Today’s cryptocurrency news: Line wants its own cryptocurrency exchange, Coincheck hackers want to launder their stolen coins, South Korea uncovers $600 million worth of cryptocurrency crimes, and Facebook bans cryptocurrency/ICO ads.
Line to launch cryptocurrency exchange amid hacking fears
TOKYO (Reuters) – Japan’s Line Corp plans to launch a cryptocurrency exchange, a move that comes as regulators investigate such exchanges in the country after hackers stole $530 million in digital money from Coincheck in one of the world’s biggest cyberheists.
Line said in a statement on Wednesday that it has applied to Japan’s financial regulator to operate an exchange, with the application under review.
Line said it will start trading cryptocurrencies through “Line Financial”, a new company that will also provide loans and insurance via its Line messaging app. Line currently provides money transfer and payment services to 40 million users through its app. Read more …
Coincheck hackers trying to move stolen cryptocurrency
LONDON (Reuters) – Hackers who stole around $530 million worth of cryptocurrency from the Coincheck exchange last week – one of the biggest such heists ever – are trying to move the stolen “XEM” coins, the foundation behind the digital currency said on Tuesday.
NEM Foundation, creators of the XEM cryptocurrency, have traced the stolen coins to an unidentified account, and the account owner had begun trying to move the coins onto six exchanges where they could then be sold, Jeff McDonald said.
“[The hackers are] trying to spend them on multiple exchanges. We are contacting those exchanges,” Singapore-based McDonald told Reuters. Read more …
South Korea uncovers about $600 million in cryptocurrency crimes
SEOUL (Reuters) – South Korea has uncovered cryptocurrency crimes worth 637.5 billion won ($594.35 million), which includes illegal foreign exchange trading, a statement released by the country’s customs service said on Wednesday.
The statement said domestic investors bought 1.7 billion won worth of cryptocurrencies, which they sent to overseas partner companies through virtual wallets. The transfers were then converted back into fiat currencies, which amount to unrecorded capital outflows. Read more …
Facebook to ban cryptocurrency-related ads
(Reuters) – Facebook said on Tuesday it will ban ads promoting financial products and services tied to cryptocurrencies and initial coin offerings.
“We’ve created a new policy that prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency,” Facebook’s product management director, Rob Leathern, said. Read more …