Korea’s Most Populated Province to Conduct Survey on Unfair Crypto Trading

Korean crypto exchange Upbit adds one-second interval chartsSouth Korea’s largest cryptocurrency exchange, Upbit, now offers one-second interval charts for its users.Dunamu, the blockchain and fintech company behind Upbit, announced on Friday (local time) that it has introduced a one-second interval feature to Upbit’s “original” charts. This makes Upbit the first Korean cryptocurrency exchange to offer this functionality.Photo by m. on UnsplashResponding to user demandUpbit has rolled out this one-second interval feature in response to user demand. This addition facilitates a broader range of investment strategies, allowing Upbit users to fine-tune their decisions based on their investment preferences. Now, the time frames available on Upbit are 1 second, 1 minute, 3 minutes, 5 minutes, 10 minutes, 15 minutes, 30 minutes, 1 hour, 4 hours, 1 day, 1 week and 1 month.A representative from Upbit said that they have incorporated the one-second interval feature into their original charts to provide users with quick and easy access to virtual asset price information for their investments. The official added that the company will remain committed to fostering a user-friendly and comfortable trading environment.Available on both web and mobileUsers can access the one-second interval feature on both the web and app versions of Upbit. To utilize this feature, they can select the “1s” time frame on the original charts found under the “Exchange” tab of Upbit.

Bithumb Introduces Crypto Data Service Amid Fight for ProfitabilityBithumb, one of the major cryptocurrency exchanges in South Korea, has announced the launch of a new service called Insight, aimed at providing real-time data and analytics about crypto trading. This strategic step is seen as part of Bithumb’s response to address its recent profitability challenges.Market patterns and trendsThe service, as reported by local news agency Yonhap News, leverages customers’ data to deliver market patterns in real time. By utilizing Insight, users can gain access to information such as the top three most-searched cryptos, rankings of price growth over specific periods, and price trends of major cryptos.In addition to these features, Bithumb offers insights into the trading behavior of the largest investors on the platform by showcasing the types and proportions of cryptocurrencies they purchased on the previous day. This functionality enables ordinary investors to gain a glimpse into the strategies employed by these influential players.Bithumb provides indicators that identify cryptos experiencing upward momentum or reaching their lowest points. Users can also access other data, including Bitcoin dominance, which indicates Bitcoin’s market capitalization relative to the overall crypto market cap. Additionally, the service presents information regarding the volatility of recently listed cryptos and those that have been flagged by the exchange as potentially concerning.Photo by Алекс Арцибашев on UnsplashDesktop and Android firstThe service is accessible today starting from 11:00 AM (Korea Standard Time) on desktop and Android. The iOS version is set to be released at a later time.Recent strugglesThe Korean crypto exchange’s move comes after Bithumb Korea, the exchange’s operator, has embarked on streamlining its businesses. Due to difficulties in generating profits, Bithumb Korea shut down its tech solution subsidiary Bithumb Systems, which was responsible for developing blockchain and exchange technology.Prior to that, the Bithumb exchange had closed its research center due to a decline in trading volume, even though the facility had significant value in aiding investors to make more knowledgeable choices.

Cryptocurrency Losses Surge to $686 Million in Q3The cryptocurrency industry has witnessed a turbulent third quarter, with losses surging to $686 million. This unsettling development marks the worst quarter of the year, contributing to $1.4 billion in total losses year-to-date.Photo by GuerrillaBuzz on UnsplashImmunefi reportThese alarming statistics have been unveiled in a report by Singapore-headquartered blockchain security firm Immunefi. According to the report, the number of crypto hacking incidents skyrocketed by 153% year-over-year in the third quarter, with 76 separate incidents recorded.This stands in stark contrast to the same period in 2022, which saw a mere 30 hacking incidents. Furthermore, the losses resulting from these incidents witnessed a 60% increase, surging from approximately $429 million in Q3 2022 to the current level of $685 million. This marks the highest loss recorded for the year.Devastating hacksOf these incidents, two major hacks targeting Mixin Network and Multichain were particularly devastating, accounting for nearly half of the total losses in the quarter at $326 million. The Mixin Network hack, attributed to North Korean-sponsored hackers known as the Lazarus Group, underscores the involvement of state-backed actors in crypto-related cybercrimes.The Lazarus Group’s fingerprints were also found in major hacks of cryptocurrency exchanges, including CoinEx, Alphapo, and Stake, as well as digital payments firm CoinsPaid. Web3 projects based in Japan have been particularly hard hit by the hacker group’s activities. The group was responsible for losses exceeding $200 million.An overwhelming majority of the total Q3 losses, approximately 97%, were attributed to hacking incidents, while frauds and scams constituted a mere 3%. Decentralized finance (DeFi) protocols bore the brunt of the damage, with nearly $500 million lost, compared to over $185 million stolen from centralized exchanges and services. This highlights the vulnerability of DeFi platforms and the intricacies of smart contract code that underlie many of these applications.Among the targeted blockchains, Ethereum, BNB Chain, and Coinbase-incubated Base blockchain were the most prominent, with Ethereum being hit by 35 out of 82 chain losses. These platforms were singled out due to the substantial funds they held and the high level of activity on their networks.Greater recovery effortsThough the situation may appear bleak, there is a glimmer of hope in the form of recovery efforts. Immunefi reports an 8.9% recovery rate, with $61.2 million of stolen funds successfully reclaimed in six cases. Notably, Mixin Network recently introduced a $20 million “bug bounty” in a bid to incentivize the return of stolen funds, underscoring the cryptocurrency industry’s unwavering determination to combat these challenges.Immunefi itself has played a pivotal role in mitigating crypto-related risks, disbursing over $80 million in bounties and safeguarding more than $25 billion in user funds across various protocols. The company’s recent launch of on-chain vaults represents a significant step toward decentralizing its bug bounty platform, further fortifying security within the crypto ecosystem.