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| November 18, 2019

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CNN

Danger looms after Guatemala volcano eruption

June 6, 2018 |

The death toll from Guatemala’s Fuego volcano eruption is expected to rise as rescuers and loved ones struggle to find survivors. CNN’s Michael Holmes reports.
CNN.com – RSS Channel – World

Controversy Looms Over Bithumb Coins

April 26, 2018 |

Controversy Looms Over Bithumb Coins

South Korean cryptocurrency exchange Bithumb is reportedly re-evaluating its strategy to launch its own coins through a corporation in Singapore, following news of fraud that could have serious side effects to both companies. Under the current laws, Bithumb coins will still be subject to Korean regulation whether launched abroad or not.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Bithumb’s ICO

One of South Korea’s largest cryptocurrency exchanges, Bithumb, had a plan to launch its own coins for institutional investors through a corporation in Singapore.

On Tuesday, Bithumb confirmed that it is collaborating with Singaporean company B.Buster to “build a global [crypto] payment system.” The project is known as BTHB. “We received some investment from Bithumb to proceed with the project. Through a contract to use the trademark, [we have] prepared the project name “Bithumb Coin,” B.Buster explained.

Controversy Looms Over Bithumb CoinsHowever, local media reported on Wednesday that the companies are now re-evaluating this strategy.

The tokens were going to be issued by B.Buster, according to Sedaily, noting that the company is “re-examining” the project after hearing “news of the issuance of the coins abroad, the coin resale, and investment recruitment fraud” related to the unlaunched coins.

As soon as rumors that Bithumb was going to issue its own cryptocurrency circulated in the crypto community, ICO investor recruitment began in the market, Daum described. Etherscan, which provides data about Ethereum-based tokens, currently shows 2 Bithumb coin listings: 10 billion Bithumb Coin (BTHB) and 1 billion Bithumb Coin Point (BTHP). Bithumb denied having knowledge of these listings, the news outlet detailed.

Controversy Looms Over Bithumb Coins

Reconsidering Not Terminating

Controversy Looms Over Bithumb CoinsPrior to the re-evaluation, B.Buster said “We have limited resale and distribution until the listing on the exchange,” the news outlet noted. However, if B.Buster is selling to general investors and not to institutions, it “would be a breach of contract” with Bithumb, the publication pointed out. “In the meantime, the rumors spread and more investors are getting more and more concerned about the investors’ protection, which is why the ‘reassessment’ position was revealed.”

According to the news outlet, Bithumb and B.Buster expect to be “issuing a coin in the end,” calling the project a “reconsideration” rather than a termination.

B.Buster reportedly announced on Wednesday, “There will be no public sale for the ‘BTHB’ project. Only selected institutional investors are allowed to participate, excluding citizens/entities of the Republic of Korea and People’s Republic of China, and citizens/entities/residents of the United States of America.” The company noted that “Any sale at this point is only to institutional investors” that it is already in touch with. “Please beware of scammers and impersonators” pretending to be the company or its affiliated entities, B.Buster reportedly warned.

Korean Laws Still Apply

The financial authorities have warned that domestic cryptocurrency exchanges issuing and promoting their own tokens could have “serious side effects such as internal price manipulation,” Money Today reported, adding:

The current law also makes it clear that Bithumb coins are subject to [Korean] regulation. Under the Electronic Money Act coins whose value fluctuates like virtual currency cannot be a means of payment.

Recently, Kakao Corp was also rumored to be launching an ICO abroad. The Korean Financial Services Commission (FSC) also warned that the company’s ICO, if launched, would still be subject to Korean laws and could have an adverse impact on its Korean subsidiaries.

What do you think of Bithumb launching its own coins? Let us know in the comments section below.


Images courtesy of Shutterstock, Bithumb, and Etherscan.


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The post Controversy Looms Over Bithumb Coins appeared first on Bitcoin News.

Bitcoin News

TMZ

Claire Foy Separates From Husband and Divorce Looms

February 23, 2018 |

“The Crown” star Claire Foy has separated from her husband, actor Stephen Campbell Moore. Foy said in a statement that this was by no means a recent event … “We have separated and have been for some time.”Although the statement says nothing…

TMZ.com

France, U.K. Seek Solution to Border Discord as Brexit Looms

January 18, 2018 |

France and the U.K. are set to agree at a summit to forge a new treaty on managing migrant flows to British shores as the two countries attempt to bolster ties before the U.K. exits the European Union.
WSJ.com: What’s News Europe

Ghost of Election 2018 Looms Ominously for Republicans

December 25, 2017 |

Departing Republican lawmakers are playing the Ghost of Christmas Future, and they’re warning their own party of grim results come Election Day 2018, reports the Washington Post . “When you look at some of the audiences cheering for Republicans … you say, ‘Those are the spasms of a dying party,’ ” Sen….
Newser

CNN

A dangerous choice looms for Trump on North Korea

December 11, 2017 |

Only President Donald Trump and his closest advisers may truly know how close the US is to war with North Korea as the administration’s standoff with Pyongyang continues to escalate.
CNN.com – RSS Channel – World

Recount Looms in Atlanta Mayor’s Race

December 6, 2017 |

The race for mayor in Atlanta early Wednesday was too close to call, with one candidate declaring herself the city’s new leader and the other vowing to request a recount. The margin was razor-thin, with several hundred votes separating Keisha Lance Bottoms and Mary Norwood. Bottoms spoke early Wednesday at…
Newser

TMZ

Harvey Weinstein, Arrest Looms for Paz de la Huerta Alleged Rape

November 3, 2017 |

There’s enough evidence to arrest Harvey Weinstein for allegedly raping “Boardwalk Empire” star Paz de la Huerta … according to a report. NYPD detective Nicholas DiGaudio told Vanity Fair “I believe based on my interviews with…

TMZ.com

California Inc.: Deadline looms to ask Amazon to prom — er, bid for new HQ

October 16, 2017 |

Welcome to California Inc., the weekly newsletter of the L.A. Times Business Section.

I’m Business columnist David Lazarus, and here’s a rundown of upcoming stories this week and the highlights of last week.

Investors on Monday will feel a tailwind from Friday’s announcement that consumers increased…


L.A. Times – Business

In Brexit Talks, the Risk of No Deal Looms Large

October 14, 2017 |

Prime Minister Theresa May promised that, while the U.K. was hoping for successful negotiations with the EU over leaving the bloc, it was preparing the ground in case talks failed.
WSJ.com: What’s News Europe