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North Korea Set Up A Blockchain Company To Launder Money: UN

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A Hong Kong based blockchain company has been recently established by North Korea in order to launder money, according to a new quarterly report from the UN Security Council’s Sanctions Committee on North Korea.

As reported by the Chosun newspaper which is from North Korea, the country employed a shipping and logistics firm called Marine China which runs on a blockchain platform. The goal was to avoid international sanctions by laundering stolen cryptocurrency.

“A quarterly report by the committee says that the North set up a shipping and logistics firm run on a blockchain platform in Hong Kong in April to evade international sanctions,” the source claims.

As the blockchain news show, the report claims a man named Julian Kim who is under the alias Tonoy Walker. He was the sole owner and investor in the firm and had attempted to withdraw money from banks in Singapore on several occasions.

As the news outlet Chosun says, the UN claims the laundering scheme (involving another individual linked to the firm as well) circulated the stolen cryptocurrency through upwards of 5,000 transactions in multiple currencies that were planned to obfuscate its source.

In the report, we can also see that North Korea has developed precision “spear-phishing” attacks. Over the past three years, a UN report said, 17 countries have been targeted by the hacking experts resulting in over $2 billion in losses – a figure that the regime has denied.

Chosun added that the report also notes the development of malicious code used to move stolen Bitcoin to a server located at Pyongyang’s Kim Il-sung University. There are now severe sanctions against North Korea from the UN and other international bodies have pushed the country and its regime towards cryptocurrencies over time.

Other reports from the Vice showed that the country is developing its own cryptocurrency with properties similar to Bitcoin in order to sidestep international sanctions.

In the report, we can also see a hacker from North Korea who used a method of called “spear phishing” in order to select a target and launch precision attacks. The North used the method to hack into the computer network of a bank in Bangladesh in 2016. Altogether, more than 17 countries have been targets of North Korean spear-phishing over the last three years and the damage is an estimated $2 billion.

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Blockchain News

Crypto Exchange Execs From South Korea Jailed For Fraud

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Crypto exchange execs from South Korea were convicted by the South Korean court including the head of cryptocurrency exchange Coinup for fraud; he’s been sentenced 16 years in jail. The company’s vice president was sentenced 11 years in jail, and also eight other executives were given jail time. Let’s read further in the cryptocurrency news today.What is one of the boldest crypto-related fraudulent schemes in South Korean history, involves the scamming of hundreds of investors out of a total of over USD 386 million as per the Korean court in Seoul found “Cash Kang” (real name Kang Seok-Jung) the CEO of Coinup guilty.Kang and his accomplices made fake images showing massive overseas data centers, a fake video, and an English language new platform, going so far to Photoshop and distribute a picture of Kang standing next to the South Korean President Moon Jae-In on the cover of a false publication, per Ilyo Seoul, as found in a campaign lead by the South Korean police started in 2018 and ended February of 2019.Coinup even got mainstream media attention with the organizing of a meeting for potential investors making daring promises for profitable rewards for investors, at the leading convention center in South Korea; the COEX in Seoul, where the event had an estimated 5,000 attendees.
 “The victims are also responsible for the scale of the damage. They investing excessively in the hope of obtaining high returns over a very short period of time."
In the investigation, more than 60 Coinup personnel were arrested by the police. The court sentenced six of the arrested crypto exchange execs and accused besides the CEO and vice president, with jail sentences of six to nine years of prison.The court heard how Kang and his accomplices used the investors’ money to award themselves a good share of the fund whilst making some investments in bad and worthless crypto. MBC reports that only assets in the worth of USD 258,000 were seized by the police despite the amassing of USD 386 million. The judge presiding the court council said that Coinup’s scam was “highly organized and paid great attention to detail."
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Blockchain News

PrimeBit Offers 200x Leverage On Crypto Derivatives Market

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PrimeBit, P2P crypto exchange which is a very popular alternative margin trading option, beats the competition with the maximum 200x leverage on its platform. Let’s find out more in the cryptocurrency news today.The idea with P2P exchanges is to exchange derivatives with other members of the community with a clear flat fee. There are a few other crypto-futures platforms available but PrimeBit offers 200x maximum leverage offer. Margin trading is all about making good profits without having to risk a lot of money. The leverage allows you to open positions at a much higher level than you deposit. For example, a 10x leverage and $100 deposit can bring you to order worth $1000.If the market goes the opposite way and you are trading with a 100x leverage, the funds may vanish quickly but luckily, you will get covered as the downside is limited by the size of the deposits and the upside is often unlimited. That’s why it is very important to understand that if a platform offers a 200x leverage, you can trade with a different margin on each account. Primebit offers 1x, 2x, 5x, 10x, 25x, 50x, 100x and 200x. This leverage is great because you can make a profit instantly despite the markets being stagnant.The crypto contracts trading platform offers the highest leverage only if it can provide the best auto-deleveraging system that is able to close the position if the margin is too low to cover it. PrimeBit offers the best conditions but the runner-up changes depend on each cryptocurrency. Bitcoin is the most popular choice among the crypto contract traders and the platform offers a maximum leverage of 200x on BTC/USD while Binance takes second place with 125x leverage.Ethereum contracts trading conditions are much more different. While PrimeBit offers great leverage, the competitors have lowered the standards and Binance has even cut the maximum leverage by 20 percent with a 100x leverage. The difference between the platforms increases when it comes to Litecoin. While PrimeBit offers a 200x leverage, Kraken crypto exchange also offers great conditions that are four times smaller than those of the leader. Apart from this, BitMEX can offer substantial leverage as well.
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Altcoin News

Bithumb Global Launched Native Coin For Its Custom Blockchain

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Bithumb is one of the leading cryptocurrency exchanges. In the latest initiative which is viral in the cryptocurrency news, we can see that the organization named Bithumb Global launched a native coin for its Bithumb Chain, which is the custom blockchain of the exchange.The token was launched under the "BT" ticker and is named Bithumb Coin. The main idea behind it is to see it work as a medium of exchange for the ecosystem. As the company revealed in an official statement this Tuesday, the Bithumb Chain is expected to launch at some point in the first quarter of 2020.When talking about mechanics and features, we can see that Bithumb Global is planning to mint a hard cap of 300 million Bithumb tokens (BT). Half of the revenue that the exchange has will be used to burn 50% of BT and its token supply over time. This is very similar to the case of Binance Chain and its Binance Coin (BNB). The BNB coin news showed a supply of 150 million tokens.The initial distribution will be split between the on-exchange incentives and the chain development, accordingly. According to Bithumb Global, the exchange will also use the coin for fees related to handling, rights to use Bithumb Chain and future payment mechanisms. Earlier this month, the exchange also announced its "Exchange-as-a-Service" feature which will develop decentralized finance applications or DEX protocols using Bithumb Chain as its main part.Bithumb Global noted that the Bithumb Coin (BT) tokens can be also used to vote in chain governance such as investment decisions when it comes to Bithumb Chain. A part of the exchange's Korea branch operates out of Singapore with an average daily trading volume of around $700 million, as data from CoinMarketCap shows.The global digital asset exchange Bithumb is known for the trust, brand reputation and fund custody which are all factors that secure the users' assets, their website shows. With financial derivatives and preferred projects, the exchange is committed to showing users a lot of possibilities for wealth discovery. The Bithumb exchange is operated by Bithumb global with an app that can be downloaded via the Google Play Android store or iOS App Store.
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Blockchain News

BitMEX Traders Start Getting Phishing Emails After Data Leak

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BitMEX traders started getting phishing attacks after they had their details leaked as a part of the recent privacy breach that happened on the exchange as we read previously in the crypto news before.The crypto exchange accidentally leaked about 23,000 of its users’ email addresses earlier this month. One Reddit user disclosed more details about how the phishing attacks started against him after the leak. Apparently there is an email from Blockchain.com that redirects Bitmex traders to a different website to eventually download the malware onto the system. The email leak occurred during the platform update on November 1.BitMEX’s system had not been used since 2017 thanks to its policy of avoiding sending a lot of emails and the exchange has since grown substantially in terms of a number of users since then. After hitting the send button, It looked like the email would take about 10 hours to send to all of the accounts. The efforts to update the system to reduce the time didn’t go too well through the usual quality assurance checks and this was the reason for the leak as well. In the ‘’To’’ field of the email, received by those impacted by the leak, there was a long list of other users’ emails visible. According to the blog post, BitMEX acted quickly to limit the damage but a huge chunk of the addresses were already exposed.It seems like the scammers are now taking advantage of the users’ details since Reddit user reported an example of the scam that was associated with the leak. The user claims to have received a message claiming to be from Blockchain.com where the victim is asked to follow a link to receive a payment. However, the link directs to another site and asks for malware to be downloaded. Whether your email address is on the scammers’ list, you should follow the precautionary measures when dealing with unsolicited emails that often offer some king of financial gain. Always make sure to check the sender and if it doesn’t look legitimate, delete the message.If you open the email, make sure you don’t click on any links otherwise you can end up being scammed. The Bitmex traders and users were scammed mainly because the malware was included in the scam or had keylogging capabilities.
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