Chinese Capital May Harm S. Korean Market, Experts Say

Local experts are wondering whether foreign companies will push out local exchanges from the market
31 May 2018   424

After the ban on ICO and crypto trading in China, local investors moved to the South Korean market, whose representatives call this trend dangerous for their own companies, Business Korea reports.

A lot of sites financed from China, including Zeniex, OK Coin and Gate. io, settled in South Korea. Zeniex, for example, receives investment from China's largest cybersecurity company Qihoo 360 and is connected with the crypto-currency media companies Bishije and Jinse Chaijing. The 18th largest exchange in the world Gate. io is also a Chinese site, which now operates from South Korea. Last month, OK Coin came to this market.

Trade in crypto-currencies and their popularity continue to be on the rise in South Korea, while in this country there are no strict rules for the registration of exchanges, which makes it an attractive jurisdiction for Chinese businesses looking for opportunities near home.

While the ban on holding the ICO in China remains in force, the National Assembly of South Korea officially proposed to lift similar restrictions on Tuesday.

Chinese virtual currency exchanges are not yet competitive, but they are key players in the global market. If the Korean virtual money market moves into the system and Chinese exchanges receive real name accounts in the future, the Chinese exchanges will become a big threat to Korean exchanges
 

South Korean Cryptocurrency Market Participant

While the influence of investors from China continues to grow, experts are wondering whether foreign companies will push out local exchanges from the market unless regulators take appropriate measures.

Crypto Investor to File Lawsuit Against AT&T

Michael Terpin believes that AT&T helped scammers to still his $24M worth crypto
16 August 2018   109

In the Los Angeles District Court, a 69-page lawsuit was filed by BitAngels founder Michael Terpin against the American telecom giant AT&T. Terpin claims that the operator assisted fraudsters in "stealing digital personal data" from the account on his smartphone, which is why he lost $ 24 million in cryptocurrency, according to an official release.

According to Terpin, for seven months, there were two hacks. Initially, an attacker got access to his phone number without providing a password or correct identification data. Later, the phone number was used to steal crypto.

AT&T’s studied indifference to protecting its customers’ privacy and financial assets is a metastasizing cancer, threatening hundreds of millions of unsuspecting AT&T’s customers. Our client had no idea when he initially signed up, nor when later he was promised the highest level of security for his account, that low-level retail employees with access to AT&T records, or people posing as them, can be bribed by criminals to override every system that AT&T advertises as unassailable.
 

Pierce O’Donnell
Lead counsel for Terpin in this complaint

Michael Terpin requires AT & T to pay him $ 224 million - $ 200 million for moral damages and $ 24 million for actual theft.