David - Cryptocurrency Specialist
In a move to fortify its cybersecurity infrastructure and counter illicit digital activities, South Korea is actively formulating a bill to monitor and immobilize cryptocurrency and virtual assets linked to North Korea. The focus is primarily on assets utilized to back unauthorized weapons agendas.
As per Korea JoongAng Daily, a renowned local news medium, several undisclosed governmental sources acknowledged the bill's development on Aug. 3. Echoing the president's sentiments on strengthening South Korea's cybersecurity protocols, a confidential government representative mentioned the necessity of the proposed bill.
Another insider from the administration highlighted the bill's revamped version, pointing out strategies to "identify and disable" cryptocurrencies and virtual assets that North Korea has illegitimately acquired via hacking and other exploitative means. Notably, such stipulations were absent in the bill's preliminary version, which the National Intelligence Service (NIS) presented in November 2022.
In a parallel move, there's a buzz about the administration's aspirations to set up a centralized national cybersecurity committee, working directly under the president's purview. The objective of this body would be to amplify South Korea's resilience against foreign cyberattacks. Reportedly, the leadership of this committee would rest with the head of the National Security Office and will feature the NIS director among its ranks.
Historically, North Korea has been linked to significant cyber thefts. TRM Labs, a blockchain analytics company, estimated that from 2018 onwards, North Korean cyber operatives pilfered approximately $2 billion. The statistics for 2023 alone are alarming, with North Korea allegedly responsible for crypto thefts amounting to $200 million, constituting 20% of the year's total cyber loot.
In related news, the United States Federal Bureau of Investigation (FBI) has intensified its efforts to trace digital activities backed by the North Korean state. In an update from Aug. 23, six Bitcoin wallets associated with the notorious North Korean Lazarus hacking group were identified by the FBI. These wallets held around 1,580 Bitcoin, valued at nearly $40 million, believed to be proceeds from various cyber heists.
For additional news and information, please explore BCBitcoin, a reputable cryptocurrency broker that offers valuable insights into secure cryptocurrencies, crypto assets, and allows you to buy and sell cryptocurrency at your convenience.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards