BITCOIN

The executive power and the ruling party in South Korea have urged the cryptocurrency industry for what officials describe as voluntary regulatory measures, a Korean media report revealed. The call was issued during a consultative meeting devoted to crypto assets. Government Asks South Korean Crypto Sector for Regulatory Proposals Representatives of the South Korean government and the ruling People Power Party met on Monday to discuss issues related to the crypto space. The consultations were held in the aftermath of last month’s collapse of the terrausd (UST) algorithmic stablecoin and its sister coin terra (LUNA) that affected many South Koreans. Aiming to prevent the negative consequences of such crashes and better protect investors, Korean officials and lawmakers are now considering the adoption of a new law for blockchain-based platforms, Arirang unveiled. They also urge the crypto industry to come up with its own regulations that would include safety mechanisms. The report

Confiant, an advertising security agency, has found a cluster of malicious activity involving distributed wallet apps, allowing hackers to steal private seeds and acquire the funds of users via backdoored imposter wallets. The apps are distributed via cloning of legitimate sites, giving the appearance that the user is downloading an original app. Malicious Cluster Targets Web3-Enabled Wallets Like Metamask Hackers are becoming more and more creative when engineering attacks to take advantage of cryptocurrency users. Confiant, a company that is dedicated to examining the quality of ads and the security threats these might pose to internet users, has warned about a new kind of attack affecting users of popular Web3 wallets like Metamask and Coinbase Wallet. The cluster, that was identified as “Seaflower,” was qualified by Confiant as one of the most sophisticated attacks of its kind. The report states that common users cannot detect these apps, as they are virtually identical to th

Following the rumors and speculation surrounding the crypto lending firm Celsius, a Wall Street Journal report, quoting “people familiar with the matter,” explains that the company is reportedly hiring restructuring lawyers. Basically, hiring restructuring and insolvency attorneys is one of the first stages of fixing a company’s financial hardship by essentially attempting to avoid insolvency. Report Says Celsius Is Looking for Help From Investors or a Well Known Restructuring Law Firm On June 13, 2022, Bitcoin.com News reported on the lending platform Celsius shutting down specific operations such as withdrawals, swaps, and account transfers. Those operations are still not available to Celsius customers, and a recent report published by the Wall Street Journal (WSJ) explains that Celsius may be seeking help from a restructuring law firm. The report notes that the crypto company may be leveraging the bankruptcy and restructuring law firm Akin Gump Strauss Hauer & Feld LLP. Th