Seoul, Feb 8 (IANS) Bithumb, one of South Korea’s crypto exchanges, said on Sunday it will reimburse customers who suffered losses from panic selling triggered by an internal transfer error last week.The cryptocurrency exchange mistakenly transferred 620,000 bitcoins to 249 users participating in a promotional event around 7 p.m. Friday, reports Yonhap news agency.That amounted to an average of 2,490 bitcoins worth 244 billion won ($166 million) per user. Some recipients sold the bitcoin, causin…
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Seoul, Jan 23 (IANS) Two US investors in e-commerce giant Coupang notified the South Korean government of their intent to bring arbitration claims against it over what they called “discriminatory” acts toward the US-listed firm, and requested a US government probe into the matter.Greenoaks Capital Partners and Altimeter Capital Management took the actions, decrying South Korean authorities’ investigations into Coupang following revelations in November about a massive customer data leak, accordin…
Seoul, Jan 18 (IANS) South Korea’s major commercial banks are stepping up efforts, alongside government foreign exchange authorities, to curb the local currency’s recent weakness, offering incentives for customers to sell U.S. dollars and lowering interest rates on foreign-currency deposits, officials said on Sunday.The won has hovered near the closely watched 1,450 won level against the U.S. dollar recently despite authorities’ verbal intervention and policy measures, pressured by broad dollar …
Seoul, Jan 5 (IANS) Bank of Korea (BOK) Governor Rhee Chang-yong said on Monday that economic polarisation and uncertainty are expected to persist this year, stressing the need for careful and balanced policymaking.Rhee made the remarks during a meeting with the heads of financial companies and officials from relevant industries in Seoul, which was also attended by Financial Services Commission Chairman Lee Eog-weon and Financial Supervisory Service Governor Lee Chan-jin, reports Yonhap news age…
Seoul, Jan 4 (IANS) Foreign ownership as a share of total market capitalisation reached its highest level in five years and eight months in December amid a rally in the South Korean equity market, a report showed on Sunday.Foreigners bought a net 3.5 trillion won (US$2.4 billion) worth of local shares in December, raising their stockholdings to 32.9 percent of total market capitalsation, the highest level since April 2020, according to a report published by the Korea Center for International Fin…