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Korean Crypto Innovation: SK Telecom Joins Forces With Team Blackbird To Launch T Wallet

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Team Blackbird, the crypto services firm responsible for the operation of the blockchain data and analytics platform CryptoQuant, has unveiled a partnership with SK Telecom (SKT), the largest mobile phone company in South Korea in terms of user base. The collaborative effort has given rise to the T wallet, a digital asset wallet designed to cater to the burgeoning digital asset market.

The T wallet offers users a blockchain-based mobile application that allows them to securely store digital tokens while granting access to CryptoQuant’s suite of on-chain analysis tools. Team Blackbird’s CEO, Ki Young Joo, highlighted the potential of these tools to assist users in their market activities.

CryptoQuant, a prominent data and research firm specializing in on-chain data analysis services, has gained recognition for its offerings in the global digital asset space. The company has secured exclusive partnerships with global entities such as the Chicago Mercantile Exchange (CME Group) and Moody’s credit rating agency, making it a trusted source of on-chain data and research for institutional clients worldwide.

Jong Seung Kim, the leader of SKT’s Web3 business team, expressed optimism regarding the wallet’s ability to bolster the digital asset market in Korea. South Korea has a reputation for high trading volumes and strong local interest in digital assets, and the T wallet aims to further stimulate this vibrant ecosystem.

Spot ETFs: Catalysts For a $1T Crypto Market Surge

In a separate development, CryptoQuant recently released a report that made a compelling case for the potential growth of the digital asset market. According to the report, the approval of bitcoin spot exchange-traded funds (ETFs) could lead to Bitcoin’s market capitalization reaching $900 billion, with the entire digital asset market expanding by a staggering $1 trillion. 

CryptoQuant argues that the first wave of institutional adoption occurred when institutions began adding Bitcoin to their balance sheets, while the next wave could come from financial institutions offering Bitcoin access to clients via spot ETFs.

The report speculates that the influx of funds from spot ETFs could surpass the amounts that entered the Grayscale Bitcoin Trust (GBTC) during the previous bull market cycle. With CryptoQuant estimating that approximately $155 billion could flow into the Bitcoin market if issuers allocate just 1% of their Assets Under Management (AUM) to these ETFs, the potential implications for Bitcoin’s price are substantial, ranging from $50,000 to $73,000.

Nevertheless, Team Blackbird’s partnership with SK Telecom signifies a positive step toward greater crypto accessibility in South Korea, while CryptoQuant’s insights into the potential impact of ETFs on the digital asset market have sparked considerable interest and speculation among industry observers. The evolving digital asset landscape promises further excitement and innovation in the coming months.

Related Reading |  EU Unlocks The Crypto Vault: New Tax Rules Bring Transparency & Innovation

Crypto Conundrum: North Korean Hackers Pocket $180 Million Illegally

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Over the course of six months, North Korean hackers have amassed an illicit fortune of around $180 million, highlighting the ongoing peril of cyberattacks in the realm of cryptocurrencies. This was revealed in a recent report by South Korea’s National Intelligence Service.

The illegal exploits of the North Korean cyber community, particularly the notorious Lazarus Group have become a global menace as they were responsible for several high-profile crypto breaches. Recall, last year’s staggering $600 million hack on Ronin, the blockchain underlying the popular play-to-earn game Axie Infinity.

The most recent case was CoinsPaid, affiliated with the crypto payments processor Alphapo, which fell victim to a daring $37 million hack. On-chain sleuths unanimously point towards the Lazarus Group’s involvement, as the digital fingerprints of their malicious activities are of a particular type.

The North Korean group’s cyber offensive has steadily escalated, with a particular focus on targeting not only domestic but also international space and defense sectors. This strategic intensification mirrors North Korea’s larger ambitions, as it seeks to fortify its nuclear capabilities and even venture into space with satellite launches.

Despite international pressure and condemnations, the Hermit Kingdom remained steadfast in its determination to exploit virtual assets for illicit gains. Experts estimated that a whopping 30 percent of the country’s foreign currency earnings stem from hacking activities.

To combat the growing threat posed by North Korea’s cyber crusade involving cryptocurrencies and other forms of cyber threats, the United States and South Korea have joined forces. In a significant demonstration of cooperation, the two nations recently convened their fourth working group meeting.

U.S. Join Forces With S. Korea To Combat North Korean Hackers

Hosted in South Korea, the meeting witnessed the collaborative efforts of U.S. Deputy Special Representative for North Korea Jung Pak and her South Korean counterpart, Lee Jun-il. The primary goal of this partnership is to fortify cooperation with virtual asset service providers and stem the flow of ill-gotten funds into North Korea’s ominous weapons development initiatives.

As the global community grapples with the multifaceted challenges of cybercrime, the ongoing exploits of North Korean hackers stand as a stark reminder that the world of cryptocurrencies remains a fertile ground for both innovation and exploitation. The urgency to devise effective countermeasures to safeguard these digital assets has never been greater, lest we continue to witness the audacious pilfering of fortunes at the hands of shadowy adversaries.

North Korea’s Crypto Caper: $700 Million Sweep

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In the past, there have been numerous instances of cryptocurrency theft linked to hackers operating from North Korea. The rising global acceptance of cryptocurrencies has rendered them an appealing target for cybercriminals. Their decentralized nature and the regulatory uncertainties surrounding them have exposed cryptocurrencies to vulnerabilities and made them susceptible to such attacks.

In the year 2022, the trend of cryptocurrency theft persisted, witnessing a surge from $3.3 billion in 2021 to $3.8 billion in reported thefts. North Korean hackers were involved in the theft of approximately $1.7 billion worth of cryptocurrencies, as stated in various reports.

Safeguarding Cryptocurrency: Security Measures Needed

Recent updates from Yonhap, South Korea’s state intelligence agency, revealed that a staggering $700 million worth of crypto was stolen by North Korea during a crypto heist in 2022. This substantial amount, if used differently, could afford North Korea the resources to acquire 30 intercontinental ballistic missiles, as highlighted by the intelligence agency.

A high-ranking official from the National Intelligence Service (NIS) affirmed that North Korea was responsible for seizing $700 million in virtual assets through two separate incidents in the previous year.

Over the past years, North Korea’s cyberattacks have intensified, with a specific focus on the space and defense sectors both within its borders and beyond. This escalation coincides with the country’s ambitions to bolster its nuclear capabilities and launch space satellites, as disclosed by an official source.

Despite facing international pressure, North Korea persists in intensifying its efforts to pilfer virtual assets and convert them into monetary gains. According to experts’ estimates, hacking activities contribute to approximately 30 percent of North Korea’s foreign currency earnings.

The series of thefts involving digital assets underscores the necessity for enhanced security measures in the digital financial realm. As the popularity and adoption of digital currency continues to grow, so does the allure for cybercriminals seeking to exploit the vulnerabilities present in the decentralized system. Regulatory bodies and industry stakeholders must collaborate to develop robust protective measures to safeguard against such threats and maintain the integrity of the digital assets landscape.

Floki Inu Lands In Korea With Bithumb Listing & Exciting Airdrop Bonanza

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Floki Inu, the popular cryptocurrency token, has officially entered the Korean market, bringing excitement and potential for increased adoption in Asia. South Korean users can now seamlessly purchase FLOKI tokens using the Korean won (KRW), marking a significant milestone for the Floki community.

The news of FLOKI’s listing on Bithumb, one of the largest cryptocurrency exchanges in South Korea, was shared on Twitter. Bithumb boasts an annual turnover of 1.01 trillion KRW and serves over 3 million users in the country. 

Simultaneously, Bithumb announced the addition of another token, PEPE, to its KRW market. The details for both Floki Inu and PEPE transactions are as follows: FLOKI supports the BEP-20 network, with the deposit start time scheduled for 11:00 am on May 18th (Thursday). 

Trading will begin at 2:00 pm on the same day, with the standard price set at KRW 0.0431. As for PEPE operates on the ERC-20 network, deposits will also start at 11:00 am on May 18th, with trading commencing at 3:00 pm. The standard price for PEPE is KRW 0.0020.

Floki Inu Airdrop Event: Rewards Based On Transaction Contribution

To celebrate the listing, Bithumb has organized an airdrop event for FLOKI traders. The event spans five days, from May 18th (Thursday) at 3:00 pm to May 22nd (Monday) at 11:59 pm, and offers FLOKI tokens as rewards based on participants’ transaction contributions. 

The daily reward allocation for the event is 147,000,000 FLOKI. Winners can expect to receive their rewards on June 8th (Thursday).

Moreover, Bithumb has introduced a bonus airdrop event for members who accumulate more than 100BM (Bithumb mileage) on May 17th (Wednesday). 

Participants will receive a bonus based on their total rewards earned from the daily trading airdrop event, with bonus rates varying depending on the amount of mileage accumulated. The BM bonus distribution is scheduled for June 9th (Friday).

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Example of bonus quantity calculation

Additionally, there is a one-day airdrop event exclusively for FLOKI traders who make purchases of 100,000 KRW or more within the KRW market. The event runs from 3:00 pm to 11:59 pm on May 18th (Thursday), and the first 2,000 customers who meet the criteria will each receive 225,000 FLOKI tokens.

It is important to note that participants should be aware of event criteria and follow the guidelines provided by the exchange. Certain conditions apply, such as the possibility of overlapping events, exclusions of specific participants, and the potential for restricted participation following financial transaction regulations.

Nevertheless, the listing of Floki Inu on Bithumb and the associated airdrop events provide an opportunity for Korean users to engage further with the crypto market.

Related Reading | BitMEX Introduces Floki Inu Perpetual Listings With Up To 50x Leverage 

The Bank Of Korea Can Now Conduct Investigations Into Local Crypto Exchanges-Report

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The Bank of Korea (BOK) has been granted the power to conduct on-site inspections and demand financial documents from crypto exchanges functioning within the nation, enabling it to investigate local cryptocurrency exchanges, according to a local news media report.

The Bank of Korea’s primary goal is maintaining price stability nationwide. The bank can then manage and enhance the economy thanks to this duty.

Crypto Exchanges in South Korea to Face Oversight from Local Bank

The central bank will be able to supervise the operations of exchanges closely, thanks to the additional rights, and, if necessary, take appropriate action. If exchanges transgress laws governing digital assets, this includes the authority to levy penalties and withdraw licenses.

The decision was made in mounting worries about the threats cryptocurrencies may bring to economic and financial stability. The Bank of Korea is prepared to take more measures to prevent concerns like tax evasion and money laundering from occurring.

However, to take such action, the bank must have the authorization it obtained last week from a representative of the Political Affairs Committee of the National Assembly. According to the article, the Federal Service Commission (FSC) will formally announce the bank’s stance during a subcommittee meeting on April 25. The upcoming summit might hasten the implementation of the nation’s digital asset legislation.

Furthermore, Kim Han-gyu, a politician from the Democratic Party, stated that the FSC favors the central bank’s new authority to regulate and require transaction data from exchanges of digital assets. The FSC did note, however, that it would not add this event to the bill.

Crypto Regulations And Policies In South Korea

The regulatory framework concerning cryptocurrency in South Korea is intricate, but it encompasses the safety and protection of investors and consumers involved in the industry. The country’s approach towards crypto regulations is significantly shaped by the government’s attitude towards this field of business.

BTCUSDT 2023 04 25 12 09 08
Source: Tradingview.com

Related Reading: | XRP Prefunding Debate: Ripple’s CTO Addresses Controversy & Risk Involved |

XRP Steals The Show On Korean Exchanges Amid Market Manipulation Concerns

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XRP’s price hike has sparked a surge in trading volume on major Korean exchanges, including Upbit, Bithumb, and Korbit, signaling a renewed interest in cryptocurrency trading in the region, according to a recent report.

CoinGecko and CoinMarketCap data shows that in the last 24 hours, XRP accounted for 37% and 18% of Bithumb and Upbit’s total transactions, respectively, while on Korbit, XRP made up 50% of the total trading volume. 

This surge in XRP transactions is an unusual phenomenon in Korean virtual asset exchanges, where Bitcoin and Ethereum are the major players. Upbit’s XRP trading volume has now risen to No. 1 worldwide, surpassing Binance’s trading volume. 

However, it has been suggested that some of the volumes may have been related to washing trading. The recent interest in XRP appears to have stemmed from speculation that it may be classified as a commodity rather than a security.

XRP Rises Amidst Korean Exchanges Controversy

XRP’s surge on Korean exchanges has been making headlines in the world of cryptocurrency. However, another noteworthy news has emerged, revealing the pumping and dumping of altcoins in Korean exchanges whenever they suspend withdrawals. The CEO of CryptoQuant made this revelation through a series of tweets.

According to the CEO, the strict capital controls in South Korea have blocked arbitrage opportunities between global exchanges. It has led to market manipulators taking advantage of the situation and indulging in pumping and dumping altcoins. Ironically, the CEO notes that Korean crypto traders love pumping and dumping altcoins despite the risks involved.

The CEO marked this as “fun fact 3” in a thread of tweets that he started on December 22, 2021. In his first tweet, he informed the public that withdrawals would be temporarily suspended in Korean exchanges. 

He then revealed that market manipulators were excited about this news, marking it as “fun fact 1”. It was followed by the revelation about the pumping and dumping of altcoins in Korean exchanges, marked as “fun fact 2”.

The Korean government’s upcoming travel rule solution is expected to worsen the situation. It will make Korean exchanges even more isolated, further increasing market manipulation and the pumping and dumping of altcoins.

This news sheds light on the challenges faced by the crypto industry in the region, while the surge in XRP on Korean exchanges may be exciting. However, the prevalence of market manipulation is a serious concern that needs to be addressed. 

Related Reading | Shiba Inu Surges To Top 10 AltRank™ Coins With Growing Transactions & Whale Activity

Bithumb Adds Shiba Inu To Trade Against Korean Won

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A new Shiba Inu trading pair has been listed in the Korean crypto exchange Bithumb, which will be traded against the republic’s national currency, the South Korean Won.

The listing follows the token gaining entry in Upbit, another leading South Korean cryptocurrency exchange, which has announced that its users will be able to start trading the Shiba Inu [SHIB] cryptocurrency against the won.

However, the first trading platform to list the popular meme token in the nation was Korbit back in November 2021.

Other exchanges based in South Korea such as Upbit, Bithumb, Coinone, Korbit, and Gopax currently account for over 99% of the market share domestically.

But regulators in the nation have come down hard on the broader local crypto scene and Bithumb is no exception.

South Korea’s tax authorities are investigating Bithumb Holdings, the parent company of a crypto exchange based in the country,  as per local reports.

The charges include potential tax evasion by Bithumb Korea, Bithumb Holdings, and affiliates through domestic and international operations.

The crypto enterprise has already been the focus of a tax inquiry in South Korea. Bithumb Korea received a multi-million dollar charge in 2018 for back taxes, despite the fact that the investigation did not find any evidence of tax evasion.

The country’s largest crypto trading firm was also sued by investors over a 1.5-hour service outage on Nov. 12, 2017. In Jan 2023, a court ordered the platform to pay compensation of $202,400 — 251.4 million in Won.

For Shiba Inu and its token, the new listing against Korea’s national currency is indicative of its advancement and flourishing in a, highly liquid market. SHIB currently trades at 0.0174 KRW per token.

Recently, Shiba Inu’s BONE has entered into the top 100 crypto coins as the imminent Shibarium launch time nears, TronWeekly reported the other day.

Shiba Inu BONE Gained Tremendous Traction Due To This

BONE will act as the governance token for the scaling solution, and will also be used to settle all gas prices throughout the Shibarium ecosystem.

This comes after the official handle of the project announced the arrival of Shiba Inu’s highly-anticipated layer-2 network Shibarium beta mode by next week.

That said, the launch dates for both the beta and official versions of the protocol have been the subject of much debate, raising the heat on the project developers.

Shytoshi Kusama, the project’s pseudonymous principal developer, in past has repeatedly declined to reveal the precise dates in order to prevent disappointment from any delays.

Shiba Inu Fiat Transactions Now Gain Support From S.Korea’s Largest Exchange

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Shiba Inu was able to incline by 28% after surpassing its lowering channel last week. As anticipated, SHIB’s price dropped a zero and surpassed $0.000011. SHIB has already produced two consecutive red candles on its daily chart as a result of the correction that was necessary due to the overbought conditions.

SHIB attempted to break above $0.1061 earlier in the day. However, the 38.2% Fib level resisted it. As can be seen in the graph below, a similar level stopped SHIB’s course in November of last year, after which it entered the bearish pattern highlighted.

Therefore, it is extremely important for SHIB bulls to break through for any additional advancement from this position to be sustainable.

The top 100 Ethereum whales have purchased SHIB for $4.2k over the last 24 hours. However, throughout the same period, they sold tokens totaling $12,283 in value. Additionally, ITB data supported the bears’ small advantage.

The bulls and bears indicator, put simply, counts the number of addresses that bought or sold more than 1% of the total volume traded on a particular day. Bulls are those who purchased more than 1% of the total volume, and bears are those who sold more than 1% of the total volume.

Upbit Supports Shiba Inu And GAL’s BTC

Shiba Inu has been revived by Upbit, a well-known cryptocurrency exchange in South Korea, by being added to its list of fiat transactions. The exchange has expanded its reach by including GAL’s BTC in addition to SHIB. Recently, the so-called Dogecoin killer was struggling to compete with its Meme-coin adversary, but things are finally starting to look bright.

Analysts evaluated the Shiba Inu price movement as a result of this listing and predicted a rise to the optimistic goal price. The meme currency may recoup its losses and start an upswing with an eye on a price target.

Shiba Inu has, however, already been listed on several significant exchanges, including Bitstamp and Robinhood. At the time of press, Shiba Inu (SHIB) was priced at $0.00001269 with a daily rise of 20.94% according to CMC.

Terraform Labs’ Co-founder to be prosecuted by S.Korea

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Terraform Labs has been in the news for a while now. Earlier this month, according to reports, South Korean authorities had summoned Daniel Shin, a co-founder of Terraform Labs, to appear at an investigation this week about allegations that he unfairly profited from the sale of LUNA [now LUNC] tokens.

Yonhap, a South Korean news agency, is now reporting that Shin’s arrest is being sought by the prosecution. According to reports, Shin is accused by the prosecution of obtaining illicit profits while selling $105 million of LUNA at a market high without telling investors. He’s also accused of breaking the Electronic Financial Transaction Act by utilizing client information from Chai, a different business he oversaw, to advertise Luna.

Previously, on the 15th, the prosecution requested a collection preservation freeze before the conviction was confirmed to stop the sale of the property suspected of having been acquired through criminal activity prior to prosecution for the new representative property, which was quoted by the court and is worth about 140 billion won.

Additionally, CEO Shin is charged with harming the business by pushing Luna and the stablecoin Terra while exploiting customer data and monies held by Chai Corporation.

The Personal Information Protection Act and other pertinent rules are followed in the secure management of customers’ personal information, according to a notice on the homepage of Chai Corporation.

Shin Refutes Ties With Terraform Labs

Shin has repeatedly said that he severed connections with Do Kwon and Terraform Labs in 2020. He then went on to found Chai Corporation, a provider of payment technology, where he is presently CEO and founder.

According to the most recent source, authorities have now charged the former Terra official with “breach of duty, as Chai Corporation’s customer information and finances were allegedly used to promote Terra’s stablecoin and Luna cryptocurrency.”

He will also be questioned about if he knew about insider trading and price manipulation that Terraform Labs allegedly carried out to raise the price of LUNA.

Do Kwon also has a warrant out for his arrest, however it is still unknown where he is. Exiting the country has been prohibited for key Terraform Labs personnel and former workers.

Terra co-founder’s home raided by S.Korean prosecutors

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While the Terra collapse has stirred confusion in the Crypto world, South Korean officials are determined to probe fraud charges of the same.

According to a story in the Korean media, authorities on Wednesday conducted a raid at the Seoul residence of Daniel Shin, the co-founder of Terraform Lab.

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Terra co-founders Daniel Shin and Do Kwon

Additionally it was stated that the raid was carried out as part of a larger inquiry into claims that fraud was to blame for the collapse of the stablecoin.

In May, the stablecoin abruptly deviated from its peg to the US dollar, triggering a cascade that affected the whole industry and led to the overexposure of a number of hedge funds and exchanges. A complaint was made against the founding company and co-founder Do Kwon in the same month by several investors in the South Korean-based Luna (LUNA) cryptocurrency, accusing them of fraud and breaking regional securities rules.

Terra’s collapse caused havoc in the lives of its employees

Prosecutors imposed a travel ban on a large number of the firm’s associates, including former employees, in June. The office did not identify the individuals subject to the one-month travel ban, although they may include current and former employees as well as developers. In order to protect their ongoing investigation, prosecutors declined to offer more information.

Furthermore, the collapse of TerraUSD and Luna, according to research by the Bank of Korea, South Korea’s central bank, was a major reason why the global currency market shrank by more than 40% from late last year when its market value had risen to almost $2.3 trillion. The recent increase in the U.S. Federal Reserve’s benchmark interest rate to combat inflation has also aided in the decline by driving away investors from risky assets, according to the bank.

According to Yonhap News Agency, authorities looking into a fraud case related to the downfall of algorithmic stablecoin also conducted raids, earlier this week, at seven cryptocurrency exchanges in South Korea.

According to the report, eight private residences and business locations were searched along with Bithumb, Upbit, Coinone, and four other local exchanges.

In order to determine if the founder of the Labs, Do Kwon, is responsible for purposefully causing the collapse of UST and LUNA, investigators are currently grabbing evidence from the raids.