By Kapil Rajyaguru
By Kapil Rajyaguru South Korea Cuts Out Bitcoin Strategic Reserve Considerations
South Korea’s central bank, the Bank of Korea (BOK), has taken a cautious stance on including bitcoin in its foreign exchange reserves, per a Korea Economic Daily report. In response to a question posed by a member of the National Assembly’s Strategy and Finance Committee, the BOK made it clear on Sunday that it has not entertained the notion of embracing BTC. The BOK further pointed out that bitcoin fails to meet the International Monetary Fund’s (IMF) foreign exchange reserve management standards. The IMF emphasizes the importance of prudently managing liquidity, market, and credit risks — criteria that bitcoin, with its erratic nature, does not satisfy.
OKX Suspends DEX Aggregator To Stop ‘Further Misuse’ By Lazarus
Crypto exchange OKX has temporarily paused its decentralized exchange aggregator to prevent “further misuse” by North Korean hacking collective Lazarus Group. The OKX helpdesk confirmed that the DEX aggregator was temporarily suspended for an “internal review and upgrade” but did not provide a timeline. It added that crypto wallet services will remain available to all customers, but it will “pause new wallet creation in select markets during this time.” On March 11, Bloomberg reported that European Union financial watchdogs were investigating the firm’s DEX aggregator, called OKX Web3, and its wallet services for their alleged role in laundering funds from the Bybit hack.
CAKE Price Soars 15% As PancakeSwap Overtakes Uniswap By Daily Trading Volume
PancakeSwap saw its native token (CAKE) surge 15% as the platform became the most active decentralized exchange by daily trading volume. Data from analytics platform DefiLlama shows that PancakeSwap recorded $1.639 billion in 24-hour trading volume on Monday, Mar. 17, overtaking Uniswap (UNI) and Raydium (RAY), which saw $1.021 billion and $334.98 million, respectively. The surge in trading volume apparently comes after Binance founder Changpeng Zhao reignited interest in memecoins, indirectly promoting BNB Chain-based memecoin MUBARAK on his social media profiles.
Wemix Denies Cover-Up Amid Delayed $6.2mn Bridge Hack Announcement
Wemix Foundation CEO Kim Seok-hwan said they had no intention of concealing a hack on its bridge, which led to over $6 million in losses. In a press conference, Kim reportedly said there was no attempt to cover up the incident, even though the audience pointed out the announcement was delayed. On Feb. 28, over 8.6 million WEMIX tokens were withdrawn due to an attack on the platform’s Play Bridge Vault, which transfers WEMIX to other blockchain networks. The company only made an official announcement four days after the attack. According to Kim, the announcement was delayed due to the possibility of further attacks and to avoid causing panic in the market because of the stolen assets.
You need to login in order to Like
