China News Official TheBitTimes.com

The newly created fake APT token called “ClaimAPTGift.com” made its way to 400,000 Aptos wallets, and users found they were able to deposit and sell it on the exchange. South Korea cryptocurrency exchange Upbit has resumed Aptos (APT) deposits and withdrawals again after fixing an issue that saw a scam APT token incorrectly recognized as the real deal. On Sept. 24, Upbit abruptly halted Aptos token services after noting an “abnormal deposit attempt,” prompting an inspection of the wallet system. The problem appears to have originated from a newly created fake APT token called “ClaimAPTGift.com” which had made its way to 400,000 Aptos wallets after its creation on Sept. 21. The fake token was likely part of a typical token airdrop scam, in which users are airdropped tokens that contain links pointing unsuspecting users to phishing websites. However, a reported failure by Upbit to properly verify the source code of the scam tokens led to the exchange recognizing the fake tokens as re...

Busan, the second-largest city in South Korea, is embarking on an ambitious project to become a blockchain city. The project aims to integrate various blockchain -based services from different platforms into one unified platform that will power the city’s development. The development has a budget of $75 million and is led by the Busan Digital Asset Exchange Establishment Promotion Plan and Future Schedule Plan. The initiative will be compatible with leading blockchain platforms like Ethereum and Cosmos. Busan is working with the Blockchain Innovation Fund (BIF) to fund the project, which supports blockchain projects in the city. The BIF will raise funds from various financial institutions interested in investing in blockchain technology. You might also like: Crypto accounts for 70% of South Korea’s overseas assets South Korea’s Blockchain Vision Busan’s blockchain city project is part of South Korea’s broader vision to promote the adoption and d...

South Korean financial regulators accused Delio of fraud and embezzlement and seized its assets in July earlier this year. South Korean Bitcoin lender Delio is reportedly preparing for an administrative lawsuit against regulators for the wrong interpretation of law leading to an investigation and hefty fine against the crypto lending firm. Bitcoin lender Delio said the allegations of fraud and embezzlement levied by the Financial Service Committee (FSC) are baseless, according to a report published in a local daily.  The crypto lender claimed that the regulator implied the law unreasonably in a situation where there were no clear regulations for virtual asset deposit and management products. The report revealed that the Financial Intelligence Unit (FIU) recommended the dismissal of Delio CEO Jeong Sang-ho through a sanctions announcement on Sept. 1. Delio claimed that this was a clear indication that the financial authorities were putting pressure on Delio to close down the busi...

Binance, the world’s largest crypto ex change , has reportedly completed the due diligence necessary for the acquisition of Gopax . The organization is one of the top 5 ex change s in South Korea . If the deal materializes, it will open the doors for Binance to re-enter the South Korea n market. Back in August 2021, Binance decided to pull the plug on the trading pairs associated with the South Korean Won. In addition to this, all things South Korean were removed from the exchange. Prior to that, the exchange announced that it would terminate its operations in South Korea due to low volume and usage in 2020. According to Decenter, Binance has recently completed due diligence on the acquisition of Gopax. Gopax is one of the five major South Korean exchanges (Upbit, Bitsum, Coinone, Corbit, Gopax). Binance previously announced the acquisition of exchanges in Japan and Indonesia. — Wu Blockchain (@WuBlockchain) January 2, 2023 Read More: South Korea is now on the...