8% of S. Korean Cryptocurrency Accounts Verified

8.21% of the total accounts had been converted to real-name bank deposits
06 February 2018   372

About 8% of virtual bank accounts for cryptocurrency trading have been converted to real-name bank accounts, a week after the government ended anonymous trading of cryptocurrencies, industry sources said Tuesday. It is reported that 143.300 virtual ledgers for cryptocurrency trading, or 8.21% of the total accounts, had been converted to real-name bank deposits.

The real-name trading system, which came into effect from Jan. 30, is part of the government's latest measures to prevent cryptocurrency from being used for money laundering and other illegal activities.

Currently, people can buy or sell cryptocurrencies through their virtual accounts, but they must comply with the real-name trading system if they want to pour new money into cryptocurrencies or withdraw money from these accounts.

We have recently reported that South Korean cryptocurrency exchange Coinpia suspended trading and deposits after it was unable to implement a customer identification system in line with a recently enacted government mandate.

Miners Arrested in 2 Chinese Cities For Power Theft

Six people were detained in Tianjin and two in Wuhan
25 April 2018   58

Bitcoin miners were arrested in two Chinese cities on charges of stealing electricity. This is reported by CoinDesk.

In the first case, 6 people were detained in Tianjin. The suspects used 600 devices for mining bitcoins that were connected to a local substation. The police claim that the connection was made bypassing the counters.

The investigation was initiated after one of the electric power companies discovered a discrepancy between the actual and claimed consumption of electricity.

The police seized all equipment for mining, as well as 8 powerful fans.

Events are taking place while China continues to play a dominant role in the mining of bitcoin, despite the pressure on the cryptocurrencies. As Xinhua notes, this case of electricity theft turned out to be the largest in recent years.

According to another report, which appeared today on the website of the Supreme Prosecutor of China, two more suspects were detained in Wuhan. They also stole electricity.

The detainees used empty stores since March 2017 to house miners and did not pay for electricity, as did the defendants from Tianjin.