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Thursday, January 18, 2018

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As digital currencies fluctuate in price, hackers seem to take turns to malicious mining codes.

Hackers Targeting S. Korea

18 January 2018 - 10:00am
Yoon Yung Sil

The number of malicious codes targeting South Korean cryptocurrency miners is on the increase. As digital currencies fluctuate in price, hackers, which spread ransomware, seem to take turns to malicious mining codes.

South Korean cybersecurity firm ESTsecurity said that hackers, who had attacked South Korea with “Venus Locker” ransomware from 2016, have continuously spread a malicious code that mines the cryptocurrency monero from the end of November last year. Hauri and Bitscan have warned over digital currency mining malware from the end of last year.

Hackers targeting...

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Banks will be required to go through an enhanced due diligence (EDD) process when cryptocurrency transactions are made by high risk customers who can run the risk of illegal transactions including money laundering.

Stricter Regulation

18 January 2018 - 9:45am
Yoon Yung Sil

Banks are required to check the purpose of trading and the source of funds of cryptocurrency trading account holders in the future. They also need to share account information one another when cryptocurrency trading sites receive investors’ funds through corporate accounts. With the government deciding to require real-name cryptocurrency transactions by the end of this month, NH Nonghyup Bank will begin the issuance of new virtual accounts for cryptocurrency transactions on January 30.

An official from financial authorities said on January 17, “Some cryptocurrency trading sites...

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The total sales of graphics cards increased nearly 88 percent in December last year compared to a year earlier.

Thanks to Cryptocurrency Frenzy

17 January 2018 - 10:30am
Yoon Yung Sil

Due to a frenzy in the crypto investment market, there was a sudden rise in demand for high-performance graphics cards, which are used to mine digital currencies.

According to price comparison site eNuri.com on January 15, the total sales of graphics cards increased nearly 88 percent in December last year compared to a year earlier. As the price of digital currencies surged, the lowest price of graphics cards has also shown a sharp increase from the end of last month. In particular, high-performance graphics cards, which are said to have high profitability in cryptocurrency mining...

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Upbit ranked first in the world in terms of 24-hour crpytocurrency trading volumes with 4.92 trillion won (US$4.62 billion),

Proving Overheated Speculation

17 January 2018 - 9:30am
Yoon Yung Sil

South Korea’s largest cryptocurrency exchange Upbit disclosed its amount of daily transactions on January 16 for the first time. CoinMarketCap, arguably the most prominent global index of cryptocurrency prices, said that Upbit ranked first in the world in terms of 24-hour trading volumes with 4.92 trillion won (US$4.62 billion), according to the data received from Upbit. As another domestic cryptocurrency exchange Bithumb also took third place, South Korea’s speculative investment in digital currency was proved with the figures.

Upbit hasn’t been officially disclosing its trading...

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Mirae Asset Global ETFs ranked 21st in the world in terms of net assets as of the end of November last year.

Leading ETF Market

16 January 2018 - 10:45am
Yoon Yung Sil

Mirae Asset Global Investments announced on January 10 that the net assets of Mirae Asset Global Exchange Traded Funds (ETFs), which entered six countries – South Korea, Canada, Australia, Hong Kong, Columbia and the U.S., exceeded US$20.02 billion (21.33 trillion won).

According to global ETF research firm ETFGI, Mirae Asset Global ETFs ranked 21st in the world in terms of net assets as of the end of November last year.

Mirae Asset Global Investments, which first pushed into the EFT market in 2006 through its TIGER ETF, decided to go global by taking over Horizon ETFs, a...

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Foreigners net purchased 6.58 trillion won (US$6.18 billion) on the KOSDAQ market, up 206.48 percent from a year ago.

Popular Market

16 January 2018 - 10:30am
Yoon Yung Sil

Foreign ownership of the total capitalization of all stocks registered on South Korea’s stock market has increased for three years in a row. In particular, the net purchases of stocks on the tech-heavy secondary KOSDAQ market by foreign investors have more than tripled compared to the previous year. More than half of them were stocks of financial sector.

According to the Korea Exchange (KRX) on January 15, offshore investors bought a net 9.71 trillion won (US$9.11 billion) worth of local stocks in 2017, accounting for 33.16 percent of the total market capitalization. The amount of...

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An increasing number of information technology (IT) companies, such as gaming and security, have declared to enter the cryptocurrency exchange market.

Due to Unrealistic Policy?

15 January 2018 - 2:00pm
Yoon Yung Sil

The South Korean government is strengthening regulations to eradicate an overheated cryptocurrency speculation but an increasing number of information technology (IT) companies, such as gaming and security, have declared to enter the cryptocurrency exchange market. In particular, they consider the shutdown of cryptocurrency exchanges an unrealistic policy so they are preparing to join the market as planned.

According to related industry sources on January 14, firms that are seeking to run new cryptocurrency exchanges, including NexG and HanbitSoft, are accelerating the establishment...

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The prices of newly listed digital currencies – Civic and Enigma – plunged as much as 99 percent on the domestic exchange Gopax at 11:30 pm on January 12.

Reasons for Regulations

15 January 2018 - 11:00am
Yoon Yung Sil

There is growing recognition that the investment in virtual currencies is speculative due to a series of unusual price movements on a South Korea’s cryptocurrency exchange.

According to industry sources on January 14, the prices of newly listed digital currencies – Civic and Enigma – plunged as much as 99 percent on the domestic exchange Gopax at 11:30 pm on January 12.

As Civic and Enigma became tradable on the Gopax , investors offered Civic at 1,809,900 won (US$1707.45) and Enigma at 1,810,000 won (US$1707.55) and other investors bought the virtual currencies at the same...

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The Korean government has lowered the requirements for initial public offering (IPO) in order to revitalize the nation’s second-tier KOSDAQ market.

Promoting KOSDAQ Market

12 January 2018 - 10:15am
Yoon Yung Sil

As the government has lowered the requirements for initial public offering (IPO) in order to revitalize the nation’s second-tier KOSDAQ market, nearly 2,800 unlisted companies will be able to raise funds from the capital market. This is highly likely to have a positive effect on the KOSDAQ IPO market, which is expected to exceed 10 trillion won (US$9.33 billion) through it is the figure considering all the latent factors from deregulation, this year.

The Financial Services Commission (FSC), Ministry of Strategy and Finance (MOSF), Ministry of Health and Welfare (MOHFW) and Fair...

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The more the government announced its regulations, the more investors have considered them favorable factors and expanded their investments in digital currencies.

Trials and Errors Continued

12 January 2018 - 9:45am
Yoon Yung Sil

As the Ministry of Justice (MOJ) decided to make a special law to shut down cryptocurrency exchanges on January 11, there has also been criticism inside and outside of exchanges that its move is like cutting off your nose to spite your face, stirring up a controversy. 

The government initially planned to close accounts in cryptocurrency exchanges after checking them. Instead, it has come up with the special law to close down cryptocurrency exchanges, which was prepared by the MOJ, as the final measure even after speculation in cryptocurrency trading within the country didn’t quiet...

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