• Bithumb pay for lost bitcoin

    Bithumb to compensate users for lost bitcoin, but at 10% of current price

    fter a link on the leading South Korean cryptocurrency exchange sent bitcoin to the wrong address when withdrawn, a court ruled that it has to repay users in won, not bitcoins

    the Seoul Central District Court ruled that Bithumb will have to reimburse about 1.1 billion won—nearly $1 million—to the users damaged by the bug. But, they will not be compensated at bitcoin’s current price, which is more than 10 times what it was when the users’ bitcoins were lost.

  • EY Samsung bid digital won
    Cryptocurrencies,  Politics

    EY and Samsung only bidder for South Korea’s digital won project

    The Bank of Korea has extended the deadline for bids on the contract to build and test a central bank digital currency

    That deadline was extended until Oct. 29 after it received only one bid, from the EY Hanyoung Consortium, a group led by big four auditing firm Ernst & Young, SDNet South Korea reported on Oct. 20.

  • coinbit fraud
    Bitcoin,  Cryptocurrencies,  Regulation

    Police seize ‘major’ South Korean crypto exchange Coinbit, 99% of volume was fake

    Law enforcement raided Coinbit’s offices, confiscating $84 million in allegedly illegal profits and searching several locations including the firm’s Seoul headquarters

    South Korean law enforcement estimates that Coinbit raked in at least 100 billion won (over $84 million) through its alleged unfair practices. The exchange’s actions are believed to have negatively affected its 252,000 monthly active users.

  • (Image via Pixabay.)

    Feds track Bitcoin to break up child porn ring

    The huge child pornography ring was among the first to use Bitcoin to fund its illicit operation, the U.S. Attorney said; more than one million bitcoin addresses found

    Federal prosecutors said that they successfully back-traced Bitcoin transactions to break up a major child pornography ring.