Tether eyes South Korean market as stablecoins gain momentum

Bitget Introduces Innovative MPC Wallet for Enhanced SecurityBitget, the Seychelles-registered crypto derivatives platform, has unveiled a cutting-edge security and key management feature that could potentially be a game changer in terms of the way users safeguard their assets.Photo by Shubham’s Web3 on UnsplashIntroducing Multi-Party Computation (MPC)As confirmed via a press release on Tuesday, the Bitget team has introduced the Multi-Party Computation (MPC) wallet service to its Bitget Wallet, a relatively new solution in the realm of cryptocurrency security. This development comes on the heels of the launch of the account abstraction wallet service powered by the Ethereum scaling protocol Starknet in July.The introduction of the MPC wallet could well be a paradigm shift relative to crypto security as it leverages a distributed key generation mechanism, distributing multiple key shares to various locations under the control of different parties. This approach introduces a robust process, demanding that the owners of these distributed private key shares collectively sign and authorize transactions.Notably, the MPC wallet shatters the conventional industry practice of relying on users to store or memorize mnemonic phrases and private keys. In a departure from the current norm, this wallet streamlines the user experience by eliminating the need for mnemonics and instead implementing a password-based authentication method provided by Bitget, effectively eliminating the reliance on a single-point private key.Unlocking MPC technologyBitget’s vision with the MPC wallet is to deliver a user experience reminiscent of traditional Web2 products and services. From a technical standpoint, the MPC wallet is rooted in a threshold signature scheme, employing secure large prime numbers to underpin its security architecture.This consumer-oriented development mandates a minimum number for signature authorization, requiring two-thirds of the total key shares to complete the signature necessary for authorizing a transaction. Notably, the final key share finds secure refuge on a backup cloud server, contributing to a highly decentralized and secure ecosystem.Moreover, the MPC wallet offers a robust sharing mechanism that automatically invalidates key shares on older devices when new devices are integrated. This innovative feature substantially mitigates the risk of key shares being compromised on outdated or forgotten devices, reinforcing user confidence and security.Trending towards crypto self-custodyBitget’s introduction of the MPC wallet underscores the growing significance of self-custody in the cryptocurrency space. In the wake of high-profile failures and security breaches on centralized exchanges, such as FTX, self-custody has emerged as a paramount consideration for cryptocurrency enthusiasts and investors.As a testament to this trend, in March 2023, Ledger, a prominent hardware wallet manufacturer, secured $109 million in funding to bolster hardware production and develop novel products, underlining the increasing demand for secure and user-centric solutions in the crypto world.Bitget Wallet is a rebrand of the wallet produced by BitKeep, a Singapore-based project which Bitget acquired earlier this year. The crypto platform has been working on various initiatives that go some way towards reassuring customers. It had previously introduced proof of reserves reporting. While this system doesn’t provide the whole picture, proof of reserves does go some way in reassuring customers that their funds are still held by the platform and not loaned out or otherwise removed from the platform.

Korean Blockchain Experts Suggest Tackling Everyday Challenges with Blockchain AdoptionAt a recent blockchain conference, experts from the Korean industry proposed that the adoption of blockchain could be amplified by addressing daily challenges such as parking problems, according to a report by local news outlet Decenter. They also believe that blockchain has the potential to enhance the quality of life by fostering community solidarity. For this vision to be fully realized, they emphasized the crucial role of government policy support.Photo by Filip Filkovic Philatz on UnsplashBlockchain and parking managementOn October 30 at the 2023 Global Blockchain Incheon Conference (GBIC) in Songdo, Incheon, several applications of blockchain technology were highlighted. Kim Jung-eun, a professor at the Graduate School of Engineering at Inha University, discussed the benefits of integrating blockchain into the management of shared parking lots. She underscored that while privately opening up idle parking lots in locations such as villas can introduce concerns of theft and time violations, blockchain technology can address these challenges. By documenting vehicle details on the blockchain and controlling usage time with smart contracts, the parking process can also become more transparent and trustworthy.Enhancing a city’s image through civic unityBuilding on the theme of blockchain’s societal benefits, the conference also touched on its prospects to enhance civic unity. Kim Hyung-joon, a professor at Pai Chai University, highlighted the significance of civic solidarity in enhancing a city’s image. He drew attention to Stockholm, Sweden, lauding it as one of the happiest cities globally and emphasizing the vital role a sense of community plays in such acclaim. Professor Kim believes that promoting a robust community feeling through Web3 platforms and decentralized autonomous organizations can boost a city’s competitive edge. He stressed that this approach should be paired with policy initiatives that actively support Web3 and blockchain technologies. With the technology being mature, Kim underscored the pivotal role governments play, noting that numerous projects have been stifled by restrictive regulations.Four strategies for the Web3 industryAt the same event, Professor Park Soo-yong from the Computer Science and Engineering Department of Sogang University shared insights on strategic approaches for the burgeoning Web3 industry. He emphasized four primary strategies: bolstering the Web3 gaming and entertainment sectors, cultivating talent for the evolving digital economy, advancing digital asset innovations and financial systems, and urging transformation within governmental agencies. Professor Park highlighted the current division in jurisdiction — with the entertainment industry overseen by the Ministry of Culture, Sports and Tourism, and the digital asset sector regulated by the Financial Services Commission. He asserted that consolidating these sectors under one unified jurisdiction could drive significant progress.In a related note, a study from Emergen Research projects a bright future for the Web3 market. It’s forecasted to experience a compound annual growth rate (CAGR) of 43.7% between 2021 and 2030. This would see its revenue grow from $3.2 billion in 2021 to $81.5 billion in 2030.

Seoul police arrest 24 in $11.6M crypto investment scamForty-nine individuals involved with six investment fraud rings, which ran fraudulent cryptocurrency investment websites promising returns of 500% on the day of the investment, have been referred to South Korean prosecutors, according to a report by local news outlet Edaily. Korean police have arrested and detained 24 members of these syndicates and issued Interpol red notices for nine individuals, including two leaders based abroad.The Cyber Investigation Unit of the Seoul Metropolitan Police Agency (SMPA) announced on Tuesday (local time) that they have handed over a total of 49 individuals involved in the fraudulent scheme to the prosecution. These individuals collectively defrauded 253 victims out of KRW 15.1 billion ($11.6 million) by masquerading as investment advisors and luring the victims into chat rooms designed to offer fake investment opportunities. The police have charged them with fraud and violating the law against hiding illegal earnings, confiscating KRW 1.6 billion of the illicit funds.Photo by Bermix Studio on UnsplashOverseas leadershipTwo South Korean leaders are alleged to have orchestrated a crypto scam from the Philippines and other locations. Between September 2020 and April of last year, they recruited teams to work through Telegram, a messaging app, to execute various tasks, including withdrawing and laundering victims’ funds, managing bank accounts, running websites and enticing and defrauding victims. They imitated a legitimate investment firm to create a bogus cryptocurrency investment website and also operated chat rooms on Korean mobile messaging platforms to facilitate their scam.The fraudsters involved in this cryptocurrency scam operated by employing a database containing 1.62 million pieces of personal information illegally obtained through Telegram. Using this information, they randomly invited potential victims into chat rooms.Luring victims with promises of 500% returnsParticipants in the scheme took on multiple roles to share fabricated success stories about investments to lure individuals to their fraudulent site. They enticed victims with promises of a 500% return on the day of investment.Once lured to the site, victims were presented with manipulated images that showed fictitious investment returns, persuading them to invest money. The scammers would then entice victims to pay even more, citing taxes and extra fees. Eventually, the fraudsters would cut off the victims’ access to their accounts. The stolen funds, ranging from KRW 2 million to KRW 430 million per victim, were laundered through currency exchanges or by buying gift certificates.After 253 similar complaints were filed nationwide, police consolidated these reports and initiated an investigation in January of last year. During the investigation, they uncovered the participation of several local teams in the fraudulent operation. From March 2022 to last month, all Korean members involved were apprehended, except for nine individuals now on Interpol’s wanted list. Police are working on extraditing one of the two masterminds orchestrating the scheme from abroad after the person voluntarily surrendered. The other ringleader remains at large, flagged as a fugitive by Interpol, and authorities are pursuing their extradition.Oh Kyu-sik, who leads Cybercrime Investigation Unit 2 at the SMPA, has warned that chat rooms promising high returns on investments in virtual assets, stocks and futures should be approached with caution due to the high risk of fraud. He recommends that investors should verify the legitimacy of cryptocurrency investment sites by checking for any fraud reports listed on the Financial Intelligence Unit (FIU) website. Additionally, he suggests confirming the authenticity of investment companies through the FINE portal, which is operated by the Financial Supervisory Service (FSS).