Indian Central Bank: Developing Global Crypto Regulation Is a Priority for G20 Under India’s Presidency

Indian Central Bank: Developing Global Crypto Regulation Is a Priority for G20 Under India's PresidencyThe Reserve Bank of India (RBI) says one of the priorities for the G20 under India’s presidency is to “develop a framework for global regulation, including the possibility of prohibition, of unbacked crypto assets, stablecoins, and defi.” The Indian central bank warned that “turmoil in crypto assets market” is among “the major risks that can […]
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North Korean hackers stealing NFTs using nearly 500 phishing domains

The hackers created decoy websites impersonating NFT marketplaces, NFT projects and even a DeFi platform.

Hackers linked to North Korea’s Lazarus Group are reportedly behind a massive phishing campaign targeting non-fungible token (NFT) investors — utilizing nearly 500 phishing domains to dupe victims.

Blockchain security firm SlowMist released a report on Dec. 24, revealing the tactics that North Korean Advanced Persistent Threat (APT) groups have used to part NFT investors from their NFTs, including decoy websites disguised as a variety of NFT-related platforms and projects.

Examples of these fake websites include a site pretending to be a project associated with the World Cup, as well as sites that impersonate well-known NFT marketplaces such as OpenSea, X2Y2 and Rarible.

SlowMist said one of the tactics used was having these decoy websites offer “malicious Mints,” which involves deceiving the victims into thinking they are minting a legitimate NFT by connecting their wallet to the website.

However, the NFT is actually fraudulent, and the victim’s wallet is left vulnerable to the hacker who now has access to it.

The report also revealed that many of the phishing websites operated under the same Internet Protocol (IP), with 372 NFT phishing websites under a single IP, and another 320 NFT phishing websites associated with another IP.

An example phishing website Source: SlowMist

SlowMist said the phishing campaign has been ongoing for several months, noting that the earliest registered domain name came about seven months ago.

Other phishing tactics used included recording visitor data and saving it to external sites as well as linking images to target projects.

After the hacker was about to obtain the visitor’s data, they would then proceed to run various attack scripts on the victim, which would allow the hacker access to the victim’s access records, authorizations, use of plug-in wallets, as well as sensitive data such as the victim’s approve record and sigData.

All this information then enables the hacker access to the victim’s wallet, exposing all their digital assets.

However, SlowMist emphasized that this is just the “tip of the iceberg,” as the analysis only looked at a small portion of the materials and extracted “some” of the phishing characteristics of the North Korean hackers.

For example, SlowMist highlighted that just one phishing address alone was able to gain 1,055 NFTs and profit 300 ETH, worth $367,000, through its phishing tactics.

It added that the same North Korean APT group was also responsible for the Naver phishing campaign that was previously documented by Prevailion on Mar. 15.

Related: Blockchain security firm warns of new MetaMask phishing campaign

North Korea has been at the center of various cryptocurrency theft crimes in 2022.

According to a news report published by South Korea’s National Intelligence Service (NIS) on Dec 22, North Korea stole $620 million worth of cryptocurrencies this year alone.

In October, Japan’s National Police Agency sent out a warning to the country’s crypto-asset businesses advising them to be cautious of the North Korean hacking group.

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Korean fintech giant plans to create 10K Web3 jobs amid bear market

Korean fintech giant plans to create 10K Web3 jobs amid bear market

Dunamu would open offices in major cities and create about 500 new startups focused on NFTs and the Metaverse.

Dunamu, a major fintech firm in South Korea that operates crypto exchange Upbit and several other blockchain and securities platforms, is planning to invest 500 billion won ($380 million) to create about 10,000 new Web3 jobs in the next five years.

The firm is reportedly considering offering specific software and funding to encourage more firms to join the Web3 industry. The $380 million investment is a part of Korea’s efforts to lead the Web3 race, reported Korea JoongAng Daily.

Dunamu has already invested about 88 billion won ($67 million) since 2018 toward blockchain-centered firms. Dunamu CEO Lee Sirgoo said in a statement:

“We plan to strengthen the competitiveness of domestic industry through an active investment and creation of jobs of the newly growing future industries, like blockchain, nonfungible token (NFT) and the metaverse.”

The fintech giant aims to open offices in major cities across the country and develop training programs to induct new people into the Web3 ecosystem. The newly graduated university students would be given priority in the program with a plan to create 500 new startups. Dunamu didn’t immediately respond to Cointelegraph’s request for comment.

Dunamu’s announcement to invest significantly in the Web3 ecosystem comes just months after it came under heavy scrutiny from the country’s regulators. Earlier in April this year, the securities regulator took action against the crypto exchange operator to curb its market monopoly.

Related: Why NFT adoption is so high in South Korea

The fintech giant manages over $8 billion in assets and Upbit, the crypto exchange it operates, accounts for more than 80% of crypto trading volumes in the country.

The announcement to create 10,000 new jobs comes at a time when several crypto firms have announced job cuts due to the bear market. Leading crypto firms including the likes of Gemini, Bitso, Coinbase, Vauld and several others have made significant layoffs over the past couple of months.

While South Korea is known for its strict crypto regulations, the country has been bullish on the Web3 front. The government recently announced it would directly invest 223.7 billion won ($177.1 million) in various metaverse projects.

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South Korea ramps up crypto investigations and regulations

South Korea ramps up crypto investigations and regulations

South Korea announced Digital Assets Committee, launched an investigation and met with Asia-Pacific financial authorities.

On Friday, June 3, South Korea’s Financial Supervisory Service (FSS) began an investigation into payment gateway services that work with digital assets. The FSS is South Korea’s financial regulator that operates under the Financial Services Commission (FSC), both of which are government institutions.

As reported by local news outlet Money Today Co., the FSS had recently demanded reports from 157 payment gateways about any service related to crypto, their plans for the future, and disclosure of digital assets. But an FSS report stated that only 6 held any digital assets.

Related: How Terra’s collapse will impact future stablecoin regulations

Although the FSS is currently the primary financial regulator, on May 31st, 2022, South Korea announced the upcoming launch of the Digital Assets Committee. According to the announcement, this is a temporary solution to bring structure to the virtual asset industry following the Luna-Terra crash.

Per the announcement, the guidelines include screening criteria for newly-listed assets, market monitoring, trade monitoring, a level of disclosure, and other investor protections. The five major exchanges in the country appear to agree on the standards and have formed their own committee to help prevent another incident similar to Terra (LUNA).

Soon after the FSS began its investigation, it announced a remote meeting with other financial supervisory authorities from five countries in the Asia-Pacific region. This event was hosted by the Indonesian Financial Supervisory Service and included Australia, China, and Japan as well.

The meeting covered global market conditions as well as big tech and crypto. The Korean representative mentioned the need for cryptocurrency regulation, disciplinary action around virtual assets, and the expansion of financial regulatory frameworks.

On Tuesday, May 24th, 2022, South Korean officials opened an investigation against Do Kwon, the primary figure in the Luna incident. Yoon Chang-Hyeon, the chairman of the People’s Strength Virtual Assets Special Committee who had met with the top exchanges in response, will lead the Digital Assets Committee mentioned above.

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Korean Government Considers Imposing Unified Listing Standard on Crypto Exchanges After LUNA, UST Collapse

South Korea Considers Imposing Unified Listing Standard on Crypto Exchanges After the Collapse of LUNA, USTThe South Korean government is considering imposing tougher regulations, including a unified listing standard, on all cryptocurrency exchanges in the country following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST). Korean Government’s Meeting With Cryptocurrency Exchanges The South Korean government is shifting responsibility for the crash of cryptocurrency terra (LUNA) and algorithmic stablecoin […]
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