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South Korea and the US have explicitly stated that its mutual defense treaty, signed in 1953, applies to threats made in outer space and cyberspace. The joint statement was made on Thursday in Washington, following a defense meeting between the two countries that last took place three years prior. Future cyber threats made to either country will be evaluated on a case-by-case basis to see if it will trigger the defense pact. US Defense Secretary Lloyd Austin said in the press conference, “We also affirmed that attacks in space or cyberspace that clearly challenge the security of the alliance could lead us to invoke Article III of the Mutual Defense Treaty.” The US and South Korea have previously faced large-scale cyberattacks from North Korea that would have likely triggered the mutual defense treaty . DeFi app Delta Prime loses $6M after being warned of Lazarus mole Read more: US Treasury sanctions OTC traders for aiding Lazarus hackers In a recen...

Bithumb aims to be the first crypto-related company listed on KOSDAQ. Bithumb has selected Samsung Securities as the underwriter for its strategic move into traditional financial markets. Former Chairman Lee Jeong-hoon has made a comeback, boosting confidence as Bithumb seeks to rebuild trust. South Korean cryptocurrency exchange Bithumb is strategically positioning itself for an initial public offering (IPO) on the Korean Securities Dealers Automated Quotations (KOSDAQ) by the second half of 2025, according to reports from a local news outlet. Bithumb’s decision to go public is seen as a strategic response to recent industry challenges, such as hacks and collapses. By subjecting its operations to external validation, the company aims to build public trust in the cryptocurrency market. Observers speculate that Bithumb’s IPO aspirations are not solely driven by external financial requirements, given the company’s substantial assets, transac...

KEB Hana Bank and BitGo plan to launch a joint cryptocurrency custody venture in the second half of 2024. One of the largest South Korean banks, Korea Exchange Bank (KEB Hana Bank), is moving to offer digital asset custody services through a new partnership with major cryptocurrency custody firm BitGo Trust Company. KEB Hana Bank has signed a strategic business agreement with BitGo to jointly establish digital asset custody in South Korea, the local news agency Yonhap reported. The commercial bank has a network of 111 branches with local banking assets of nearly $10 billion and equity of $490 million. Hana Bank representatives reportedly announced the news on Sept. 5 at the cryptocurrency industry conference “Korea Blockchain Week.” As part of the collaboration, the parties will establish a joint venture featuring BitGo’s custody solutions and Hana Bank’s financial service and compliance expertise. “By promoting digital asset custody business together with global partners, we exp...

South Korean lawmaker and Wemix investor Kim Nam-kuk will stay in the parliament after a 3:3 vote in the expulsion motion. South Korea’s parliamentary ethics subcommittee has voted down a motion to expel Kim Nam-kuk, a former member of the main opposition Democratic Party. A parliament ary ethics subcommittee of South Korea has voted down a motion to expel Kim Nam-kuk, a former member of the main opposition Democratic Party (DP), the local news agency Yonhap reported on Aug. 30. The subcommittee rejected the proposal on Aug. 29 after the ruling People Power Party (PPP) and the DP divided evenly over the motion in a 3-3 vote. A majority of votes was needed for the motion to be passed, the report notes. As previously reported, Kim came under fire earlier this year when he was found to have once held at least $4.5 million in Wemix (WEMIX) tokens, developed by the South Korean blockchain game developer Wemade. Wemix tokens have been allowed for trading on major exchanges in South Kore...

The decision was driven by the country's concern over illicit activities in the crypto market and the desire to safeguard investors. South Korea has established an interagency investigation unit to combat cryptocurrency crimes, aiming to address the rise in illicit activities in the market and the need for investor protection, according to a July 26 report. Concurrently, the Korea Securities Depository announced a business agreement with Code, a company specializing in travel rules, in Seoul to encourage the issuance and usage of LEI (Legal Entity Identifier) in the virtual asset market. According to an earlier report by local news media, Yonhap News, The Seoul Southern District Prosecutors Office will establish a joint virtual asset crime investigation unit called the Joint Investigation Centre for Crypto Crimes. The unit comprises 30 investigators from seven government agencies and bodies. These include the prosecution, Financial Supervisory Service, National Tax Service and K...

As the popularity of crypto assets continues to rise, countries worldwide are adjusting to meet the growing demand for Bitcoin and other crypto . While some nations have chosen to regulate the crypto market, others have opted for outright bans. South Korea , despite facing various challenges related to crypto assets, has taken a regulatory approach rather than imposing a ban. As part of its ongoing regulatory efforts, the National Assembly of South Korea recently passed a bill related to crypto. This bill mandated that all high-ranking public officials [above Grade 4] are obligated to report their Bitcoin and other crypto holdings. The unanimous passing of this bill shows South Korea’s commitment to increasing transparency and accountability within the crypto space. The amendment to the National Assembly Act, received unanimous support from all 269 lawmakers present, with 269 votes in favor. Similarly, the amendment to the Public Service Ethics Act, which extends the reporting re...

Upbit & Bithumb Get Raided The actions come at a time when Representative Kim was under fire after it was revealed that he held around 800,000 Wemix coins in 2021, which had a value of approximately $4.5 million at the time. This, however, was a considerable quantity that was inconsistent with his reputation as a frugal person. advertisement Read More: Binance Adds New PEPE, SUI Margin Pairs; Popular Analyst Predicts Another Rally Therefore, there have been questions raised over the origin of the money and whether or not he made use of confidential information. However, the Wemix team has denied the charges and published a blog post that quoted: Reports to the effect that WeMade illegally supported Wemix or provided internal information related to investments to members of the National Assembly are completely untrue. Trending Stories Cardano Price Analysis Signal Multiple Signs of Bullish Recovery; Will ADA Hit $0....