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Crypto updates from the Korean Peninsula

Crypto updates from the Korean Peninsula

Crypto News

There have been several updates from North & South Korea this week within their respective cryptocurrency and blockchain spheres. Here is a list of 3 updates that have been specifically curated by your favorite authors at CryptoTicker highlighting these updates from the Korean Peninsula.

Crypto trading disrupted in South Korea due to Amazon Network Failure

A widespread AWS (Amazon Web Services) network failure triggered an outage within the cryptocurrency exchange Upbit, a popular South Korean cryptocurrency exchange.

These are the statements released by them:

“Due to the current server failure (Amazon internal DNS issue), you can not temporarily use up-bit service.”

“In order to protect your assets and secure transactions when you resume KRW transactions, we will cancel your orders under the following conditions.

(Cancellation of orders)

2018-11-22 Purchase order with a price higher than the last closing price based on the last closing time

2018-11-22 Sales order lower than the last closing price based on the last closing date”

From this incident, it is important to recognize that most cryptocurrency exchange platforms and services use centralized server systems and frameworks like Microsoft Azure and Amazon Web Services despite being ‘decentralized’ in nature. This generally makes them more vulnerable and susceptible to such attacks. Upbit’s operations resumed as usual soon after the supposed domain server name issue.

Another report by ZDNet mentioned that the AWS network failure also took out South Korea’s biggest e-commerce platform Coupang as well as the hotel booking service Yanolja, food delivery service Market Kurly, online media service company POOQ and crypto exchange CoinOne.

North Korea announces Crypto Conference in April 2019

North Korea, officially the Democratic People’s Republic of Korea, has announced the Pyongyang Blockchain and Cryptocurrency Conference which will be held in April of next year at a science and technology center in the nation’s capital, Pyongyang.

Alejandro Cao de Benós, a special delegate for the North Korean government’s Committee for Cultural Relations with Foreign Countries introduced the event to the World with this tweet.

More information on the event can be found on its website. Their website mentions that the main summit will only take two days, but attendees will also enjoy an organized tour of the country that will include a trip to the city of Kaesong and a visit to Panmunjom in the Demilitarized Zone between North and South Korea, along with the Korean War Museum, the Juche Tower and the Kim Il Sung Square.

Kakao South Korea seeks to attract crypto investments from Singapore

The last major news from Seoul, the capital city of South Korea, is that Kakao Corp, a major South Korean Internet conglomerate, has just established a company subsidiary in Singapore with the primary purpose of attracting foreign investments with cryptocurrencies, as reported by the South Korean News1.

The article mentions that Kakao Corp has established a Kakao subsidiary named Ground X, along with the corporation’s blockchain platform Klaytn, in Singapore recently. Moreover, Kakao Corp is also considering establishing another special corporation subsidiary in Singapore to better manage these investments along with the Singapore Chamber of Commerce. It is estimated and speculated that Kakao Corp would raise about 100 billion won (approximately $88 million) worth of investment from VC and institutional investors through Klaytn this December.

“This investment contract seems to include not only sales of simple tokens but also Kakao blockchain business cooperation. The reason for the establishment of an investment corporation in Singapore is that it is easy to raise funds and has a large tax benefit.”, says News1.

There have been a lot of promising updates towards cryptocurrency adoption and encouragement coming in from the Korean Peninsula over the past few years. The decision by North Korea to organize the conference proves to be a step forward in their advancements by portraying the willingness to accept new technologies and innovations.

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