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Hackers Steal $32 mln from Cryptocurrency Exchange Bithumb

Hackers Steal $32 mln from Cryptocurrency Exchange Bithumb

SEOUL, Jun. 20 (Korea Bizwire) — South Korea’s biggest cryptocurrency exchange, Bithumb, said Wednesday it lost 35 billion won (US$31.5 million) worth of cryptocurrencies in a hacking attack, highlighting concerns that cryptocurrency exchanges are vulnerable to cyber attacks. The theft took place between Tuesday night and dawn on Wednesday, Bithumb said in a statement. Bithumb [...]

FSS Reveals 3 Task Force Measures

FSS Reveals 3 Task Force Measures

SEOUL, Apr. 26 (Korea Bizwire) — Telemarketers selling insurance over the phone will now have to pace their explanations at a certain speed to ensure consumer protection, one of many other new measures crafted by the Financial Supervisory Service (FSS). The FSS, drawing upon the expertise of external professionals to identify 177 specific tasks, created [...]

Rate Hikes Can Cause Heavily Indebted Households to Cut Back on Spending: Report

Rate Hikes Can Cause Heavily Indebted Households to Cut Back on Spending: Report

SEOUL, Dec. 29 (Korea Bizwire) — A country with high household debt that raises key interest rates can be affected by a drop in total demand and consumption, a report said Friday. “We’ve found that key interest rate hikes have a great impact on the economic adjustment in a country which has a high degree [...]

31 pct of Workers Have Invested in Virtual Currencies: Survey

SEOUL, Dec. 27 (Korea Bizwire) — More than three out of every 10 South Korean workers have invested in cryptocurrencies to make a quick buck, a recent survey showed Wednesday. Of the 941 salaried people questioned, 31.3 percent have invested in virtual currencies, according to the survey conducted by online job portal Saramin. The average [...]

Hyundai Development Company to Reshuffle Business Structure

Hyundai Development Company to Reshuffle Business Structure

SEOUL, Dec. 7 (Korea Bizwire) — Hyundai Development Company is converting to a holding company through a major structure reshuffle. At a board meeting held on Tuesday, plans were announced to divide the current structure of HDC into two, including a holding company and a separate operating company with official names yet to be determined. Through [...]

Banks to Implement Stricter Rule for Mortgages in Q4 Next Year

Banks to Implement Stricter Rule for Mortgages in Q4 Next Year

SEOUL, Nov. 27 (Korea Bizwire) — South Korea’s financial regulator said Sunday it will require first-tier banks to implement a stricter rule for mortgage lending in the fourth quarter of next year, in a fresh bid to better manage growing household debt. Currently, people’s repayment ability for home mortgages is calculated on a ratio that [...]

Investment Firms Announce “Chain ID”, World’s First Blockchain-Based Identification System

Investment Firms Announce “Chain ID”, World’s First Blockchain-Based Identification System

SEOUL, Nov. 1 (Korea Bizwire) – Members of the Korea Financial Investment Association (KFIA) gathered in Seoul’s Yeouido financial district on October 31 to announce the test run launch of “Chain ID”, an identification system built on blockchain technology that was described by KFIA Chairman Hwang Young-key as “the world’s first successful attempt in commercializing [...]

South Korea Ranks 22nd in Per Capita Net Financial Assets

South Korea Ranks 22nd in Per Capita Net Financial Assets

SEOUL, Oct. 11 (Korea Bizwire) — South Korea ranked 22nd in the per capita net financial assets among 53 major economies last year, a report said Wednesday. The average South Korean had 28,180 euros in financial assets including cash, bank deposits, stocks, insurance and pensions last year, according to a global wealth report by the [...]

Overseas Equity Funds Rising in Popularity

Overseas Equity Funds Rising in Popularity

SEOUL, Sept. 8 (Korea Bizwire) — South Korea’s publicly offered overseas investment funds are regaining popularity among local investors, data showed Friday, as they seek tax benefits and higher returns. According to the data by the Korea Financial Investment Association, the combined net worth of such funds came to 39.4 trillion won (US$34.9 billion) as [...]

Gap Between Single-Income and Dual-Income Households Narrows

Gap Between Single-Income and Dual-Income Households Narrows

SEOUL, Sept. 6 (Korea Bizwire) – Average incomes for dual-income and single-income households between April and June, at 5.47 million won and 3.69 million won, respectively, are the closest they have been since the fourth quarter of 2015 (October through December) according to figures provided by Statistics Korea. Dual-income households earned only 1.48 times what [...]