Daily Crypto Report: Korea’s Dominant Message App Kakao Raised $90 Million in Private Coin Offering; North Korea Stole Cryptocurrency via Hacking
Kakao’s Crypto Unit Raises $90 Million in Private Coin Offering
[Bloomberg] Kakao Corp.’s crypto unit raised $90 million through a private coin offering and is planning another round targeting a similar sum starting March 12, as it gears up to launch its blockchain platform in June.
Kakao, South Korea’s dominant message-app operator, is also considering bringing one of its services to the platform, though nothing is decided yet, Han said in a phone interview from Seoul. The Tokyo-based Ground X plans to initially fill its platform, dubbed Klaytn, with services ranging from games to travel apps from third parties.
North Korea Stole Cryptocurrency via Hacking: UN Panel
[Nikkei Asian Review] UNITED NATIONS — North Korea has used cyberattacks and blockchain technology to circumvent economic sanctions and obtain foreign currency, according to a panel of experts reporting to the U.N. Security Council.
Pyongyang has amassed around $670 million in foreign and virtual currency through cyber thefts, using blockchain technology to cover its tracks, the panel told the Security Council’s North Korea sanctions committee in its annual report, Nikkei has learned.
It is the first time the panel has given details on how North Korea obtains foreign currency through cyberattacks.
In its report, the panel recommended that member states “enhance their ability to facilitate robust information exchange on the cyberattacks by the Democratic People’s Republic of Korea with other governments and with their own financial institutions,” to detect and prevent attempts by North Korea to evade sanctions.
Leading Markets Post Slight Weekly Gains as BTC Tests Resistance at $4,000
[newsBTC.com] Most top crypto assets have produced sideways consolidation this past week, with most of the top 15 cryptocurrencies by market cap posting a gain of between 3% and 5% for the past 7 days.
As of this writing, Bitcoin (BTC) is trading at $3943 on DigiFinex, with traders anxiously awaiting to see whether BTC can break resistance to trade above $4,000 for the 3rd time this year. BTC is up 3.76% in 7 days. Approximately $9.6 billion worth of BTC has changed hands in the last 24 hours. BTC currently has a market cap of $69.45 billion.
Texas May Soon Require ID Verification from Crypto Users
[chepicap.com] New legislation proposed in Texas may lead to more restrictions in the use of cryptocurrencies. If passed, the bill will require identity verification for all crypto transactions.
This new bill was proposed by Rep. Phil Stephenson, a Republican, and it could be one of the biggest anti-crypto moves carried out by state legislature so far. It would prevent any crypto transaction where the sender’s identity is not verified beforehand. No further information is given about what kind of verification would be necessary, and the specifics of how these rules would be enforced are unclear.
Marshall Islands’ Sovereign (SOV) Digital Currency Looks to Meet US Regulatory Standards
[bitcoinexchangeguide.com] The Marshall Islands is the latest country in the world to begin development of their own national Cryptocurrency dubbed the Sovereign, following in the footsteps of Venezuela.
Baka Ben Ezer, the chief executive officer of Neema, the firm that will be developing the coin for the government, says that the coin is in development and need sources to report that it will be launched in the second half of 2019.
“We are working days and nights to prepare the foundations of the SOV initial coin offering, with the goal of being ready to launch once positive momentum is back to the markets,” Ben Ezer said. “It will be done once all stakeholders are convinced that SOV is ready, risks have been mitigated, and momentum is building.”
Disclaimer: The Daily Crypto Report is curated by DigiFinex for your reference only, it is NOT an investment advice.
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