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Upbit Paves The Way For SUI’s Global Adoption: New Asset Joins KRW & BTC Markets

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Upbit, South Korea’s largest crypto exchange, has made an exciting announcement regarding adding a new digital asset to its platform. Starting on May 3rd, 2023, Upbit will introduce SUI (Sui Sui) for trading in the Korean won (KRW) and Bitcoin (BTC) markets.

This move marks a significant milestone as SUI becomes the first project to support domestic and international transactions. 

However, due to the lack of existing trading data on other exchanges, determining the market price may pose some challenges. Investors are advised to exercise caution and make informed decisions when investing in SUI.

Upbit will implement certain restrictions during the initial phase of SUI trading to ensure a safe and secure trading environment. Firstly, for the first five minutes after the start of trading support, sell orders will be limited to prices below 90% of the standard price. 

Additionally, buy orders will be restricted for the same period, and market prices and reserve orders will be limited for the first hour.

Deposit & Withdrawal Services For SUI On Upbit

Deposits for SUI will only be supported from the mainnet network, with deposits through other networks, such as Binance Smart Chain (BSC), not being accepted. 

It’s worth noting that all SUI deposits made after the start of deposit support and before the reference price is registered on CoinMarketCap or before Upbit SUI transaction support will be subject to verification through the travel rule solution, regardless of the token’s price.

Upbit will announce the specific timing for supporting SUI deposit and withdrawal services once the network status has been thoroughly checked. However, users should be aware that the smooth operation and stability of the network are critical factors. 

If deposits and withdrawals are suspended on overseas exchanges, it may also impact the deposit and withdrawal services on Upbit.

In order to comply with regulatory requirements, Upbit urges its users to ensure that their accounts are included in the list of deposit and withdrawal virtual asset providers supported by the exchange. 

Deposits and withdrawals can only be made to personal wallet addresses that have completed the ownership verification process. Moreover, larger deposits of digital assets with unknown origins may require additional scrutiny to identify the source of the funds.

Nevertheless, Upbit’s decision to list SUI reflects its commitment to expanding its digital asset offerings and providing a trusted platform for cryptocurrency enthusiasts. 

Traders and investors eagerly anticipate the commencement of SUI trading on May 4th, 2023, as they seek to explore the potential opportunities offered by this innovative blockchain project.

Related Reading | Glassnode Co-founder’s Insight Into Bitcoin’s Future Trajectory: Battleground At $28K

Crypto Giants Shaken: Binance Loses 16% Market Share Amid Regulatory Turmoil

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The realm of cryptocurrencies has been fraught with challenges lately. In the midst of this turmoil, Binance, the top digital currency exchange globally, has experienced a significant setback, losing 16% of its market share in the first quarter and closing the quarter at 54%.

The CFTC’s legal measures and Binance’s termination of its zero-fee trading initiative are the primary reasons for this drop.

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Source: Kaiko

A recent report by Kaiko highlighted that Upbit was the only exchange to claim a significant share of volume, with much of the recent volume on the Korean exchange concentrated in XRP trading pairs. In the meantime, Binance.US has compensated for the global corporation’s shortcomings by tripling its market share from 8% to over 24%.

During Q1, Coinbase, known for its strong regulatory compliance efforts, experienced a drop in its market share from a weekly average of 60% to 49%.

Even though Kraken had to shut down its service earlier this year, Bittrex announced it was shuttering its U.S. operations due to regulatory uncertainties. Coinbase received a Wells Notice focused on its staking service. 

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Source: Kaiko

Currently, the remaining exchanges in the U.S. market are under immense pressure, making it appear delicate. Despite this instability, trade volume has risen, reaching a four-month peak in mid-March and staying consistently high during a broader market upswing. However, following the termination of Binance’s free program, trade volumes started plummeting sharply.

Derivatives Dominance Maintained By Binance

According to the report, Binance remains the top player in the derivatives market, with only a marginal 2% decrease in its share of perpetual futures trade volume. It indicates that the majority of the market share decline was a result of discontinuing zero-fee spot trading rather than concerns related to legal actions.

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Source: Kaiko

Overall, in the aftermath of the FTX collapse, Binance and OKX emerged as the clear winners, whereas Bybit and several smaller exchanges experienced a loss in their market share. Binance’s market share surged from 50% to 65% by November 2022, while OKX saw its market share rise from less than 10% to 17%. 

Conversely, Bybit, along with three other smaller exchanges, namely Huobi, Bitmex, and Deribit, witnessed a decline in their respective market shares.

Nevertheless, the crypto market remains uncertain due to the regulatory crackdown, but the market is resilient despite the challenges. The loss of market share by Binance in the spot market clearly indicates that even the largest exchanges are not immune to regulatory pressure.

Related Reading | Over 50% Of Bitcoin Mining Relies On Renewables, Says ESG Report

Hour-long Block Halt On Avalanche Network Causes Korean Exchange Suspensions

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The Avalanche C chain, a blockchain platform, has faced an hour-long block production halt, as per reports from earlier today. According to the Avalanche blockchain browser, the latest block time is 7:26 UTC+8, with a block height of 27788298. However, it has been resolved, according to the latest update.

As a result of this, several Korean exchanges, including Upbit and Bithumb, have suspended Avalanche (AVAX) network-related deposit and withdrawal services. Upbit stated that the deposit and withdrawal service for AVAX would be temporarily suspended to perform maintenance on the AVAX wallet system, and once the maintenance is completed, the services will resume.

However, during the suspension period, the deposit return process will also be temporarily halted. The deposit return process will be carried out sequentially after the deposit/withdrawal services resume, and deposits may experience delays due to network congestion or other reasons, the exchange added.

Likewise, Bithumb also announced that it has temporarily suspended deposit and withdrawal services for Avalanche (AVAX) and AVAX-C Step App (FITFI) due to network issues. 

The exchange stated that the market price of Avalanche (AVAX) and Step App (FITFI) might experience high volatility due to the suspension of deposits and withdrawals. Once the stability of the network is confirmed, Bithumb will notify its members of the resumption of deposit and withdrawal services through a separate notice.

Avalanche C Chain Faces Stability Issue, Urges Upgrade To Fix

This issue was first discovered by Conflux’s Co-founder in a tweet earlier today. He shared a screenshot, asking whether the Avalanche C Chain had stopped for an hour or it was just an explorer problem. 

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According to Kevin Sekniqi, co-founder of Ava Labs, the network has been unstable for over an hour, and the problem is with version 1.9.12, for which a fix has just been released. Sekniqi added that if any validator was using this version, they should upgrade to version 1.9.14 immediately to stabilize the network. But in a surprise turn of events, the co-founder deleted the tweet just hours after posting.

In response to this tweet, some community members commented that it is similar to the issues faced by the Solana network in the past, where they had to upgrade their versions to stabilize the network. Others raised concerns over Avalanche’s slow transaction speed and questioned why it has so many supporters despite this limitation. 

Some commented that all dApps would soon be using Hydra, and users could re-evaluate the user experience then. Others suggested that Cardano was the most dependable and decentralized L1.

The halt in block production has caused significant inconvenience to users and traders alike, particularly with deposits and withdrawals being temporarily suspended. Avalanche will need to address the issue as soon as possible and stabilize the network to prevent further disruptions.

Related Reading |  Shiba Inu Gains Major Exposure With This Listing 

Regulators Scrutinize Binance’s Acquisition Of Gopax, Citing High Risk Of Financial Crimes

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Regulators may require Binance, the leading crypto exchange, to reapply for certification following the acquisition of Gopax, as reported by Chosun Biz. The report suggests that the financial authorities are concerned about the high risk of financial crimes, such as illegal money laundering and large-scale damage to investors, due to the lack of transparency in Binance’s overall management structure. 

Binance’s Entry Into The Korean Market 

A high-ranking official from the financial authorities commented that Binance’s entry into the Korean market could result in the outflow of national wealth through the distribution of unverified overseas listed coins.

If Binance starts an exchange business in Korea, it will be difficult to properly manage and supervise it, and there is a possibility of outflow of national wealth through the distribution of several unverified overseas listed coins. We are considering regulating it.

Binance is set to enter the country by acquiring a 40% stake in Gopax, the fifth-largest exchange in Korea, and replacing key executives with Binance personnel. 

The financial authorities are considering measures to re-accredit Gopax as a virtual asset operator (VASP) or regulate it by not giving out real-name accounts at commercial banks. 

Jeonbuk Bank is said to be contemplating whether to continue providing accounts to Gopax even after the leading exchange’s acquisition becomes official. The exchange has veiled most of the company’s information, and its basic corporate governance and financial information are not disclosed.

The lack of transparency has led to concerns that the exchange could be exposed to similar risks as FTX, the world’s third-largest exchange, which declared bankruptcy in November last year. As a result, FTX suffered astronomical losses due to management’s embezzlement and breach of trust.

Additionally, the exchange has recently faced sanctions from financial authorities worldwide. The New York State Department of Financial Supervision ordered Paxos Trust, which issues BUSD, Binance’s stablecoin, to stop issuing coins. Reuters reported that Binance is under investigation by US judicial authorities on charges of illegal money laundering.

However, some in the financial market are critical of the domestic financial authorities’ attempt to regulate the leading exchange’s entry into the market. With Upbit of Dunamu monopolizing the virtual asset market, releasing “catfish” such as Binance is necessary to change the abnormal market structure.

Currently, according to the report, Upbit holds an 88% share of the domestic virtual asset market, with Bithumb and Coinone combined barely exceeding 10%. Korbit of Gopax, a small exchange, has a market share of less than 1%.

Related Reading | Bitcoin’s Lightning Network Gains Momentum As Adoption Surges In Emerging Markets 

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.

Wemade’s WEMIX Token To Be Delisted After Court Rejects Injunction

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WEMIX, the native token of South Korean video game developer, Wemade was delisted by the nation’s four crypto exchanges on the grounds of inaccurate reporting of circulation data.

Bithumb, Upbeat, Coinone, Korbit, and Gopax — which are part of the Digital Asset Exchange Alliance [DAXA] announced on Nov. 24 that they would end the support for WEMIX on Dec. 8.

A few months prior, the group issued an investment warning that there was considerably more WEMIX in circulation than disclosed, and Wemade had agreed to work with DAXA to alleviate these concerns.

However, the situation worsened when Wemade CEO Henry Chang, speaking at an online press conference on November 25, criticized Upbit for misusing its authority by delisting WEMIX and threatened to report the exchanges to the Fair Trade Commission.

The online game publisher refused to back down and ultimately filed an injunction request in a bid to prevent other exchanges from delisting its token.

As reported by Money Today News, South Korea’s Seoul Central District Court has now dismissed the firm’s suggestion after the hearing on Dec. 2.

This implies that the four exchanges will remove the token from their platform at 3 p.m. on 8th Dec.

WEMIX Token Drop By 50%

As word of the delisting decision spread, WEMIX Communication issued a statement stating it had sincerely followed DAXA’s requests and concerns and fixed a number of problems where they felt the group’s circulating supply had been overestimated, adding:

“The team does not acknowledge or agree with the unreasonable decision made by the Digital Asset eXchange Alliance (DAXA)… It is crucial to note that the Foundation has not circulated a single WEMIX more than what we have officially disclosed thus far.”

The price of WEMIX plummeted following the news, and at the time of writing is down by over 47% with a current price of $0.35.

Meanwhile, Binance has come to the gaming firm’s aid as its legal issues have gotten worse. Wemade’s token will be kept under institutional custody by Binance Custody, the largest cryptocurrency exchange in the world.

It will manage the asset and verify its circulation volume from next week, as per Wemade Co. Ltd. Moreover, 70% of WEMIX’s total supply, which contributes to 92% of the cryptocurrency that is not in circulation, will be overseen by Binance Custody. 

Upbit Urge Caution On Investment In Tron & Waves’ stablecoins

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South Korea’s largest crypto exchange Upbit warns of possible risks to TRON [TRX] and WAVES after the duo’s algorithmic stablecoins projects- USDD and USDN started de-pegging. The TRON’s USDD has headed towards its all-time low at $0.57.

WAVES’ Neutrino USD too followed suit to stand at 95 cents, at press time. In the notice issued, the trading platform stated,

There is a concern that the pegging of USDN and USDD is not going well. As a result, the possibility of price fluctuations of WAVES and TRON [TRX] associated with each of the above stable coins may increase, so please be careful about investing in WAVES and TRON [TRX].

Upbit, further said it will continue to monitor these algorithmic stable coins or related digital assets, and urged members to be aware of increased price volatility if the de-pegging phenomenon escalates in the future.

Following the TerraLuna meltdown, stablecoins have been bearing the brunt and are on the brink of annihilation. Attention has been particularly shifted to Tron’s USDD as it continues to fall, with founder Justin Sun vowing to deploy $2 billion to prop up.

Amidst the current market mayhem, regulators around the world including South Korea have been putting up guardrails.

Upbit Removes Litecoin Over Privacy Function Concerns

A day ago, five South Korean cryptocurrency exchanges including Upbit announced to collectively delist Litecoin citing the crypto asset’s Mimblewimble Extension Blocks [MWEB] upgrade violates the country’s laws.

Three days back, South Korea’s Financial Supervisory Service [FSS] began an investigation into payment gateway services that focuses on digital assets. The FSS is the nation’s financial watchdog that operates under the Financial Services Commission [FSC], both of which are government institutions.

As per a local source, the FSS had recently demanded reports from 157 payment gateways about any service related to crypto, its plans for the future, and the disclosure of digital assets. But, an FSS report stated that only six held any digital assets.

The country’s authorities on May 31, 2022, announced that it is planning to launch a Digital Assets Committee which is deemed as a temporary solution to bring structure to the virtual asset industry following the Terra fiasco.

The proposed committee would bring forth new guidelines including screening criteria for newly-listed assets, market monitoring, trade monitoring, a level of disclosure, and other investor protections.

Cryptocurrency Criminals Still Attempting to Ditch ETH from 2019 Hack

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Back in November last year, South Korea-based Upbit digital currency exchange platform was attacked, resulting in the loss of 342,000 ETH coins, worth $50 million from the platform’s hot wallet. Efforts have been made since then to reclaim the lost Ethereum, however, some still remain with the crypto hackers.

Back then, it was the biggest cryptocurrency hack in a while, making headlines on mainstream media outlets. According to reports from blockchain analysis firms, the crypto hackers are moving the stolen ETH between exchange platforms, in an attempt to get cash or any other digital currency.

Upbit crypto hackers attempting to cash in on stolen Ethereum

According to crypto transactions tracking tracking firm, Whale Alert, a substantial chunk of the Ethereum stolen from the Korean exchange has been deposited to a little known exchange called BYEX. The specific amount of ETH deposited on the exchange was not disclosed, however, the involved account has recorded a string of $25,000 transactions over the last few weeks.

Hackers transferring cryptocurrencies to exchange platforms means only one thing, they are trying to cash out their stolen crypto, or convert into other assets to cover their trail. Regardless of the case,  it means that ETH will see some pressure to sell soon; due to the sale of the stolen ETH. This can cease from taking place, if the owners of the Upbit ETH are sent to intervene.

CZ vows to freeze any stolen crypto on Binance exchange

For example, Binance CEO Chanpeng “CZ” Zhao vowed to work closely with Upbit and other players in the industry to ensure stolen crypto that finds its way to Binance exchange platform is frozen instantly. If exchanges freeze the accounts of the crypto hackers, it prevents the stolen ETH from being sold; relieving some of the immediate selling pressure from the seller.

Currently, there seems to be sufficient demand for crypto, in the market; with the risk of stolen ETH finding its way to the market. In fact, Grayscale Investments has bought almost 756,540 ETH coins this year, which represents about 40 percent of all crypto mined in 2020 so far. On the other hand, long-term Ethereum positions have reached an all-time high, showing the optimism of investors in the altcoin.

South Korean Police Calls Upon Upbit, Bithumb, Korbit and Coinone to Help in ‘Blue House’ Investigation

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Cryptocurrency companies usually come under pressure from legal departments for the way they work. After the advent of Bitcoin over a decade ago, the industry has always been locked in a battle with authorities around the world.

This time, however, the South Korean police have called upon the services of cryptocurrency exchanges in the country to track ransom money for the infamous ‘Blue House’ incident. Upbit, Bithumb, Korbit, and Coinone are the four exchanges that will directly assist the police.

Four cryptocurrency exchanges said they will do all they might to help track down the 6.5 billion won that was received in the form of payment. The South Korean public has risen in chaos ever since it was announced that a small group of people had access to thousands of illicit sexual content.

Reports claimed that 1.8 million people had signed a petition asking the presidential Blue House to release the identities of the group chat network where the videos were posted.

A majority of the capital was transferred via cryptocurrencies with one confirmed member, Zhao Zhuobin, bagging almost 3.3 billion himself. The rest of the 3.2 billion is yet to be converted into fiat currency. Upbit, Bithumb, Korbit, and Coinone have said that they would also help in tracking the users who transferred the capital to the owner of the chat room.

South Korean Media has said that the Blue House chat room had over 260,000 members, some of which were non paying. The public outcry also resulted in the National Police Agency releasing the culprits’ identity: Cho Joo-bin. He was indicted for allegedly blackmailing at least 74 women, including 16 minors into creating videos of themselves. They were then asked to upload the videos to the chat room, where it was made available to paid members.

According to the South Korean Police his “malicious and repetitive criminal method that forced sexually abusive videos out of women whom he labeled slaves” should never be seen in the country again. The agency added:

“We decided to release his name, age and face after reviewing how it would serve the public interest regarding the people’s right to know and the prevention of similar crimes from recurring“

The accused worked using the alias “Doctor” and posted the videos on Telegram to the exclusive group of people. According to some claims, the accused charged almost $1200 in crypto per person. Essentially, this money was the entry fee for the Telegram group. Min Gap-Ryong, NPA Commissioner-General, acknowledged that the culprit had ruined the lives of several innocent citizens.

Police in South Korea were now on a warpath to uproot such practices from society. Currently, 124 suspects were being tracked down in relation to this case. South Korean police added that 18 people were arrested since last year in relation to sexual-abuse crimes.