Korean catering offers crypto-payment option

Special kiosks with the ability to accept payments in virtual currencies are planned to be installed in cafes and restaurants of Korea
12 March 2018   903

South Korea largest cryptocurrency exchange is planning to launch a special service for Korean food and beverage franchises. In order to reach the customers that deal with virtual currencies, Bithumb partnered with kiosk manufacturers Tros Systems, IYU and Unos Space. The purpose - designing and installing digital currency kiosks into cafes and restaurants. With the special software for the kiosks by Bithumb, clients will be able to pay for their food with their cryptocurrency on the exchange. Potential kiosk users will be able to easily access their accounts with just the password because the machines will be equipped with Bithumb Cache - a password settlement service.

The entry into the kiosk business is meaningful to provide substantial benefits and low-cost rental services to small business owners.  We will continue to work in various industries based on Blockchain technology. We will continue to provide opportunities to provide total solutions for small businesses through our partnership.

 

Excerpt from Bithumb statement

In order to stimulate the adoption of the new concept, Bithumb is going to offer 2 options for the franchises: first, service packages for businesses to choose from in order to get the best match to their needs; and second, a discount of 10% for the catering companies with the intention to help this area of small business afford the product. Estimates indicate over 1 mln cryptocurrency holders in Korea suggesting a gigantic open market for food service providers have yet to set foot into.

Earlier, a similar precedent was spotted in Japan.

Bithumb to be Charged With Users' Data Leak in 2017

According to the Prosecutor's Office of South Seoul, this situation has lead to second hack of Bithumb in 2017, when $7M were stolen
21 June 2019   601

The Prosecutor's Office of South Seoul has charged one of the largest Bitcoin exchanges in South Korea, Bithumb, with a leak of confidential financial data of over 31 thousand users, as a result of which in July 2017 considerable funds were stolen from the platform. This is reported by Cryptonews with reference to ZDNet Korea.

In addition to Bithumb, in the framework of the same case, accusations of violating the law on managing information networks and the law on information protection were brought against the travel agency Hana Tour and With Innovation, the operator of the hotel booking application Yeogi Eottae.

The prosecutor's office believes that Bithumb did not take adequate measures to ensure security. In particular, all data about users received hackers was stored on one computer, and the employee of the exchange who worked on this device did not even use anti-virus programs.

The prosecutor's office also believes that this leak led to second hack of Bithumb in 2017, which resulted in nearly $ 7 million being stolen. Representatives of the exchange have denied the connection between these incidents, however.