South Korea Investigates 20 Pseudo-Crypto Companies

The companies are suspected in using the cryptocurrency claims to boost their share prices
26 February 2018   110

South Korea's Financial Supervision Service initiated an investigation into 20 firms that claim to be associated with the cryptocurrency sector and traded on the local exchange Kosdaq, suspecting them of using unscrupulous methods. This is reported by

The regulator warned investors about "that a number of unfair trade transactions were found in so-called ‘virtual currency-related stocks’ in the stock market." The department notes that in many cases shares price of these companies began to grow.

There has been a frenzy of virtual currency related stocks in the stock market…Many listed companies have announced related business plans such as [launching] virtual currency exchanges and so-called ‘virtual currency themes’. The share price of the virtual currency stock surged due to the announcement of the business plan.

The Korean Banker

The regulator does not mention the names of the companies in respect of whom the investigation was initiated, but the media notes:

  • Mgame,
  • CTL Inc,
  • Woori Technology Investment,
  • SCI Credit Rating & Information,
  • Hanbitsoft, Fourthlink,
  • Makus
  • Igis System.

The Financial Supervision Service promised in the future to closely monitor such inappropriate activity in the market and punish the companies that will be caught in it.

Monetha is about to release first version of its wallet app

Monetha's MVP to be released on March 21 exclusively for MTH holders in order to make a significant step towards fully working decentralized trust and reputation system
23 March 2018   72

Starting from March 31 all of MTH token holders will gain exclusive access to Monetha wallet app - the MVP of the project. The release is considered to be Beta release, and approximately 10,500 of the users of the platform will become the first to test out the product. The app will be available on both iOS and Android.

The wallet itself is based on smart contracts and features

  • making/solving claims;
  • rating merchants;
  • writing reviews;
  • review of purchase history;
  • see clients' and merchants' trust ratings

The integration with Monetha through the app will allow merchants to accept Ethereum based tokens as a payment and then easily convert cryptocurrency into fiat currency. Monetha's mission is 'to develop and deploy the best transaction system that would be based on enforceable contracts without third party between consumer and merchants and a strong decentralised reputation management system'. Its solution is going to be universal, transparent, self-executing and transferable.

To the moment of the publication, Monetha's market parameters are as follows:

Average price: $0.102597

Market cap: $22,274,083

Volume (24): $435,208