Hackers spirit away over $300M in Bitcoin from DMM Bitcoin

Korean Crypto Exchanges Struggle Despite Market RecoveryThe results of a recent study by the South Korean Financial Intelligence Unit (FIU) released on Monday revealed that ten domestic cryptocurrency exchanges have reported zero revenue from transaction fees, with half of them struggling to achieve a daily average trading volume of KRW 1 million ($740).Photo by Maxim Hopman on UnsplashTrends of growth and declineThe study looked into data from 35 registered virtual asset service providers (VASPs) for the first half of this year. The findings showed that compared to the second half of last year, the crypto market capitalization and Korean won deposits increased, but exchanges faced growing challenges, illustrated by a widening gap between leading fiat-to-crypto exchanges and smaller crypto-only exchanges.In the first half of this year, the operating profit of won-based exchanges reached KRW 259.8 billion (approximately $193 million), a 46% increase compared to the second half of last year, which recorded KRW 177.9 billion. In contrast, crypto exchanges recorded an operating loss of KRW 32.5 billion. Notably, out of 21 crypto-only exchanges, 10 of them reported no revenue at all from transaction fees, and 18 were in a state of complete capital impairment. Meanwhile, the operating profit of won-based exchanges was concentrated among the country’s top two exchanges, Upbit and Bithumb.But from a broader perspective, as of the end of June, this year’s total capitalization of the crypto market reached KRW 28.4 trillion — a 46% increase compared to the end of the second half of last year. Korean won deposits also increased by KRW 400 billion, or 11%, compared to the previous half. The overall operating profit was KRW 227.3 billion, up 82% from KRW 124.9 billion at the end of the second half of last year.“The first half of this year saw a rise in prices of virtual assets and investor sentiment, leading to an increase in Korean won deposits, overall market capitalization, and operating profits for exchanges, compared to the second half of 2022,” the FIU remarked.The number of new listings and delistings on virtual asset exchanges also surged with 169 new listings and 115 new delistings. These represented a more than double increase and a 47% increase, respectively, compared to the second half of last year. 66% of the delisted crypto assets were coins that had been exclusively listed on a given exchange.Despite the market’s recovery, trading volume and the number of users have slightly decreased. The daily average trading volume in the domestic crypto market for the first half of this year was KRW 2.9 trillion, down 1.3% compared to the second half of 2022. In addition, the number of registered accounts with VASPs also dropped by 19% to 9.5 million compared to the end of last year. This can be attributed to a growing number of dormant accounts and the removal of duplicate accounts.The quantity of verified users has also declined. The number of individuals and corporations that had completed the mandatory Know Your Customer (KYC) procedures needed to engage in trading decreased by 210,000 to 6.06 million (including duplicates) compared to the end of 2022. The majority of users, or those who own less than KRW 1 million in virtual assets, dropped by 7%.On the other hand, the amount of virtual assets leaving the country increased. In the first half of this year, a total of KRW 22.1 trillion was transferred to whitelisted overseas operators or individual wallet addresses, marking a KRW 500 billion increase compared to the second half of last year. This trend could be accredited to futures trading and arbitrage trading influenced by the so-called “kimchi premium” — a term used to describe the difference between trading prices of cryptocurrencies in Korea and in other foreign exchanges.Age demographicsOther findings showed that the age group that traded the most virtual assets is in their 30s, accounting for 30% of all users. Within this group, men make up 70%, with 1.27 million men recorded as engaging in crypto trading. Following closely with 1.2 million, men in their 40s were the second-largest demographic.

Hana Financial and FSS join hands to foster young digital talentHana Financial Group said Sunday that the South Korean financial holding company held a proclamation ceremony for the second Hana Digital Power On Project last Thursday — a program designed to cultivate young digital talent in emerging technologies like blockchain and big data — at the Hana Global Campus in Incheon.Support from tech juggernautsThe program, sponsored by the Korean Financial Supervisory Service (FSS) and several tech giants such as Google, Amazon Web Services, Microsoft, and SK Telecom, was first held last year. This year’s project saw the participation of over 50 individuals forming 16 teams, Hana said.Photo by Marvin Meyer on UnsplashCompetitions and trainingA contest centered around new digital technology was also held on the same day. Participating teams proposed ideas for solving issues that may arise in the financial industry using artificial intelligence, blockchain, cloud computing, and big data technologies.Winning teams will be rewarded up to KRW 10 million (approximately $7,500) in prize money along with the opportunity to visit several information technology companies. They will also have the chance to participate in a hackathon competition organized by SK Telecom to further develop their ideas.They will also undergo a four-week digital education program put together by Google, Microsoft, and Amazon, as well as practical training provided by the Hana Institute of Technology. Notably, graduates of the program will be exempt from going through the initial screening process when applying for positions at Hana Financial Group.Officials including Lee Bok-hyun, Governor of the FSS; Lee Hoon-kyu, Director of Future for Youth Foundation; and Ham Young-joo, Chairman of Hana Financial Group, were in attendance.“We will strive to cultivate young digital talent and create employment opportunities for the youth,” said Hana Chairman Ham. FSS Governor Lee also added that there is a need to secure interdisciplinary talents capable of generating innovative ideas.

Checkout.com Partnership Sees Alchemy Pay Extend Global ReachAlchemy Pay, a leading Singapore-headquartered fiat-crypto payment gateway, has announced a major collaboration with Checkout.com, a renowned payment processor serving global digital businesses.The partnership, announced by Alchemy Pay via a blog article published on Friday, allows the firm to seamlessly integrate Checkout.com’s Visa and Mastercard channels into its on and off-ramps, enabling effortless transactions between fiat currency and cryptocurrency worldwide. Furthermore, Alchemy Pay’s NFT Checkout product is also set to incorporate these channels in the near future, expanding the reach of the payment gateway even further.Photo by Jonas Leupe on UnsplashVisa and Mastercard integrationThe company claims that the integration of Visa and Mastercard payment rails via Checkout.com enables it to achieve one of the highest payment acceptance rates in the industry. This seamless integration allows users to easily buy and sell digital assets through Visa and Mastercard using the Alchemy Pay Ramp and NFT Checkout.Checkout.com is a leading global payments solution provider catering specifically to large global enterprise merchants, handling massive transaction volumes daily. In 2021 alone, the company processed hundreds of billions of dollars in payments. Its esteemed clientele includes major names such as Netflix, Farfetch, Grab, Sony, Pizza Hut, and Shein.As a premier payment processor, Checkout.com further strengthens its position by providing crucial support to prominent players in the crypto industry, including Circle and Kucoin, among others. The company’s offerings include higher global acceptance rates, enhanced conversion rates, reduced charge-backs, and comprehensive global coverage through a streamlined entry point.Bridging crypto and fiat economiesBy eliminating obstacles to widespread crypto and NFT service adoption, Checkout.com’s smooth conversion process aligns perfectly with Alchemy Pay’s mission of bridging the gap between fiat and crypto economies on a global scale.Digital assets don’t exist in a vacuum. The history of this new asset class is short, having emerged within a world where we have all engaged with a conventional finance system which continues to hold most of the wealth that exists. It’s vital therefore, that services like Alchemy’s broaden the ability to on and off ramp between crypto and fiat if we are to encourage ever greater participation in the crypto economy.Alchemy Pay has been actively pursuing collaborations with renowned global acquirers and payment processors to streamline its on and off-ramp processes. In April the company announced a collaboration that would see it enable domestic transfer payments in India via India’s Unified Payments Interface (UPI) system to effect crypto purchases. Earlier that month, it secured $10 million in funding from market maker DWF Labs, with the funding earmarked towards expanding the business within the South Korean market.Leveraging its payment channels, Alchemy Pay has successfully connected to key markets worldwide, enhancing its capabilities in global coverage and licensing, while also reducing transaction and operating costs.In addition to strategic partnerships, Alchemy Pay has an impressive track record of securing licenses in various countries and regions, including the United States, Canada, Indonesia, and Lithuania.