Tag: Korea

  • PlusToken The Biggest Scam In The Second Part of 2019

    PlusToken The Biggest Scam In The Second Part of 2019

    3 min read

    PlusToken The Biggest Scam

    PlusToken was a classic Ponzi Scheme. Its operations were held in Korea, but also in the Chinese market. How Traders-Paradise is sure it was a Ponzi scheme? 

    PlusToken was founded in 2018 and announced high returns at various discount percentages for most active members. What does it mean? To really have the right on rebate, members were obliged to bring more and more newcomers and then would climb to the higher levels. A classic Ponzi. 

    At the beginning of this year, those criminals declared to have more than 10 million members.

    OMG, how many naive people! Greedy? Just a false number? Everything is possible. The fact is that those scammers snatched $3 billion from their members. But despite the fact they escaped from the law, their website is still alive as much as their social networks accounts. 

    Okay, they didn’t have enough time to wipe off everything. More important is to save the neck and fat wallet.

     

    PlusToken The Biggest Scam
    “Mr. Leo”, the co-founder of PlusToken

    PlusToken scammed about 10 million investors of $3 billion. 

    Actually, withdrawals on PlusToken started to stumble in June. 

    The scammers declared some technical problems as the reason. For everyone with less greed, promises given from these scammers should sound impossible to be executed. What did they promise? Nothing! No investment strategy, no valuable information, only 6 to 18% returns per month plus referral commission.

    Recent research exposed PlusToken as scammers, who were acting outside the internationally used crypto social media. They were a lonely player succeeded to raise billions. On the illegal way. The police in China took some action but it wasn’t finished with arrests or investigation. 

    The criminals with an offer of exceptional earnings succeeded to fill their own wallets with a Bitcoins.

    Dovey Wan, the co-founder of Primitive Crypto and one of the more influential Twitter accounts, brought the PlusToken story to the attention of a wider audience. 

    How do they stay so long unrevealed?

    The essential reason is lack of communication and the existence of rivalry between Western and Chinese crypto-fans and exchanges.  

    The PlusToken actions were mostly ignored. The other reasons could be using different social media or the presence of language barriers. That held Asian investors to the hell. 

    These scammers were not modest.

    Only a few weeks ago just a few days before their escape, PlusToken announced that it’s expecting to have over 10 million members to the end of 2019. Two or three months earlier they said to have 3 million users. It is obvious that they boosted those numbers because they never showed any relevant evidence for those words. Moreover, they operated under the radar, you cannot find so many details or information about the people behind this scam. As we mentioned, at the beginning of this article, some co-founder is mysterious Mr. Lee. 

    Take a look at the image above again.

    When the scam was revealed messaging platforms reveals members who said they’ve lost up to $5,000. If you take a look at some tweets you will find some members from China who had contacted Hunan province police. How all of this will end is still unclear, but something has to be said: never be greed, use the proven exchanges and wallets with an excellent reputation. Every time when you notice that someone is offering you enormous returns, run away from such.

    At any time you can check if some exchange is good in Traders-Paradise’s WALL OF FAME
    The scammers are in our WALL OF SHAME

  • Banks in Korea to Use Samsung SDS Blockchain to Verify Customer IDs

    Banks in Korea to Use Samsung SDS Blockchain to Verify Customer IDs

    South Korea’s commercial banks will launch a customer ID verification powered by blockchain technology

    A national banking group representing South Korea’s commercial banks will launch a customer ID verification powered by blockchain technology this month, as per the reports on June 12.

    The Korea Federation of Banks (KFB) will launch their “BankSign” identity verification system to be made use of in both online computer-based and mobile banking, according to media reports.

    Development of the BankSign plan was started straight away after the KFB launched a consortium discovering blockchain applications opportunities at the local banking sector in November 2017.

    A KFB spokesperson added:
    ”BankSign is the first project co-developed by the local banking sector utilizing blockchain technology”

    Banks in Korea and blockchain

    Banks in Korea were forced to use a 20-year-old public banking security system that is inefficient and outdated. The government reversed it is Digital Signature Act’ policy wherein domestic institutions were mandated to use the public certification system.

    BankSign platform is built on Nexledger, a private enterprise cloud computing platform developed by Samsung’s subsidiary, Samsung SDS, the IT subsidiary of South Korea’s biggest conglomerate.

    As reported by CCN at the time, Samsung SDS was launched in April 2017. At the same time, it was launched Nexsign, a biometric authentication solution also developed by Samsung. Nexsign enables customers to gain access to a huge number of services using a single ID authentication.

    Samsung has already tested its Nexledger blockchain with Samsung Card, the conglomerate’s credit card company, as early as October 2016, but this is unrelated to KFB’s BankSign.

    In the first part of June, Samsung SDS announced the launch of its own enterprise blockchain platform Nexfinance aimed at finance-related businesses.

    Implementation of blockchain

    On June, has been revealed that the KFB established a consortium of its member to research and implement blockchain technology in the domestic banking sector in November 2017. Development of BankSign took off immediately, the KFB said, before select member banks began beta testing the system in April this year.

    The banks’ new blockchain application would offer a variety of options to confirm clients’ IDs and “not just the public certification system”, said Park Chang-ok, a manager at the department of deposit services and payment systems at KFB.

    Furthermore, the KFB said BankSign will find other applications within government and other public organizations after taking off in the banking sector with an official launch that is only weeks, maybe days away.

    In the beginning, the BankSign platform will be used only in the banking sector. However, the KFB, banks in Korea are planning to co-operate also with the Korean government and other public organizations in order to broaden the scope of the project, according to the KFB spokesperson, Korea JoongAng Daily wrote.

    You would be interested: Crypto is at Risk In Korea!

  • Crypto is at Risk In Korea!

    Crypto is at Risk In Korea!

    1 min read

    Crypto is at risk in Korea.

    What excited the audience most is the information that one of an employee of Bitkoex, an exchange launched in May, posted information on how much of the Karma (KRM) cryptocurrency was held by 19 users on the platform in a social media chat last Friday.

    The leaked message contained the email addresses associated with the users as well as the wallet addresses and private keys to the KRM token in their accounts. This could allow anyone with the information to access the assets, according to a report from CoinDesk Korea.

    Those users hold  750 million won, or around $620,000, the report said.

    Later, Bitkoex said the employee posted the message by accident and the exchange has moved the exposed assets to a cold wallet. That means that information about them is not accessible through the internet. The company claimed no assets have been lost. This is not the first time that user information had been leaked from a Korean crypto exchange.

    CoinDesk, previously reported, the computer of an employee from Bithumb, was hacked earlier last year.
    Banks in Korea to Use Samsung SDS Blockchain to Verify Customer IDs 2
    On Monday, June 25th, the country’s Ministry of Science and ICT inspected the information security level of 21 crypto exchanges in South Korea from January to March and confirmed that most companies have security vulnerabilities.

    Just last week, Bithumb said, that around $31 million in cryptocurrency was stolen by hackers from the platform. 

    But, it is obvious, that is not the reason why Crypto is at risk in Korea.

    Update 5/30/2019

    South Korea’s major currency exchange Bithumb has properly started an over-the-counter (OTC) trading desk under the Ortus brand, according to a press release published on Feb. 7 this year.

    Moreover, South Korea is a hotspot for cryptocurrencies.

    A survey announced on April 20 by the Korea Financial Investment Association reveals that the ordinary cryptocurrency trader in that country has grown their crypto holdings by 64.2% in the last year.