S. Korean authorities are concerned with crypto scammers

Authorities and cryptocurrency community of South Korea exposed several fake cryptocurrency exchanges, including BitKRX
26 December 2017   286

On December 13, the South Korean government held an urgent meeting on the issue of the crypto-currency market. Among the decisions taken was "the proper regulation of the exchange of crypto-currencies as full-fledged providers of financial services". One of the factors that forced legislators to take emergency measures was the appearance on the Korean market of fraudulent exchanges. This is written by Cointelegraph.

Last week, local authorities and the bitcoin community identified several such exchanges. One of them was the BitKRX exchange, which uses the KRX ticker, which belongs to the Korean Stock Exchange.


BitKRX was promoted as a branch of KRX, and on its website it was said that the exchange is regulated and affiliated with KRX enterprise.

One of South Korea's largest news portals, Chosun, reports that local authorities have begun to fight with exchanges that use inaccurate information to promote them. So, it became known that several South Korean exchanges were not registered, but conducted their activities as full-fledged market participants.

A small group of individuals that are not qualified and experienced enough to run high-traffic and large-scale platforms are running cryptocurrency exchanges in the local market. Consequently, traders are not able to properly execute buy and sell orders in a timely manner, causing major losses and difficulties for investors. Strict regulation of the market by the South Korean market will further stabilize the local cryptocurrency market.

South Korean cryptocurrency community member

According to the results of the meeting held in the middle of the month local legislators decided to toughen the requirements for the exchange of crypto-currencies, and to restrict access to this market for foreigners and minors. 

First real-life cryptocurrency robbery reported in Taiwan

Four men stole 5 million Taiwanese dollar worth of Bitcoin, the police has already arrested the suspects
22 February 2018   53

Bitcoin has attracted lots of unwanted attention from hackers and scammers alike. Recently not a week passes without news of an exchange or user being hacked or some company's computers being hijacked to mine cryptocurrency. And now Taiwanese news outlets report first real-life robbery of Bitcoin in their country.

The robbery took place in Taichung, Taiwan's central city. The police reports three men being involved in the robbery itself and one as a planner. Criminals persuaded the victim to meet with them face-to-face under the guise of being interested in buying Bitcoin from him. After the victim showed the robbers the proof of his bitcoins on his phone, the men attacked him and his friend and transferred 18 bitcoins worth 5 million Taiwanese dollar via the phone wallet.

The suspects then forced the unfortunate seller to drink strong local liquor to make everything look like a drunken fight had taken place. The police arrived at the scene after receiving the reports of a fight and found two victims. Two of the offenders had fled, but the third has been arrested at the scene of the crime. He later provided investigation with information about his accomplices. They were arrested soon after.

The police later apprehended the man believed to be the mastermind behind the plan. All this was released in the yesterday's report by the Taiwanese law enforcement and the case is already viewed as “the first domestic case of bitcoin robbery”. The report doesn't mention if the crypto was returned to the rightful owner.

Similar cases has been rumored to happen in the US, but no records are released as of yet. So the unofficial governmental advice is to be more cautious of the buyers requesting face to face meetings in the light of this event.