Articles by Park Ga-young
Park Ga-young
gypark@heraldcorp.com-
Cryptocurrencies on downward spiral amid tightening regulations
Cryptocurrencies extended a dayslong loss Monday in South Korea before recovering some of their losses in the afternoon, as investors and businesses reacted to strict regulations recently introduced in China and the US. The price of the largest cryptocurrency Bitcoin stood at about 44 million won ($39,058) in late afternoon trading, losing almost half of its value from only a month ago, according to Upbit, South Korea’s largest crypto exchange by transaction volume. It fell below 40 mi
Market May 24, 2021
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[Eye Plus] Last decades of Joseon era on show at Unhyeongung
Unhyeongung near Anguk Station on subway line No. 3 is surely not a major Joseon-era palace that appears prominently in tourist guide books. The relatively small complex that once belonged to Heungseon Daewongun, father of King Gojong, however, is worth a visit as it embodies the final years of the dynasty before losing power to Japanese intervention in early 20th century. Not only the dark history of the consequent fall of Joseon royal line, but also the house shows the everyday lives of the r
Market May 22, 2021
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Bithumb dismisses concerns about fraud case
Bithumb, South Korea’s second-largest cryptocurrency exchange by trading volume, shrugged off questions on Friday about a fraud case involving a major shareholder. Lee Jung-hoon, former chairman of Bithumb Korea -- the operator of crypto exchange Bithumb and Bithumb Holdings, which controls Bithumb Korea -- is currently under investigation in connection with fraud allegations. Due to a very complicated corporate structure, Lee reportedly holds a 65 percent stake in Bithumb Korea. In Oc
Market May 21, 2021
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Cryptocurrency panic-selling wipes out W900tr in 24 hours
Cryptocurrency markets continued to experience a sellout on Thursday, triggered by a combination of negative news including China’s latest regulations. According to CoinMarketCap, a market data tracker, some 900 trillion won ($794 billion) worth of cryptocurrency was lost within less than 24 hours as of Wednesday night. That is twice as much as Samsung Electronics’ market capitalization, which stood at 474 trillion won Thursday. The price of a bitcoin was around 51 million won
Market May 20, 2021
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Bithumb Korea’s net profit soars 876% in Q1
Bithumb Holdings, the operator of cryptocurrency exchange Bithumb, saw a surge in sales and net profit in the first quarter of 2021, its largest shareholder’s financial results showed on Tuesday. According to Vidente’s regulatory filings, Bithumb logged 250.2 billion won ($220 million) in sales in the first quarter this year, jumping 458 percent from the same period last year. Its net profit soared 876 percent to 222.5 billion won in net profit during the same period. The company&
Market May 18, 2021
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KakaoBank’s Q1 net profit jumps 150%
KakaoBank, South Korea’s biggest online bank, saw more than a 150 percent growth in its first-quarter net profit due to an increase in interest income and transaction fees, the firm said Monday. Its net profit stood at 46.7 billion won ($41.1 million) in the first quarter, up 152.4 percent from 18.5 billion won from the same period last year, according to the banking unit of mobile giant Kakao. The company’s profit from transfer fees turned around from a net loss of 3.1 billion w
Market May 18, 2021
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Bithumb faces mounting criticism over repeated server errors
Bithumb, South Korea’s second-largest cryptocurrency exchange by transaction volume, is facing mounting criticism over repeated glitches on its platform, which has accumulated to at least 11 times since April. As of Sunday, there were a total of 11 server delays that Bithumb disclosed officially since April, including the latest one Friday. The figure excludes temporary suspensions in transactions due to network issues. Bithumb’s server errors, ranging from suspension in price
Market May 16, 2021
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BOK seeks authority to monitor crypto transactions
The Bank of Korea is seeking the authority to monitor cryptocurrency transactions made through users’ real-name bank accounts, a document recently submitted to a lawmaker here by the central bank showed. “We plan to utilize our legal authority over requesting document submittal from financial institutions to monitor the volume of cryptocurrency transactions made through bank accounts,” the document submitted to Rep. Choo Kyung-ho of the main opposition People Power Party on W
Market May 13, 2021
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Kakaobank lowers rates for mid-credit holders
Kakaobank, the country’s second internet-only bank, has cut interest rates for mid-range credit holders, the lender said on Wednesday, in the latest attempt to provide better services to customers with thin credit files. The banking arm of mobile giant Kakao said it has slashed rates by up to 1.2 percentage points for mid-range credit holders. The bank also expanded a loan limit from 50 million won ($44,518) to 70 million won for them while halving the limit for high creditors to 50 mil
Market May 12, 2021
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Accelerator Future Play raises W10B for expansion
Future Play, a South Korea-based accelerator, said on Tuesday that it has raised 10 billion won ($8.9 million) in the latest funding for its business expansion. Its Series B funding drew investment from LG International, DB Financial Investment, Prophet Asset Management, Futura, Data Solution and Hashed, said the company’s CEO and founder Ryu Jung-hee. The company plans to enter Indonesia later this month and introduce FuturePlace.AI, an online platform to provide tailor-made resources
Market May 11, 2021
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Banks’ association raises red flag over growing altcoin influence
South Korea’s bank association has recently advised its members to count the number of altcoins in order to gauge the trading capacity of an exchange, in an apparent move to reduce exposure to risks the minor cryptocurrencies are witnessing, industry sources said Monday. “One of the criteria that we recommend is the safety of digital assets and that can be measured by the number of digital coins on an exchange. If an exchange deals with too many digital assets, it takes on more risk
Market May 10, 2021
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Korean companies’ exposure to digital assets grow
A growing number of South Korean companies are exposing themselves to cryptocurrencies, financial reports filed last year showed, as experts expect the trend to continue and gain traction. At least 23 companies reported they were holding various types of cryptocurrencies as intangible assets as of the end of last year, according to financial reports filed with the Financial Supervisory Service, the country’s financial regulator. Those with the most cryptocurrency was Dunamu, the operator
Market May 9, 2021
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Crypto transaction volume surpasses W45tr, three times bigger than Kospi’s
South Korean’s frenzy for digital coins, especially alternative coins, has pushed the transaction volume for cryptocurrencies past 45 trillion won ($43.11 billion) in the 24 hours until Friday morning. Cryptocurrency market tracker CoinMarketCap data showed that the four largest exchanges in South Korea traded a total of 44.97 trillion won including Upbit’s 39.38 trillion won. The figure exceeds the combined trading volume of the country’s two stock markets Kospi and Kosda
Market May 7, 2021
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Government channels W50b into cryptocurrency-related funds
Despite its cautious tone on digital currencies, the Korean government has indirectly invested 50 billion won ($44.4 million) into cryptocurrency-related funds in the past four years, according to data provided by an opposition lawmaker. According to Rep. Yun Chang-hyun of the People Power Party on Wednesday, five public organizations put a total of 50.21 billion won into funds that invested in cryptocurrency exchanges like Upbit and Bithumb from 2017 to March 2021, with the Ministry of SMEs
Market May 5, 2021
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Financial regulators seek banks' help to grasp full picture of crypto industry
Financial authorities have asked banks to declare their cryptocurrency businesses to figure out the exact numbers of cryptocurrency exchanges operating in the country, as it tightens its grip over illegal activities in the industry, according to local media reports Wednesday. The financial regulators asked major banks to provide the current status of their businesses with cryptocurrency exchanges including corporate accounts and banks’ monitoring methods. “Currently, crypt
Market May 5, 2021
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