Potential of Blockchain Technology in Korean Journalism

Top Korean Crypto Exchanges Witness Surge in Listings and Delistings During H1In the first half of this year, South Korea’s top five cryptocurrency exchanges experienced notable growth in the number of newly added cryptocurrencies to their platforms. However, they also observed a significant surge in the number of cryptocurrencies being delisted.Photo by Shubham Dhage on UnsplashDelisting and listingAccording to a report by local news outlet Etoday, the nation’s five leading exchanges Upbit, Bithumb, Coinone, Korbit, and Gopax ceased trading for a total of 51 cryptocurrencies during the first six months of this year. This marked an 88% increase compared to the 27 cryptocurrencies delisted in the previous six-month period. During the first half of last year, the number of delisted tokens was 48.Among the five exchanges, Coinone took the lead by delisting the highest number of cryptocurrencies, totaling 24. Bithumb followed with 14 delisted tokens, Gopax with six, Upbit with five, and Korbit with two. Notably, Coinone continued its delisting spree this month, removing an additional five cryptocurrencies from its platform. Most cryptos were delisted because their projects and services were not operating normally.The significant number of delisted tokens at Coinone appears to be linked to the involvement of its former employees in the unlawful listing of certain tokens. These individuals reportedly received bribes in exchange for listing a total of 46 cryptocurrencies on the trading platform. Among these tokens were PICA and PURE, which are no longer traded on the exchange.Only five cryptocurrencies were delisted according to the decision made by the Digital Asset eXchange Alliance (DAXA), a self-regulatory group consisting of the aforementioned five crypto exchanges. The delisted tokens were REP, BASIC, OMG, SRM, and PCI. This indicates that most of the affected cryptocurrencies were exclusively traded on one of the DAXA member exchanges, indicating that DAXA’s listing and delisting guidelines were largely ineffective.Meanwhile, there has been a notable surge in the number of newly added cryptocurrencies. Bithumb, for instance, took the lead by listing an impressive 63 new tokens, nearly three times the number listed by Upbit (22). In the same vein, Coinone added 14 tokens, while Korbit and Gopax followed with six and three new listings, respectively.Profit squeezeLast year, crypto trading platforms adopted a conservative approach when it came to listing and delisting procedures, prioritizing investor protection. However, their stance shifted as the global crypto market encountered a significant decline in trading volume amid crypto winter. This decrease in trading activity subsequently led to reduced operating profits, compelling the platforms to list more cryptocurrencies.With the exception of Upbit, which maintains a dominant market share in the nation, the outlook on crypto exchanges appears more or less grim. In particular, Coinone, Korbit, and Gopax are in the red. Bithumb, while still in profit, saw its operating profit last year falling 80% year-over-year to 163.5 billion KRW ($127.9 million). This trend continued this year, with Bithumb’s operating profit In the first quarter of this year recording 16.2 billion KRW, an 80% decrease compared to the same period last year.In light of this development, an industry insider, who wished to stay anonymous, told Etoday that while the market’s total trading volume is witnessing a considerable decline, Upbit’s dominance is still growing. This individual also noted that the decrease in trading volume and the resulting deficit are exerting pressure on exchanges to expand their cryptocurrency listings.

Internal Dispute Sees Co-Founder Depart 5ire5ire, the Dubai-based blockchain platform, is facing a departure of one of its co-founders, Vilma Mattila, due to an internal dispute with her fellow co-founders.In discussion with Tech in Asia, Mattila confirmed her upcoming resignation, stating that she disagreed with the management and financial decisions made by the other co-founders without her consent. The exact timeline of her departure was not disclosed.Photo by bady abbas on UnsplashIndian originsMattila, who was already recognized as an angel investor, co-founded 5ire alongside Indian nationals, CEO Pratik Gauri and CTO Prateek Dwivedi. The company gained attention last year after a successful series A funding round that valued it at a remarkable $1.5 billion, establishing its status as a blockchain unicorn.While the start-up project has established itself in Dubai, its origin story leads back to India. In 2022, 5ire entered into a partnership with the Indian government via Atal Tinkering Labs (ATL). ATL is running an initiative to create and promote a culture of innovation and entrepreneurship in India. As part of that program which is being run in more than 10,000 Indian schools, 5ire collaborated with ATL to provide a blockchain module.Although headquartered in Dubai, the project still maintains that it is “a network of local developer communities established in various cities across India.” It has also been active in the country that makes for its administrative home. Last month, Abu Dhabi University in the United Arab Emirates hosted its first 5ire Web3 and blockchain hackathon.The university had signed a Memorandum of Understanding (MoU) with 5ire in February, with a view towards strengthening blockchain education, research and entrepreneurship, while maintaining a focus on sustainability and accessibility.$100 million raiseIn July 2022, it emerged that 5ire had raised $100 million from the UK-based Sram & Mram Group, an international conglomerate that concerns itself with projects in South and Southeast Asia. It got $10 million on signing the deal, with other tranches to follow. As of January, it had called off $20 million of that funding.5ire is positioning itself as “the world’s first blockchain unicorn with sustainability at its core.” The project seeks to align itself with the Sustainable Development Goals (SDGs) set out by the United Nations. It’s a layer one EVM-compatible smart contract platform that focuses on the development of a for-benefit blockchain ecosystem, aligned with the United Nations SDGs.Working towards mainnet releaseThe company has been diligently working on the development of 5irechain, a blockchain designed around the principles of the “Fifth Industrial Revolution,” from which the company derives its name. The launch of its mainnet is anticipated to take place in the coming quarters. In November 2022, it launched its Thunder (Alpha) testnet. Testnet Thunder (Beta) went live in February of this year.As the departure of Vilma Mattila unfolds, the future direction and leadership of 5ire will come under scrutiny. It remains to be seen how this internal dispute will impact the company’s progress and reputation in the blockchain industry.

Mt. Gox Extends Repayment Deadline to 2024In a development that has captured the attention of the cryptocurrency community, failed Japanese crypto exchange Mt. Gox has officially announced a one-year extension of its repayment deadline.The decision, authorized by the Tokyo District Court, represents a one-year delay from the previously stipulated date of October 31, 2023.Photo by Andre Benz on UnsplashInfamous collapseAt its height, Mt. Gox was the world’s largest cryptocurrency exchange, facilitating over 70% of all cryptocurrency trades. However, its fall from grace began in 2014 when it fell victim to a colossal hack, resulting in the loss of 850,000 Bitcoins. The collapse left approximately 24,000 creditors in its wake, each of them agonizing over a multi-year period for the return of their digital assets.In a letter dated September 21, Rehabilitation Trustee Nobuaki Kobayashi announced the extension of the repayment deadline. This extension applies to the base repayment, early lump-sum repayment, and intermediate repayment, all of which have been rescheduled to October 31, 2024.The rationale behind this delay is twofold. Firstly, to provide creditors with additional time to furnish essential information required for the repayment process. Secondly, it will allow the trustee to coordinate with associated banks, fund transfer service providers, and cryptocurrency exchanges to facilitate the repayments.Potential payout for diligent creditorsA glimmer of hope exists for creditors who have diligently provided the necessary information. Repayments may commence sequentially as early as the close of this year. That said, it should be noted that the specific timing of repayments for each creditor remains uncertain.Kobayashi emphasized that the schedule is subject to change depending on circumstances, and further adjustments are possible. The Mt. Gox Debtor has encouraged creditors who have as yet not provided required information to facilitate payments to do so.Naturally enough, long suffering creditors are frustrated by this latest update. Taking to X (formerly Twitter), one user named “Mt.Gox’ed” wrote: “People will not get their Mt.Gox money back.” . . . “I’ve been tweeting for a long time that infinite delays are coming.”The move evoked a similar response from distressed debt specialist Thomas Braziel, who wrote: “Another delay from the MtGox trustee’s office — COME ON!”Mt. Gox’s journey towards rehabilitation has been arduous and protracted since its declaration of insolvency in 2014. Legal battles, extensive delays, and the need for meticulous coordination have all contributed to this postponement. Nonetheless, creditors are holding onto the hope that, with this extension, the path to recovering their lost assets will become smoother.Crypto market impactThis latest news has drawn considerable attention within the broader crypto sector as it may have implications for the market as a whole. The repayment delay holds the potential to impact Bitcoin prices, given the sheer volume of tokens that will be released when repayments begin. The Mt. Gox estate holds 142,000 BTC, 143,000 BCH, and 69 billion JPY.As per UBS analysts, while this influx of funds could influence the market, it is unlikely to destabilize Bitcoin. Notably, the recovery of approximately 20% of the stolen tokens after the hack reflects a positive step in the ongoing rehabilitation process.