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South Korean Probe Sparks Crypto Carnage
01-08-2018, 11:02 AM,
South Korean Probe Sparks Crypto Carnage
South Korean Probe Sparks Crypto Carnage

<p>Amid headlines that <strong>South Korean regulators are inspecting 6 banks</strong>, including Industrial Bank of Korea, that provide virtual accounts to companies related to cryptocurrency, has <strong>sparked selling pressure across the entire space with Ripple down almost 20% today.</strong></p>

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<p>Bloomberg reports that South Korea's Financial Services Commission Chairman Choi Jong-ku said in a speech text:</p>

<ul><li>There’s <strong>high possibility cryptocurrency transactions could be used in money laundering</strong>.</li>
<li>South Korea to <strong>suspend virtual account</strong>- related operations of banks if they are found to have broken laws related to cryptocurrency.</li>
<li>Regulator also <strong>strengthen probe into cryptocurrency exchanges over price manipulation</strong>, money laundering, pyramid scheme.</li>
<li><strong>Side effects of cryptocurrency "serious"; </strong>regulator will consider all measures including shutdown of cryptocurrency exchanges.</li>
<li><strong>Cryptocurrency fever in S. Korea is much stronger than other countries;</strong> regulator won’t let S. Korea take the lead in abnormal cryptocurrency trading.</li>
</ul><p>And the last few days have seen that Korean exuberance being smashed out of cryptos.</p>

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<p>Ethereum remains the YTD winner for now, but as is clear Ripple quickly went from hero to zero as the volatile trading continues.</p>

<p>Bitcoin is back below $15,000...</p>

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<p>Ethereum is holding above $1000 for now...</p>

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<p>and Ripple is testing significant support...</p>

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<p><a href="">As CoinTelegraph reports</a>, as speculative investments into Bitcoin and altcoins continue to trouble regulators worldwide, <strong>Korea has taken a hardline stance in recent months.</strong></p>

<p><a href="" target="_blank">New legislation</a><strong> will seek to place heavy restrictions on how cryptocurrency exchanges can operate in the country, as well as who can use them and to what extent.</strong></p>

<p>South Koreans will likely only be able to hold one exchange account linked to their real name, while tax obligations are also being overhauled regarding profits.</p>

<p>Reporting on the inspection, Yonhap News Agency appeared to forecast a predatory climate for exchanges.</p>

<p><strong>“They (the FIU and FSS) are seeking to cut off fund inflows into cryptocurrency exchanges and shutter cryptocurrency exchanges that have loopholes in their system,” </strong>it claims.</p>

<p>What these “loopholes” might entail remains vague, yet the security setup of principal exchanges has come into the spotlight following an <a href="" target="_blank">organized hacking attempt</a> by a Korean news agency.</p>

<p><strong>Using private white-hat hackers, the agency successfully gained entry into exchange accounts it set up maliciously, bypassing even two-factor authentication, it reported last month.</strong></p><img src="" height="1" width="1" alt=""/>

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