Vending machines in Seoul, South Korea, are revolutionizing the traditional concept of buying gold by offering gold bars in various sizes. Situated within convenience stores throughout the affluent Gangnam district and other areas, these machines meet the growing demand for micro-investments among South Koreans. Available in sizes as small as 0.5 grams and priced at […]
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LBank Labs and Seoul Metropolitan Government to Drive Blockchain Innovation at Seoul Web3 Festival
PRESS RELEASE. LBank Labs is delighted to announce its collaboration with the Seoul Metropolitan Government in hosting the highly anticipated Seoul Web3 Festival 2023 (SWF 2023) in late July. With the participation of prominent figures from the blockchain and Web3 industry, the event promises to be a momentous occasion for numerous Web3 companies to converge, fostering an environment of knowledge exchange, synergy creation, and the exploration of groundbreaking ideas. Notably, the esteemed presence of Seoul Mayor Oh Se-hoon and the Digital Chief further underscores their commitment to supporting the immense potential of the Web3 industry.
Under the auspices of the Seoul Metropolitan Government, the Seoul Web3 Festival 2023 will feature a diverse range of experiences and opportunities for its participants. The event lineup will encompass an exciting hackathon, a startup demo day, a networking party, an NFT exhibition, and an insightful forum, providing attendees with a holistic and enriching experience.
LBank Labs, a prominent venture capital investment division of the globally recognized cryptocurrency exchange LBank, stands at the forefront of the blockchain sector. The firm has garnered accolades for its significant contributions to the growth and development of startups through various means, including funding, incubation, and networking initiatives. The success achieved in nurturing emerging projects has further solidified LBank Labs’ reputation as a leading player in the blockchain ecosystem.
Among the esteemed partners set to participate in SWF 2023 are both domestic and international entities, including Hexland and Finger Labs from Korea, along with global heavyweights like CryptoCom, Cronos Labs, LBank Labs, and HK Central Research. This robust lineup of participants reaffirms Seoul’s status as an epicenter of ICT innovation and its position as a globally recognized city.
LBank Labs recently made a significant impact as a joint partner during Seoul Meta Week, where it conducted an enlightening summer boot camp tailored for Web3 builders and blockchain enthusiasts worldwide. Headquartered in San Francisco and Dubai, LBank Labs continues to diligently pursue a diverse range of activities and investment projects, enriching the blockchain landscape with its forward-thinking approach.
About Lbank Labs:
In its capacity as the venture capital arm of the esteemed global exchange LBank, LBank Labs remains unwaveringly dedicated to promoting technological innovation and fostering application development within the blockchain industry. Bolstered by an impressive 0 million in managed assets, the firm extends vital support to startups and Web3 funds alike. As of the second quarter of 2023, LBank Labs has already invested in 12 Web3 funds and aims to expand its investments in startups and funds further, aiming to strengthen the collaboration and network effects within its investment portfolio. LBank Labs firmly believes in the transformative power of technology, which can pave the way for a more open, transparent, and equitable world.
Links:
Event Link: https://seoulweb3festival.com/
LBank Labs: https://www.lbanklabs.com/
Medium: https://lbanklabs.medium.com/
Twitter: https://twitter.com/LBankLabs
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Seoul Court Greenlights Seizure of Do Kwon’s Assets Worth $176 Million
According to a local report, South Korean prosecutors have been given the green light by the Criminal Division of the Seoul Southern District Court to seize assets owned by Do Kwon, the co-founder and former CEO of Terraform Labs. The report discloses that a total of 233.3 billion won (6 million) worth of assets have been frozen, which includes imported vehicles, bank deposits, and cryptocurrency accounts held at a digital currency exchange.
Seoul Court Gives Nod to Seize 6 Million in Assets Owned by Do Kwon
After reports surfaced claiming that Do Kwon, the co-founder and former CEO of Terraform Labs, had 0 million stashed away in a Swiss bank account, a new report by regional news outlet Hankyung reveals that South Korean prosecutors have taken action by freezing Kwon’s assets. The report states that Kwon’s assets are valued at approximately 233.3 billion won (6 million). The 12th Criminal Division of the Seoul Southern District Court has given the green light for the asset forfeiture to proceed.
Among the mentioned possessions are bank accounts, cryptocurrencies kept on an exchange, and imported automobiles. Kwon additionally possesses a mixed residential and commercial apartment known as the “Galleria Foret,” as well as an officetel in Nonhyeon-dong. As per the court directive, the aforementioned items, along with the shares held with Mirae Asset Securities, won stored in Woori Bank, and unnamed exchange-held cryptocurrencies, are prohibited from being sold.
In the report, it is highlighted that Shin Hyun-Seong, also known as Daniel Shin, along with a handful of Terraform Labs employees, has been indicted on charges of fraud and violations of the Capital Markets Act. Coinciding with the seizure of Kwon’s assets on May 9, 2023, an ethereum (ETH) account affiliated with Terraform Labs transferred CVX tokens worth .7 million to an undisclosed destination. Notably, this movement of 1.8 million CVX occurred after a span of 277 days, precisely on the one-year anniversary of the Terra ecosystem’s collapse.
Kwon and his accomplice Han Chang-Joon were apprehended by Montenegro law enforcement officials as they were about to board a private jet headed for Dubai. Kwon is currently facing extradition requests from both South Korean and U.S. authorities.
Considering the substantial value of frozen assets and the legal actions against Do Kwon, what are your thoughts on the potential consequences for the former Terraform Labs CEO? Share your thoughts and opinions in the comments section below.
Seoul Prosecutors Believe Terra Co-Founder Do Kwon Still in Possession of $100 Million Held in Swiss Bank Account
In the wake of the recent legal action against ten associates of Terraform Labs, which included the co-founder Shin Hyun-seong, known to many as Daniel Shin, it appears that prosecutors from Seoul are convinced that Terraform Labs and co-founder Do Kwon are still in possession of a considerable sum of money, specifically 130 billion won (0 million), held in a Swiss bank account.
South Korean Prosecutors Claim Do Kwon and Terraform Labs Still Own 0 Million Tucked Away in a Swiss Bank Account, SEC Complaint Backs Theory
As reported by Park Beom-soo, a local journalist, following the Terraform Labs indictment, Do Kwon and his associates allegedly transferred 10,000 bitcoin (BTC) to a fintech bank headquartered in Switzerland. Sygnum Bank, a digital asset financial institution based in Zurich, was reportedly the recipient of this sizable transfer. It has since come to light that the Seoul Southern District Prosecutor’s Office has been closely monitoring the movement of Terra-linked bitcoin and has revealed this information during a press conference held to discuss the recent indictment.
The prosecutor’s office’s spokesperson stated, “We are actively tracking the bitcoin owned by LFG (Luna Foundation Guard), but some of it has been converted into cash and deposited into the Signum account. As outlined in the SEC complaint, the amount transferred is approximately 100 million dollars (about 130 billion won).” It would appear that the investigation into Terraform Labs and Do Kwon’s financial dealings is ongoing, and further details may come to light concerning this matter.
Onchain Researcher: LFG ‘Failed to Account for the Trail of Bread Crumbs Left by the Change Outputs’
Just before Terra collapsed, Terra’s Luna Foundation Guard (LFG), an organization created to defend the blockchain stablecoin UST’s dollar peg, accumulated a massive amount of bitcoin. The funds were meant to protect UST from dropping below the parity but the fallout was so bad, LFG and Terra’s leaders like Do Kwon could not save it. After the collapse, it was speculated that LFG did not use all the funds to defend the stablecoin, and LFG fired back by releasing an audit that claimed the group used more than 80,000 BTC to defend the coin’s peg.
However, OXT researcher Ergo BTC discovered that the blockchain “tells a different story” in a Twitter thread from October 2022. Ergo said that while LFG may have declared ownership of a single wallet holding 313 BTC, their actions have left a breadcrumb trail of evidence that could be easily followed. Ergo discovered a group of fifteen significant Binance withdrawals made to a single address. The coins were then consolidated and used in a series of transactions spanning several months. Shortly after the first withdrawal from Binance, 665 BTC were spent on Kucoin, and on May 16, the remaining 313 BTC were transferred to the new LFG address, providing evidence of their association.
Ergo further said that the sequence of transactions continued for many months and “unfortunately for the LFG, these (reused addresses) were active prior the depeg event, providing additional clues for investigators.” The researcher further added that while the LFG may argue that the pseudonymity of BTC provides them with a veil of anonymity, it is clear that the activity the researcher observed is “directly related to the funding of the LFG treasury.” Park Beom-soo’s report further confirmed to Ergo that the onchain activity the OXT researcher monitored aligns more closely with the Seoul prosecutor’s report than the story told by Do Kwon and the LFG audit.
What are your thoughts on the ongoing investigation into Terraform Labs and the allegations that the company and co-founder Do Kwon are still in possession of a substantial sum of money? Do you believe that the findings from the U.S. SEC and the Seoul Southern District Prosecutor’s Office align? Share your thoughts about this subject in the comments section below.
Seoul Takes Control Over $160 Million in Assets of Former Terraform Employees, Founder
Authorities in South Korea have reportedly seized assets worth billions of won belonging to former representatives of Terraform Labs. The measure should prevent suspects in the case with the failed blockchain firm from selling property that may have been obtained with criminal proceeds.
South Korean Law Enforcement Moves to Seize Terraform-Linked Real Estate, Report
Prosecutors in South Korea have so far established control over 210 billion won (nearly 0 million) in assets owned by employees and executives of Terraform Labs, the company behind the collapsed cryptocurrency luna and stablecoin terrausd, the national broadcaster KBS reported.
The property, mostly real estate, has been seized by the financial and securities crime joint investigation team of the Seoul Southern District Prosecutor’s Office. The move aims to prevent eight people from disposing of the assets that authorities suspect may have been acquired using undue profits.
Among them is Terraform Labs co-founder Shin Hyun-seung, also known as Daniel Shin, who has been accused of unfairly earning some 140 billion won by buying luna before it was officially issued and selling it at peak price afterwards, while failing to inform investors about the risks associated with the coin.
Shin also allegedly used customer information and funds of a fintech firm he later found, Chai Corp., to promote luna. He now faces multiple charges of fraud and violations of capital markets and financial laws in South Korea.
In November, last year, prosecutors seized Shin’s home in a neighborhood of the South Korean capital, and have since frozen about 100 billion won worth of his property. Despite the charges, a Seoul court rejected their second request for his pre-trial detention last week.
South Korean investigators claim Shin made a total of over 154 billion won in gains while working with Terra. They intend to also track down his hidden assets and seize them. The unfair profits of the seven other employees allegedly amount to 169 billion won, 114 billion of which have been “collected and preserved,” the KBS report detailed.
Shin and others are accused of masterminding the Terra business in a way that allowed them to acquire pre-issued luna that they sold when the price increased after launch. Terraform’s other co-founder, Do Kwon (Kwon Do-Hyung) was arrested in Montenegro in March along with Han Chang-joon, the company’s chief financial officer.
Kwon is likely to stand trial in the small Balkan nation for attempting to leave for Dubai on a forged Costa Rican passport, before he is handed over to either South Korea or the United States to face other charges. Both nations are seeking his extradition.
Do you expect South Korean authorities to eventually confiscate the assets of the Terraform Labs former employees? Share your thoughts on the subject in the comments section below.
Seoul Sanctions North Korea Over Crypto Theft
South Korea has imposed sanctions on the North in relation to a number of cyberattacks often resulting in the theft of cryptocurrency. The authorities in Seoul say the regime in Pyongyang is using the digital assets to fund its nuclear and missile development projects.
South Korea Hits North Korean Hackers With First Cybercrime Sanctions
The South Korean government has introduced sanctions in response to cyberattacks allegedly carried out by North Korea to finance its military programs. The measures target four North Korean individuals and seven entities, the Foreign Ministry in Seoul announced Friday.
The sanctions, which are South’s first independently imposed, are aimed at actors associated with North Korea’s main intelligence agency, the Reconnaissance General Bureau, which is considered responsible for Pyongyang’s cyberwarfare operations.
Among them are the hacking collective Lazarus Group, linked to hundreds of millions of dollars of stolen crypto, and one of its members, Park Jin Hyok, who is on the FBI’s Most Wanted list of cybercriminals, said to be behind Wannacry ransomware and other cyberattacks.
These are “not the only targets” under scrutiny, a senior Foreign Ministry official quoted by the Korea Herald emphasized, without providing details. UPI reported that Pyongyang Automation University, believed to be training North Korean hackers, has also been blacklisted.
The South Korean Ministry of Foreign Affairs said that these hackers have stolen digital currency worth more than .2 billion since 2017. Over half of it came from the attack last March on Ronin, the blockchain network of the online game Axie Infinity.
According to a draft U.N. report prepared by independent sanctions monitors, North Korea stole more crypto assets in 2022 than in any previous year. The document, which is yet to be publicly released, quotes different estimates including an assessment that the virtual cash obtained by hackers working for Pyongyang during the studied period exceeded billion in value.
Do you expect South Korea to expand the sanctions against the North in the future? Tell us in the comments section below.
Avalanche (AVAX) Poised For 25% Rally Ahead Of Seoul Web3 Hackathon
Avalanche (AVAX) price is seen to soar by 24% or within its consolidation period. A breach projected overshooting the descending parallel channel would nudge AVAX closer to its hurdle or resistance level at .
After AVAX was able to maintain support at .50, a bull run is anticipated to happen. Avalanche was recently rejected at due to strong selling activity which precipitated a rebound seen in the last week of July.
The challenge here lies with AVAX ability to soar above the descending parallel channel to stir up a spike of 24% from along the neckline of the inverse head-and-shoulders (H&S) pattern.
Chart from TradingView.com
Can Avalanche Slice Through Resistance At ?
To establish the bullish reversal following the token’s slump in the last couple of month, AVAX price retested the resistance levels twice without breaching it. The token nosedived a bit from July 22 to 26 giving way to an inverse H&S pattern, which when validated, may pump up AVAX price by 25%.
However, AVAX price will have to breach the descending parallel channel giving the token enough force to slice through the resistance at oHo .00. More so, AVAX should also maintain its price above the 50-day SMA to deter bearish corrections in the range between .50 and .50.
The social significance or social volume metric of AVAX has spiked immensely as seen in the period from July 26 to August 3 implying a bullish momentum as AVAX is gearing up to move at the support seen at .50.
Increased Investor Interest With Upcoming AVAX Hackathon
The token’s supposed rally towards .00 could happen with the increase in investor interest. Meanwhile, the launch of Avalanche’s hackathon happening in Seoul is a widely anticipated event as it brings together the most popular and reputable icons in Web3 such as Tracey Bowen, Mark Shim, and others.
The event is set to happen from August 11 to 12 which is said to trigger an uptrend for AVAX price shooting for .
According to CoinMarketCap, Avalanche price is showing a bearish stride as it faces resistance noted at .09 and support spotted at .99. Currently, AVAX price has dropped by 2.65% or .27.
Daily chart for AVAX price shows the token has been on a decline as the buyers were not able to punch the prices to surpass the resistance level of .09. Additionally, a head and shoulders pattern has also formed which means the prices can plunge back to the support of .99 and resistance of .09.
Crypto total market cap at .03 trillion on the daily chart | Source: TradingView.com
Featured image from AAX Academy – Chart from TradingView.com
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Seoul City Govt Launches Blockchain Governance Team for State Services
n The government of Seoul has launched its own blockchain governance team to explore applications in administrative servicesn
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ICON Showcases 3 Joint Blockchain Apps With Seoul Government
ICON’s initiatives to connect South Korea in its blockchain-powered ecosystem are gaining momentum. Recently, at the Blockchain International Digital Festival, which was hosted by the Seoul Metropolitan Government, ICON demonstrated the three main components of its blockchain ecosystem for the residents of Seoul – ICON Blockchain Identification Card, ICON Blockchain Vote, and ICON Blockchain S-Coin Payments.
What is in store for the residents of Seoul with ICON’s blockchain products?
The aim of ICON’s blockchain products is to create a more reliable, democratic, and prosperous society.
Blockchain Citizen ID Card: The Blockchain Identification Card is easy to set up. Users have to fill out their basic details, and then take their photo on their laptop via webcam.
Next, the users click a photo of the QR generated, which transfers the ICON ID Card to their mobile phone.
Blockchain Vote: The creation of the Blockchain ID Card would enable the user to access ICON’s voting system. The voting system has been created as a part of ICONLOOP’s collaboration with the Korea National Information Society Agency and the Korea National Election Commission. ICON has been acting as a blockchain technology consultant to the two bodies to build the “Next Generation Election System based on Intelligence Information Technology”.
The users who use ICON’s voting system to vote would be rewarded in S-Coin, which had a pegging for 1 S-Coin = 1 Korean Won in the demonstration.
ICON Blockchain S-Coin Payments: This blockchain product will enable users to transact cash-free and quickly. The users will be required to scan a QR code of the product which will transfer all the details of the product on to the app.
The payment for the scanned product can then be done automatically, cash-free with S-Coins.
Other Developments and Future Plans
ICON launched its mainnet in April this year and got off the Ethereum network onto their own blockchain network. Since then, ICON has seen a series of developments which include getting selected by the metropolitan government of Seoul as an operator of Seoul’s standard blockchain platform for ‘Seoul Blockchain Demonstration Project’.
In May this year, ICON partnered with TRIVE to create an educational ecosystem with a focus on blockchain technology. As a part of the collaboration, both entities will work on co-developing blockchain courses which will be included in TRIVE’s programming schools.
In June, Binance had announced that it would be swapping ICON’s ICX ERC-20 tokens for the mainnet ICX, five months after the release of the mainnet. ICON recently revealed that the official token swap for the ERC20 ICX Token had closed. The other exchanges which supported the token swap were OKEx, Upbit, Bithumb, Huobi, DragonEx, Bitrue, Gate.io, and WazirX.
ICON has also been discussing the possibilities of making Jeju the blockchain hub of Korea with the Jeju Governer. Earlier in October, Park Won-soon, the mayor of Seoul, announced a five-year plan to invest 8 million and develop the city as a blockchain-powered smart city. The mayor also suggested the use of the S-Coin within administrations of the Seoul Metropolitan Government.
The post ICON Showcases 3 Joint Blockchain Apps With Seoul Government appeared first on NewsBTC.
Seoul to Promote Blockchain Through a 100 Billion Won Fund
The Mayor of Seoul has unveiled plans that will further promote blockchain industries. His plans include a 100 billion won fund, as well as a large blockchain complex that will house over 200 companies.
Expanding the Blockchain Industry
Park Won-soon, Seoul’s acting Mayor rolled out the plans that aim to increase blockchain exposure and development.
This announcement came today from Zug, Switzerland, reports ZDNet. On his 11-day trip throughout Europe, the Seoul Mayor announced a five-year plan that will host over 200 companies. Furthermore, he plans to create a fund for supporting blockchain projects and activities.
In his announcement, Park expressed support and faith in blockchain technology. He stated that the fourth industrial revolution will undoubtedly be centered around blockchain. He expects it to shape the future, and allow Seoul to become the center of this industry’s ecosystem.
Blockchain, which is known for its connection to cryptocurrencies, can revolutionize existing industries. It is capable of performing and keeping track of transactions without any central server. Instead, participants themselves can do all the work, and get rewarded in the process. So far, the blockchain is said to have the potential of reaching and affecting nearly every branch of industry.
Seoul Blockchain Plans
Seoul will start the fund with around 13.6 billion won. The rest is expected to come via public and private investments. Eventually, the fund is expected to reach 100 billion won ( million). It will be used for supporting tours, conventions, and similar promotional events.
As for Seoul’s other plan, large housing complexes are to be created within existing buildings in two of the city’s districts. Districts in question are Gaepo and Mapo. Together, the two complexes can host around 73 blockchain firms. However, Seoul plans to expand them further by 2021. The end goal is to create the Seoul Global Block Center, which will house 120 more companies.
Park claims that the two complexes will require around 60.3 billion won to be built. The project will also create two training centers. These will cultivate around 730 experts in the field of blockchain within the next five years.
Seoul has already started entering partnerships to kickstart these plans. So far, these include Kakao’s blockchain subsidiary, Ground X, as well as Samsung SDS.
Featured image from Shutterstock.
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