Korean Democratic Party to urge FSC to change its stance on spot BTC ETF

Dunamu Collaborates with Credit Institutions to Aid Young DebtorsDunamu, the operator of Korea’s leading cryptocurrency exchange Upbit, has announced its collaboration with the Credit Counseling and Recovery Service (CCRS) and the Social Solidarity Bank (SSB) to aid young debtors.©PexelfauxelsLUNC transaction fee revenueOn Thursday, Dunamu signed a memorandum of understanding with CCRS and SSB to propel the Dunamu Next Dream project. This initiative aims to return Luna Classic (LUNC) transaction fee revenue to the community.In September last year, Dunamu expressed its plan to allocate the LUNC transaction fee profits of 239.13025970 BTC for investor protection. The exchange operator, following the recommendations of an external advisory committee, decided to donate approximately 3 billion KRW (~$2.3 million) of these assets to public organizations and use the remaining funds for financial and credit support.Young debtorsThe project targets young individuals facing financial difficulties and debt repayment challenges in the wake of the extended COVID-19 pandemic and escalating interest rates. This reflects the pressing need for effective relief systems and preemptive measures in response to the recent increase in youth debt.A joint survey conducted jointly by Statistics Korea, the Bank of Korea, and the Financial Supervisory Service last year revealed that household debt for those aged 29 or under increased by 41.2% as of the end of March 2022 compared to the same period in 2021.This effort aims to address the economic instability among youths, which could potentially lead to a financial crisis. Through this agreement, the involved parties will offer various measures, such as emergency loans, financial consultations, and follow-up support, to alleviate the financial strain on young debtors and assist them to cultivate improved financial habits.Starting this year, the Dunamu Next Dream project will span three years and will gradually broaden its scope and beneficiaries.

Incheon City to leverage blockchain for construction transparencyIn response to growing concerns among Koreans over recent apartment complexes built with missing reinforcing bars and unauthorized materials, the city of Incheon is turning to blockchain technology to tackle these issues.Incheon City revealed on Thursday (local time) that it has submitted proposals for public sector blockchain projects offered by the Ministry of Science and ICT. This move aligns with the city’s goal of establishing itself as a blockchain hub. By partnering with both the public and private sectors, the city aims to provide beneficial services for its citizens.This year, the Ministry of Science and ICT will gauge interest across government agencies, municipalities and public institutions for six projects, with a combined budget of KRW 10 billion ($7.5 million). In 2024, they plan to select project implementers through a bidding process. The goal is to identify public service projects where the application of blockchain technology can offer significant benefits.Photo by C Dustin on UnsplashBlockchain-driven construction oversightIn October, Incheon submitted proposals for two blockchain projects. First, it introduced a “safety certification” service to promote transparency at construction sites. This service will harness blockchain-driven integrated control technology to transparently manage apartment complex constructions. It will utilize technologies like closed-circuit television (CCTV), Internet of Things (IoT) sensors and artificial intelligence (AI) to oversee the presence of authorized personnel and track the use of approved materials.The city felt the need for this service after observing the prevalent issues with missing reinforcing bars in newly constructed flat-plate structure apartment complexes and incidents of forgery and counterfeiting of material certificates.Blockchain and eco-friendly membershipAnother project Incheon has proposed is an integrated membership service centered on eco-friendly practices, with the goal of encouraging resource recycling.Incheon City currently runs recycling shops and automated recycling machines across its counties and districts to foster recycling habits. However, with different locations necessitating different apps, the city is aiming to consolidate these into a single platform. Additionally, it intends to leverage blockchain technology to enable citizens to verify their environmental contributions.Lee Nam-joo, Head of Incheon’s Future Industry Bureau, said that how technology should be used is self-evident. He emphasized the city’s dedication to introducing tangible services that address societal challenges and enhance public safety and convenience through the application of digital technology in public services and industrial sites.

HTX Hacker Returns FundsThe hacker responsible for the nearly 5,000 ETH exploit on the Seychelles-headquartered cryptocurrency exchange HTX (formerly known as Huobi) last month has decided to return the stolen funds.Towards the end of last month, the exchange fell victim to a hack, resulting in a loss estimated at around $8 million. According to on-chain data, the hacker has repatriated the pilfered cryptocurrency, marking a significant development in the aftermath of the cyberattack.Photo by Shubham Dhage on UnsplashHacker rewardedThe returned funds were sent back in two separate transactions, one consisting of approximately 4,000 ETH and the other totaling around 1,000 ETH. HTX advisor and Tron Founder, Justin Sun, took to X (formerly Twitter) to officially confirm the recovery. In his statement, Sun revealed that HTX had not only received all the stolen funds as promised by the hacker but had also extended a gesture of goodwill. HTX rewarded the responsible party with a “white hat bonus” amounting to 250 ETH, equivalent to a substantial $400,000.Sun expressed his satisfaction with the hacker’s decision, stating:“We have confirmed that the hacker has fully returned all funds, as promised, and we have also paid the hacker a white hat bonus of 250 ETH. The hacker made the right choice. We would like to express our gratitude to everyone in the industry for their help.”Hacker advisory messageDuring the return of the funds, the hacker conveyed a message on-chain, shedding light on the reason behind this act of restitution. The message read:“Received your message. White hat bonus to0x1Fc8674A51D6b97C968BE384337519CE7003152B. Your system hot wallet private key leak, you should change system hot wallet address and reduce the system hot wallet rate.”HTX, in response to the hacker’s decision to return the funds and in accordance with its commitment, promptly sent the white hat bonus to the specified address. The exchange also requested the hacker to provide a detailed security vulnerability analysis report to the email address htxsafe@htx-inc.com.This request aims to prevent similar incidents in the future, with assurances that the hacker’s privacy will be safeguarded.Justin Sun had confirmed the original hack in September, at the time reassuring the community that HTX had covered all losses arising from the attack and resolved associated issues satisfactorily.While acknowledging the severity of the hack, Sun pointed out that the stolen amount represented a relatively small fraction of the $3 billion in assets held by HTX’s users. To incentivize the return of the funds, HTX had even offered a reward of 5%, which equated to $400,000.However, Sun also emphasized that if the funds had not been returned within a seven-day window, the company would have been compelled to involve law enforcement authorities.Thankfully, it did not come to that, and the cryptocurrency exchange can now move forward with the confidence that its users’ assets are secure. This incident highlights the importance of cooperation and ethical choices within the crypto community, as well as the potential for resolution even in the face of cyberattacks.