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Cryptocurrencies Welcomed at South Korean Mall Thanks to Bithumb

Bithumb has recently joined forces with WeMakePrice, an online shopping mall based in South Korea. This move enables the digital mall to accept twelve different types of cryptocurrency, in a society whose government is presently grappling with the crypto-market.

But the move isn’t the first of its kind. Late last year, HTS Coin partnered with the large, Goto Mall, a physical shopping center also in South Korea, to accept Bitcoin via a mobile app utilized by shoppers in stores.

WeMakePrice and Bithumb are looking to convert crypto payments to “Wimepey”, part of a service already implemented by the mall. Of course, none of this is set in stone as of yet. Reports are stating, the project will be “green lit” once “government policies and regulations on virtual money are confirmed.” How long this will take is anyone’s guess.

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The South Korean government has placed itself in a rather precarious position in that it wants to be in the center of all things crypto, yet is terrified of what this can mean for its economy and businesses. They’re still trying to asses the best ways to control and regulate that which provides a source of income, to a large number of its unemployed citizens.

The mall’s Wimep’s acceptance of multiple cryptocurrencies is a great advantage for everyone. As some currencies like BTC generate more users, their fees increase and transaction time slows. Being able to utilize other coins with little to no fees and faster transactions, is a big plus. Simply being able to buy things with currency other than the big three (BTC, ETH, LTC) is huge.

But again, none of this can truly happen until their government decides what to do with cryptocurrency. And obviously, if the citizens are living off of it and the economy can be boosted by digital consumers, then cryptocurrency is something to be adopted by South Korea. The question remains how long before the United States and other nations develop crypto accepting shopping centers?

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Stealing Bitcoin – North Korea targeting Exchanges to take BTC: Cybersecurity Alert

Based on a announcement and report wrote down by FireEye, a cybersecurity firm – North Korean cyber criminals supported by Kim Jon Un’s GOV are aiming South Korean exchanges to steal bitcoin and other altcoins.

A fragment taken from the report, states that it is a state-sponsored “campaign” or from the elites:

“[S]tate-sponsored actors seeking to steal bitcoin and other virtual currencies as a means of evading sanctions and obtaining hard currencies to fund the regime.”

This is not the first time of an event of this nature taking place between North Korea and South Korea, as the latter one has accused NK hackers for taking Bitcoin away in the sum of 1000 million won which in dollars would be around $90.000 every months for two years (2013-2015).

After that approx a month later, FireEye published information how NK hackers were taking aim at around three SK virtual currency exchanges to steal funds. Spear-phishing campaigns were used that targeted emails of employees at the exchanges.

Many other attacks were pointed out, like in April where the bitcoin exchange Yapizon lost $5 million, or between May and July four more attacks have taken place – Bithumb the largest SK exchange for bitcoin and ethereum has been security breached for personal data and so hundreds of millions were stolen.

It’s entirely possible that North Korea is turning to bitcoin by stealing them from exchanges to then launder it into hard cash amid increasing scrutiny and sanctions from the international community.

“If actors compromise an exchange itself (as opposed to an individual account or wallet) they potentially can move cryptocurrencies out of online wallets, swapping them for other, more anonymous cryptocurrencies or send them directly to other wallets on different exchanges to withdraw them in fiat currencies such as South Korean won, US dollars, or Chinese renminbi,” the report added. “As the regulatory environment around cryptocurrencies is still emerging, some exchanges in different jurisdictions may have lax anti-money laundering controls easing this process and make the exchanges an attractive tactic for anyone seeking hard currency.”

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