Two Thirds of Korean Crypto Exchanges Fail Government Security Check

Only a third of cryptocurrency exchanges inspected got a full pass in a recent government security audit. The Ministry of Science and ICT, the Korea Internet & Security Agency and the Ministry of Economy and Finance inspected a total of 21 crypto exchanges from September to December 2018, examining 85 different security aspects. Notably, only 7 of them – Upbit, Bithumb, Gopax, Korbit, Coinone, Hanbitco, and Huobi Korea – cleared all the tests, CoinDesk Korea reported Thursday. The remaining 14 exchanges are “vulnerable to hacking attacks at all times because of poor…

Expect the SEC to Target More Token Exchanges After EtherDelta

The Securities and Exchange Commission’s (SEC) settlement with the founder of EtherDelta is likely the first of many enforcement actions to come against crypto token exchanges. Until recently, the SEC’s scrutiny of the cryptocurrency industry largely focused on projects and teams that raised money through initial coin offerings (ICOs) in possible violation of securities laws. But a person familiar with the SEC’s thinking told CoinDesk Thursday that crypto trading platforms have become a significant priority for the agency’s enforcement division. As such, the news that the SEC had charged EtherDelta founder Zachary…

Crypto Exchanges Line Up to Support Bitcoin Cash’s Hard Fork

Six of the top 10 crypto exchanges by bitcoin cash (BCH) trading volume have announced plans to support the cryptocurrency’s upcoming hard fork on Nov 15. Bitcoin cash’s roadmap includes upgrades to its core code every six months, but disagreement over some changes to the network have raised the specter that two distinct branches of the cryptocurrency could take shape, given that two implementations – Bitcoin ABC and Bitcoin SV – are being put forward by competing teams. While the outcome isn’t clear, one scenario would see two separate cryptocurrencies arise…

Russian Cybersecurity Firm Says Hackers Have Stolen $882 Million From Cryptocurrency Exchanges in Almost Two Years

A Russian cybersecurity firm has released reports stating that hackers have stolen $882 million from cryptocurrency exchanges in almost two years. $882 Million and Counting A cybersecurity firm based in Moscow, Group-IB, conducted research which revealed that hackers have stolen up to $882 million from digital currency exchanges. As reported by Bank Info Security, the theft has been going on for almost two years. Group-IB also stated that the figures were likely to grow in 2019. The potential increase is because experienced hackers including Lazarus, MoneyTaker, and Cobalt focus more…

Binance Reveals Plan to Launch Crypto Exchanges on Almost Every Continent

One of the world’s largest crypto exchanges by trading volume wants to set up fiat-to-crypto trading platforms on almost every continent. Binance founder and CEO Zhao Changpeng closed out the first day of CoinDesk’s Consensus Singapore event with a fireside chat, where he discussed a range of topics, including how he grew Binance from a startup with a $15 million initial coin offering to one of the world’s largest crypto exchanges and his future vision for the platform. During the conversation with CoinDesk’s Pete Rizzo, Zhao indicated that by this time…

Cryptocurrency Exchanges Fall Short in Safeguarding Funds: Report

In April 2018, former New York Attorney General Eric Schneiderman sent off inquiries to more than a dozen cryptocurrencyexchanges to learn more about their internal operations. Now, after months of investigation, the New York Attorney General’s office has made its findings public. A report titled “Virtual Markets Integrity Initiative,” released on Tuesday, September 18, 2018, confirms what many already know to be true: Many cryptocurrency exchanges do not have proper consumer protections in place and are often targets for market manipulation. The questionnaire originally went out to 13 crypto exchanges.…

New York AG Report Faults Crypto Exchanges for Manipulation Risks

The New York Office of the Attorney General (OAG) has released a report on cryptocurrency trading platforms, finding that many are vulnerable to market manipulation and referring several exchanges to another agency for potential violations of state law. The NYAG’s inquiry was launched in April, seeking voluntary participation from 13 of the world’s most notable trading sites, including Coinbase, Kraken, Bitfinex, Bittrex, and Binance, among others. The process carried forward in spite of the refusal to participate from some exchanges as well as then-Attorney General Eric Schneiderman’s resignation in May. The…

Australian Watchdog to Apply Market Rules to Crypto Exchanges

A top Australian financial regulator has indicated it will take a new approach when regulating cryptocurrency exchanges, as well as tighten scrutiny of initial coin offerings (ICOs),. In its a corporate plan for 2018–2022, released Friday, the Australian Securities and Investments Commission (ASIC) outlined its areas of focus for the period. Top of that list is to continue “monitoring threats of harm from emerging products” such as ICOs and cryptocurrencies. Further, for 2018 and 2019, ASIC said it is developing a new framework that will apply “the principles for regulating market infrastructure providers…

Allegedly Silkroad – related Wallet Moves $100M in Bitcoin to Exchanges Amidst Last Week’s Bullish Run

Apparently, a wallet that had been inactive for almost five years moved 111,114 BTC to various exchanges around the world with the aim perhaps of promoting trading in the popular crypto-market after a recent bullish trend in Bitcoin prices. Reddit User Sick_Silk published after a very deep research For years, the wallet, 1933phfhK3ZgFQNLGSDXvqCn32kgFQNLGSDXvqCn32k2buXY8a  has been the scope of many curious enthusiasts as its owner has remained in the shadows, generating much speculation in the community (also earning the nickname of “wallet 1933ph”, “1933x” or simply “wallet 1933)”; however, a bitcointalk post…

Japan’s Financial Regulator Enhances Risk Screening Process for Crypto Exchanges

Japan’s financial regulator, the Financial Services Agency (FSA), will fortify the process of registration screening for cryptocurrency exchanges, local media outlet The Japan Times reports September 2. The FSA has ungraded the registration process, revising the Payment Services Act — enforced since April 2017 — in order to “to see whether they [crypto exchanges] are properly conducting risk management,” sources told The Japan Times. The financial watchdog has added several new features to the previous act’s legislation, increasing “the number of questions asked when screening applications to about 400 items,…