Coinone, one of South Korea’s top four cryptocurrency exchanges, has reopened its offline customer center in Seoul. According to a report from The Korea Herald on Thursday, the center was initially opened back in September 2017 but had since been closed due to a company decision to focus on other business activities. Now, having seen new crypto exchange user registrations increase at a rate of 20 times above usual in the first quarter of this year, the exchange is resuming its offline services for customers. As of the end of this month, the Herald reports that Coinone has close to …
The crypto markets in South Korea have long stood out from the rest of the world, and a lot of this has to do with the “Kimchi premium,” which often causes Bitcoin (BTC) to trade on local exchanges at much higher prices than what’s seen elsewhere. Now, one cutting-edge platform is aiming to capitalize on the fervent interest for digital assets in the country, with an ambitious expansion of its services that sit at the crossroads between cryptocurrencies and gaming. GamerHash says it has already amassed more than 570,000 users in three years and is now planning to make inroads …
The court drama behind the acquisition of South Korean crypto exchange Bithumb has been going on for several years, but in an unexpected development, a Singapore court has made a ruling against Kim Byung-gun, who has originally accused the owner of Bithumb, Lee Jung-hoon, in defrauding him. According to the South Korean publication Aju Daily, on Aug. 26, after three years of proceedings, a court in Singapore found Kim guilty of selling BXA coins without the permission of his partner Lee and ordered him to return the proceeds gained from the sale of coins to Singapore-based consortium BTHMB. The decision …
Lee Jung-hoon, the former chair of the South Korean cryptocurrency exchange Bithumb, was found not guilty on Jan. 3 by the 34th Division of the Criminal Agreement of the Seoul Central District Court. Jung-Hoon was on trial under accusations of violating the Act on the Aggravated Punishment Of Specific Economic Crimes due to fraud. The case has been ongoing since October 2018, when the former chairman allegedly defrauded 100 billion won ($70 million) during negotiations for the acquisition of Bithumb from Kim Byung-gun, chairman of the cosmetic surgery company BK Group. Jung-hoon could’ve faced an 8-year sentence had he been …
The ongoing saga of the South Korean cryptocurrency exchange Bithumb continues, this time with ruling from local courts. On Jan. 13 the South Korean Supreme Court finalized its ruling that the exchange must pay damages to investors over a 1.5-hour service outage on Nov. 12, 2017. According to a local news source, the damages are equivalent to $202, 400 - or 251.4 million in the regional currency won. Initially, a district ruled against the investors, though it was later overturned. The finalized ruling from the Supreme Court ordered damages to be paid ranging from as little as $6 to around …