Haru Invest Announces Withdrawal & Deposit Pause

Late Korean artist Lee Jung-seob’s ‘Bull’ NFT on auction at OpenSeaNFT marketplace OpenSea is hosting an ongoing auction for a digital representation of the painting “Bull” by the late Korean artist Lee Jung-seob, Yonhap News TV reported on Tuesday. Celebrated for his distinctive lines in his paintings, Lee passed away in 1956. This auction is set to conclude on Dec. 12, with the starting bid placed at 300 WETH (Wrapped Ethereum), which is approximately equivalent to $626,000.Photo by Hans Eiskonen on UnsplashWhite bull as NFTLee’s “Bull,” featured in the OpenSea auction, is distinguished by its depiction of a white bull set against a dark green background. This particular piece is one of Lee’s unpublished works and is currently being offered for sale by a private art collector. Regarding the authenticity of the painting, the description on the OpenSea page states, “This work received a handwritten evaluation from Professor Jung Jum-sik, a founding member of the Lee Jung-seob Art Award, on November 9, 2000.”The current owner of the original artwork has expressed their intention for auctioning it as a desire to share a valuable piece of art. The painting originally belonged to poet Ku Sang and has since changed hands multiple times, experiencing some damage along the way. While the copyright for an artist’s work typically remains with their inheritors for 70 years posthumously, in the case of Lee Jung-seob, this period has already lapsed.Authenticity and NFT investmentsMeanwhile, art appraisal experts are advising caution, emphasizing the need to first confirm the authenticity of the original painting. This caution stems from the fact that the painting has not undergone evaluation by an official appraisal organization.During his interview with Yonhap, Jung Jun-mo, CEO of Korea Art Authentication Appraisal Inc., offered a word of caution regarding investment in NFTs tied to artworks with questionable authenticity. He emphasized that NFTs representing works that lack genuine authentication also hold no value in terms of authenticity. Jung advised potential investors to thoroughly verify the legitimacy of such artworks before proceeding with any investment in their NFT representations.Last year, many paintings of modern Korean artists were converted into NFTs, but they sparked controversy over issues of authenticity. Experts in art investment have since been advising thorough research prior to making any investments in these digital assets. They warn that losses incurred from transactions involving these NFTs fall squarely on the investors.

Blofin Expands Into Vietnamese MarketBlofin, a cryptocurrency exchange officially headquartered in the Cayman Islands but with a strong connection with China, has entered the Vietnamese market.That’s according to a press release issued on behalf of the company on Friday.Exploiting Vietnamese potentialVietnam has emerged as a global leader in cryptocurrency adoption, with approximately 21% of its population reported to own cryptocurrencies. Recognizing the immense potential of the country, Matt Hu, the Chinese CEO of Blofin, expressed his excitement about entering the Vietnamese market. He emphasized the rapid growth of Vietnam’s cryptocurrency industry, noting that the country has become an attractive destination for crypto ventures within a mere three years.“We take pride in offering Vietnamese users a reliable and accurate trading platform that fulfills their needs,” Hu stated.Photo by Tron Le on UnsplashBespoke market offeringIn line with this commitment, Blofin has developed a comprehensive product available in the Vietnamese language. Furthermore, the exchange has established dedicated support for the Vietnamese community to ensure a positive user experience and address any inquiries or concerns.To enhance user engagement, Blofin is actively building connections with influential figures in Vietnam, collaborating with innovative projects, and engaging with local crypto communities. By fostering these relationships, the exchange aims to become an integral part of the Vietnamese cryptocurrency ecosystem. Blofin stands out among its competitors by providing unmatched convenience and security for crypto futures trading.Those are the aspirations of the company but in no way can it expect to achieve this without significant market challenges. In Vietnam, the platform will go head to head with existing market incumbents, Binance, Exness, and Skilling. Binance is the market leader, supported by a depth of market trade volume.There is also the potential for future obstacles in terms of local regulation. In the past, the Prime Minister of Vietnam, Pham Minh Chinh, has said that there’s a need for the Southeast Asian country to scrutinize cryptocurrency regulation. Additionally, the State Bank of Vietnam has warned previously that cryptocurrencies present a risk to Vietnamese consumers insofar as they are not protected by Vietnamese law in owning, trading, and using them.Enticing futures tradersLaunched in January, Blofin’s cryptocurrency futures trading offering attempts to provide users with an exciting and rewarding experience. The platform incorporates pragmatic security measures, including AI-powered algorithms, robust infrastructure, and comprehensive analysis tools. Designed to provide all users with equal, transparent, and highly effective trading opportunities, Blofin invites the best and brightest futures traders to join its pioneering program.Blofin has been around since 2019. In May of last year, it launched the Blofin App as a one-stop investment and asset management platform. The company has obtained money services business (MSB) licensing from FINCEN in the United States. It has also obtained a fund license from the Cayman Islands Monetary Authority (CIMA). According to a press release published last year, it has also been working towards licensing in Hong Kong, Canada, and Singapore.The entry of Blofin Exchange into Vietnam’s thriving crypto market should serve to enhance the depth of market infrastructure available to Vietnamese users, contributing towards the further development of the digital asset revolution.

Korean Financial Watchdog Warns Investors Against Crypto ScamsThe South Korean Financial Supervisory Service (FSS) issued a press release today to warn investors against fraudulent cryptocurrency investment schemes.406 reported scams in two monthsBetween June 1 and July 30, the FSS received a total of 406 reports of crypto scams that lured individuals with false promises of high returns. Some of these perpetrators went to the extent of misrepresenting themselves as employees at crypto exchanges or project foundations. The FSS installed a virtual asset scam report center two months ago, which will run until this year’s end, as an interim measure before the implementation of the Virtual Asset User Protection Act in July of next year.Photo by Growtika on UnsplashSix scam typesTo strengthen its efforts, the FSS has shared six reported case types with the public and has issued investment warnings accordingly. Investors are advised to exercise caution when dealing with unlisted cryptocurrencies at low prices, as accurately determining their value can be challenging. Similarly, the FSS cautions against investing in cryptocurrencies sold at low prices with trading restrictions, as this could lead to difficulties in liquidating tokens if the price drops.The FSS also emphasizes the importance of being wary of cryptocurrencies with low trading volumes, as they can experience drastic price fluctuations due to limited activity. To prevent falling victim to impersonation scams, investors are urged to be cautious of individuals claiming to be employees of domestic virtual asset service providers or presenting official documents to solicit investments.Furthermore, the financial watchdog stresses the risks associated with suspicious requests associated with electronic wallets, particularly connecting to them via unsolicited emails, as they pose a high risk of being hacked.Lastly, the watchdog warns against falling for promises of high returns linked to cryptocurrencies endorsed by celebrities or well-known companies, as these may be illegal deposit-taking activities performed by unlicensed entities. The FSS advises investors to remain vigilant, conduct thorough research, and approach investment opportunities with skepticism to protect themselves from potential crypto scams.