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Upbit Daily Transaction Amount Exceeded 10 Trillion Won

2/21/2021

On the 19th, the daily trading value of the Upbit (www.upbit.com) won market exceeded 10 trillion won. The most traded stock on this day was BORA, which traded over 2 trillion won in the last 24 hours, and the daily increase rate recorded 433%. Paycoin, which increased 25 times in the day before, was traded at 1.4 trillion won on Upbit that day, and plummeted 46.41%.

As the market overheated, the interest in Upbit virtual assets on the 19th also jumped by nearly 50% from the previous day. In particular, as funds were concentrated in altcoins, the Upbit Altcoin Index (UBAI) rose by more than 5% from the previous day, and the Upbit Market Index (UBMI) index, which was aggregated based on the entire market, also rose by 2%.

On this day, the top 10 virtual assets in the Upbit increase rate included a large number of domestic blockchain projects. Bora, MediBloc (MED), Sentinel Protocol (UPP), and Something (SSX) ranked in the top 5 in order, followed by MVL, Metadium, and HUNT.

On the 19th, the interest in Upbit virtual assets jumped 49.74% from the previous day.

Meanwhile, on the afternoon of the 19th, the bitcoin price is 57.8 million won, which is similar to the previous day, and Ethereum (ETH) is also showing a flat trend at 2.14 million won.

According to the data, Korean cryptocurrency market size is growing rapidly now.

Korean Cryptocurrency Exchange Listing Fraud Rises, Bithumb said "will respond strongly"

2/14/2021

Bithumb (www.bithumb.com), a virtual asset exchange, is aggressively responding to illegal listed brokers.

On the 9th February, Bithumb announced that it will strongly respond to illegal brokers who pretend to be exchanges and steal high listing fees. This is because brokers who are acting as bait for listing by impersonating Bithumb executives and employees have recently tried to gain attention.

Bithumb said that it is calling particular attention to the blockchain project and receiving reports of broker illegal activities. If the broker's illegal activity is confirmed, it plans to take legal action immediately.

Illegal brokers mainly act by impersonating an exchange employee or using an email address similar to the official email address of the exchange. According to a report recently received by Bithumb, they said that they were in charge of the major departments of Bithumb and discussed the project they wanted to list. In addition, they requested fees, such as a deposit for listing, using an email address that counterfeit Bithumb's official email.

In response, Bithumb announced that it only applies for listing and discusses via official e-mail, and does not negotiate listing through SNS such as Telegram and LinkedIn. Also, if an email is received through an official email account, it is requested that the sender be sure to send a reply email to check whether the sender is correct or not.

An official from Bithumb said, “Bithumb does not receive an application for listing through any channels other than official e-mail and does not require listing fees,” and said, “We must be cautious and pay special attention so as not to be harmed by negotiations on listing through informal channels.” He added, “If the circumstances of attempting an abnormal procedure through a broker, etc. are confirmed, penalties may be returned to the corresponding blockchain project.”

Bithumb compliance and related departments require a quick response for this fraud issue.

Lambda256 Makes Korean Digital Asset (NFT) Standard

2/13/2021

Lambda256, a blockchain service platform, will start developing a blockchain-based digital asset service with economical and scalable capabilities.

Lambda256 creates a service standard for non-fungible tokens (NFTs), which is one of the main characteristics of blockchain games, and plans to accelerate the commercialization of NFTs while eliminating the commission fees incurred when transactions are made on the blockchain.

On the 10th, Lambda 256 announced that it will cooperate with the blockchain game project Item Bus to create a domestic standard for NFT services. Item Bus is a blockchain game alliance launched by over 100 domestic game companies led by the Korea Mobile Game Association. The two companies plan to jointly develop the Korean NFT standard 'K-NFT (tentative name)' through this collaboration.

NFT is a tokenization of tangible assets such as game items and copyrights based on blockchain technology, and is based on ERC-721, the token issuance standard of the Ethereum platform.

However, as Ethereum's excessive fees and slow speed are considered as limitations of commercialization of NFTs, many blockchain companies are currently developing individual NFT standards for Ethereum.

Accordingly, Lambda256 and ItemVerse plan to provide solutions that meet the needs of the market, such as metadata storage and management, copyright management, and NFT division functions through K-NFT, which has improved the existing basic NFT. In addition, it plans to design so that it can have scalability that can respond to large-scale traffic by providing free fees incurred during block chain transactions.

K-NFT supports multi-chain development environments including Ethereum by using the bridge function provided by Lambda 256's Service as a Blockchain (BaaS). This allows companies that use the Ethereum-based NFT standard to switch to the new K-NFT without additional hassle.

The two companies plan to allow K-NFT to be applied not only to games, but also to mobile tickets used in performances and various events, and to various limited edition products. In addition, it also revealed that it will seek ways to create new profits through cooperation with domestic metaverse manufacturers.

Despite the effort, K-NFT will be settled successfully?