-largest cryptocurrency by market cap pointed out that while it is normal for cryptocurrency investors to The post Bithumb Hack ‘Doesn’t Really Change the Fundamentals of Bitcoin’: Charlie Lee appeared first on CCN

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Illegal Bitcoin Mining Operation Tapping Cheap Power Busted in South Korea

South Korean police have arrested over a dozen individuals involved in an illegal bitcoin mining operation that used cheap electricity afforded to industrial complexes. The metropolitan police agency of Gwangju, a city in country’s south, has revealed details of alleged illegal mining activities undertaken by 14 individuals from 14 companies in four separate industrial complexes The post Illegal Bitcoin Mining Operation Tapping Cheap Power Busted in South Korea appeared first on CCN

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Bitcoin Cash Price Takes the Biggest Hit, Down 42% in 24 Hours

The post Bitcoin Cash Price Takes the Biggest Hit, Down 42% in 24 Hours appeared first on CCN Out of the 10 most valuable cryptocurrencies in the market, Bitcoin Cash (BCH) has taken the biggest hit on Friday, as Bitcoin Cash price declined by more than 41.8 percent. Even Bitcoin Cash Could Not be Saved Over the past week, the South Korean cryptocurrency market’s Bitcoin Cash frenzy and the integration of BCH on The post Bitcoin Cash Price Takes the Biggest Hit, Down 42% in 24 Hours appeared first on…

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