Given the apparent sensitivity of cryptocurrency markets to regulatory and political developments, it stands to reason that the world's leaders — and what they think about crypto — will be vitally important in determining the direction the cryptocurrency market will travel in the future. Many leaders have been willing to sit back over the past few months and let crypto develop — more or less — organically, yet it's becoming apparent that the time for official action is drawing increasingly near, at which point Bitcoin, et al. will either bear the brunt of government 'crackdowns' or will benefit from favorable …

The crypto markets are continuing to take a tumble today, June 23, following slew of FUD-like news from the crypto sector in South Korea and Japan. Market visualization from Coin360 Leading South Korean exchange Bithumb was hacked for $30 million, and Japan’s financial regulator FSA has apparently renewed their crackdown on cryptocurrency exchanges after sending out six more business improvement notices this week. Bitcoin (BTC) is edging closer to $6,000, trading for around $6,105 at press time, down less than 1 percent over a 24 hour period. Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index Ethereum (ETH) is slightly down, …

The US State Department and South Korea’s Ministry of Science and Technology (MSIT) have resolved to strengthen the two countries’ cooperation in advancing the Fourth Industrial Revolution, at a press conference held in Seoul today, June 22. The so-called Fourth Industrial Revolution has been characterized by the World Economic Forum (WEF) as a series of technological breakthroughs that “will fundamentally alter the way we live, work and relate to one another… [across] the global polity, from the public and private sectors to academia and civil society.” The WEF recognized blockchain’s major role in the Fourth Industrial Revolution as early as …

South Korean crypto exchange Bithumb has today confirmed it will reimburse users affected by the theft of 35 bln won (about $30 mln) from its hot wallet two days ago, in an official announcement today, June 21. At the time of the hack, Bithumb was ranked sixth largest crypto exchange by trade volumes globally, but has now dropped to tenth place following news of the high-profile incident. Bithumb today says there will be “no damage” to its customers as a consequence of the theft, emphasizing its strict separation of customer and company assets, the latter of which it says are …

South Korea’s Ministry of Science and ICT has announced a major Blockchain Technology Development Strategy that aims to raise 230 bln won (~$207 mln) by 2022, The News Asia reports today, June 21. According to the Ministry’s official announcement, the new initiative will foster 10,000 blockchain industry professionals and 100 companies, and will expand and commercialize six existing blockchain pilots with the Ministry’s backing. These pilots aim to leverage blockchain technology for real estate, online voting, shipping logistics, livestock record management, customs clearance, real estate, and international e-document distribution. The Ministry’s press release also gives examples of private blockchain initiatives …

South Korea’s biggest cryptocurrency exchange Bithumb is scrambling to protect users funds after a large scale hack. Initial reports from the Yonhap new agency indicate that over $30 million worth of cryptocurrencies were stolen during a cyber attack on June 19. Cointelegraph Japan was informed that the hot wallet was hacked during the night and cryptocurrency stolen included Ripple. Once the exchange was made aware of the attack, it froze deposit and withdrawal services. Bithumb has already assured customers affected by the hack will be compensated for their losses. “We checked that some of cryptocurrencies valued about $30 million was …

The chairman of Netmarble, one of the largest South Korean gaming companies, believes that blockchain technology will soon be applied across all industries, local news outlet EDaily reports June 20. Netmarble reported revenue of 1.5 trillion won (about $1.35 billion) in 2016, with a market cap of 12.86 trillion won (about $11.59 billion) today. During the 9th Annual Strategy Forum held in Seoul, chairman Bang Joon-hyuk responded to a college student’s question about the future of blockchain and business with an optimistic prediction for blockchain’s use: "Blockchain with objectivity, reliability and security will be applied to all industries in the …

South Korea electronics giant Samsung revealed a further blockchain implementation in an official announcement June 20, using the technology in a new logistics platform. The platform, dubbed Cello 3.0, is the brainchild of Samsung’s IT subsidiary Samsung SDS, which will use artificial intelligence (AI) and its “logistics knowhow” to deliver it, a press release states. “We will provide services to global e-commerce sellers with CelloSquare 3.0, which combines cutting-edge IT with Samsung SDS global logistics operation experience,” Kim Hyung-tae, vice president of the logistics business division of Samsung SDS commented. Cello is just the latest project to surface from SDS’ …

The South Korean Ministry of Science and Technology (MIC) has launched an investigation into the theft of $30 mln from the world’s sixth largest crypto exchange Bithumb, Yonhap News reports Wednesday, June 20. Bithumb, which is the leading crypto exchange in South Korea, temporarily suspended all deposits and payments on the exchange as soon as it had detected the theft. According to Yonhap, the Ministry has said that as soon as it reported the Bithumb hack, the Korea Internet & Security Agency (KISA) joined an urgent investigation into the case. The Ministry now plans to analyze the causes of the …

Hackers have stolen cryptocurrencies worth $30 million from South Korea's leading virtual currency exchange Bithumb, Cointelegraph Japan reported June 19. As a result all deposits and payments have been temporarily suspended. *All deposit and withdrawal service will be stopped to make sure the security. We will keep notice you of the restart of the service. We apologize for your inconvenience and thanks for your understanding. — Bithumb (@BithumbOfficial) June 20, 2018 The exchange states it will compensate users affected by the hack, and that all assets are being moved to a cold wallet: “[Notice for the suspension of all deposit …

South Korean blockchain lab IncuBlock has signed a Memorandum of Understanding (MOU) with a Malaysian government advisory committee for blockchain tech development permissible under Sharia law, local news outlet IT World reported yesterday, June 18. Blockchain tech has previously been used in terms of tracking halal foods, as UK-based HALAL TRAIL has begun using blockchain to track livestock and fresh food from farm to table through the halal food chain. The committee, Majlis Perundingan Melayu (MPM), will work with both IncuBlock and MPM’s international partner, Global Cornerstone Group, on sharing knowledge and developing a blockchain platform and a decentralized application …

South Korea has revealed plans to launch a blockchain center in Busan city modeled on the Swiss Crypto Valley, local news outlet Edaily reported June 14. At a recent blockchain event in Seoul “2018 Global Blockchain Conference,” chairman of the Korea ICT Financial Convergence Association Oh Jung-geun claimed that the organization seeks to build a space similar to the “Crypto Valley” located in the Swiss canton of Zug. "We need a place to concentrate on the cryptographic industry in Korea like the Crypto Valley in Switzerland," Oh said at the event. The association reportedly plans to launch the “Crypto Beach” …