Lee Eok-won, the chairman candidate of South Korea's Financial Services Commission (FSC), has sparked controversy by arguing that cryptocurrencies have no intrinsic value. Lee's comments were contained in written responses submitted before he took office as head of the country's top financial regulator. Lee stated that cryptocurrencies, due to their high price volatility, cannot fulfill the basic functions of a currency: store of value and medium of exchange. He also opposed pension and investment funds investing in crypto assets, arguing that the speculative nature of the market poses risks. Related News: 10 DeFi Altcoins Developers Focused on the Most in the Last Month Have Been Revealed - There Are Big Surprises However, these statements were met with criticism from local crypto industry representatives, who described Lee's comments as “reactionary,” especially at a time when many governments and companies are incorporating crypto into their balance sheets. Some blockchain experts, however, argued that Bitcoin and other cryptocurrencies have “digital benefits,” such as security and ease of transfer. Lee stated that he takes a more balanced stance on stablecoins, saying he aims to balance innovation opportunities with security measures. South Korea is working on plans to regulate a local currency-pegged stablecoin market. This move parallels similar initiatives in regions like Japan, Hong Kong, and China, and is considered part of the countries' strategy to maintain their monetary sovereignty in the Web3 era. *This is not investment advice. Continue Reading: South Korea’s SEC Chair Nominee’s Cryptocurrency Comments Spark Major Debate
Crypto researcher SMQKE highlighted a specific detail from a BRICS economic report, noting that the XRP Ledger is directly cited within the document. In the post, SMQKE stated that “the XRPLedger is explicitly cited in an official BRICS report on the development of a BRICS cryptocurrency” and emphasized that the mention is documented. The observation is based on a section of the report that discusses smart contracts, escrow-like systems for trade finance, and blockchain-based mechanisms to improve settlement efficiency. The report references “XRP Ledger, 2020” in this context, indicating that its escrow model was considered when evaluating options for cross-border trade finance infrastructure. The XRPLedger is explicitly cited in an official BRICS report on the development of a BRICS cryptocurrency. Documented. https://t.co/AsnW6Lxilz pic.twitter.com/Au3QkYFoc3 — SMQKE (@SMQKEDQG) September 1, 2025 Details from the report page The document itself outlines how BRICS countries have studied distributed ledger technology and blockchain to strengthen operational efficiency in trade settlements. It states that in 2019, the BRICS Business Council created a working group to explore a trade-facilitating cryptocurrency. At the same time, it stresses that meeting BRICS goals for de-risking national currency trade settlements does not necessarily require the creation of a new, specialized cryptocurrency for document flow. Instead, the report highlights the role of smart contracts as a key tool to automate processes, verify fulfillment criteria, and disburse payments through external verification mechanisms such as oracles. Within this explanation, the document cites the XRP Ledger as an example of how funds can be stored in a virtual escrow account to guarantee availability at the time of contract execution. Neo’s response to SMQKE Following SMQKE’s post, another user, Neo, acknowledged the reference but pointed out additional context. Neo explained that the same report also references the need for an “in-house smart contract system” for BRICS. This raises the possibility that while XRPL is cited as a technical example, BRICS may instead be considering the development of its own dedicated blockchain infrastructure. Neo questioned whether BRICS would opt to build a proprietary blockchain from the ground up or instead operate a permissioned version of an existing framework. Implications of the two points The posts together highlight two important aspects of the document. First, that XRPL is indeed cited within an official BRICS publication in relation to escrow and smart contract functionality. Second, the report also references a path toward building an internal smart contract system, which suggests BRICS could ultimately pursue a controlled, consortium-style platform designed specifically for its member states. This approach would give BRICS flexibility over governance, compliance, and customization while still acknowledging existing blockchain systems as relevant technical references. Further context of the document The excerpt also addresses the benefits of smart contracts for trade finance, including reduced settlement times, cost savings, and minimization of errors and disputes. It contrasts existing Western trade finance systems with the possibility of BRICS creating its own framework to avoid reliance on Western-dominated settlement rails. We are on X, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) June 15, 2025 The reference to XRPL fits within this wider analysis as one of several examples of blockchain technology capable of supporting escrow and automated disbursement mechanisms. SMQKE’s post focuses on the verifiable fact that the XRP Ledger is explicitly mentioned in a BRICS document on digital trade settlements. The document positions smart contracts as central to BRICS’ long-term plans for trade finance, with XRPL noted as part of the technical landscape under review. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on X , Facebook , Telegram , and Google News The post XRP Ledger Is Explicitly Cited in an Official BRICS Report. Here’s why appeared first on Times Tabloid .
U.S. stock euphoria is showing in extreme bullish positioning and subdued volatility, raising the risk of a spillover correction into crypto. If equities turn risk-off, muted digital-asset momentum could worsen,
Bitcoin has been at the center of heated debates since it launched, but along with its rise came plenty of myths that distort what it really is. Some stem from early misunderstandings, while others were spread deliberately to create fear. To fully grasp Bitcoin’s role today, it’s important to clear up the misconceptions and focus on facts. And as Bitcoin matures, new projects like MAGACOIN FINANCE are also attracting investor interest, praised for their great tokenomics, growing community, and surging value , which are drawing global attention. Myth #1: Bitcoin is Only for Criminals This is one of the oldest and most stubborn claims. While Bitcoin was once used on dark web markets, the reality today is that most transactions are legitimate. The blockchain is public, meaning every transaction can be tracked, making Bitcoin a poor choice for crime compared to the traditional banking system, which has far more loopholes for money laundering. Myth #2: Bitcoin Has No Intrinsic Value Critics argue Bitcoin isn’t backed by gold or governments. But neither are modern fiat currencies. Bitcoin’s value lies in its decentralized network, capped supply of 21 million, and cryptographic security , which together give it utility as a store of value and medium of exchange. Myth #3: Bitcoin is a Bubble Volatility fuels the bubble argument, but history shows otherwise. Since 2009, Bitcoin has survived countless crashes and corrections, continuing to expand its network, adoption, and institutional presence. It looks less like a bubble and more like a maturing technology. The Altcoin that Took Center Stage As myths around Bitcoin fade, investors are widening their focus to other opportunities. MAGACOIN FINANCE is one of the standouts of 2025, drawing comparisons to early-stage crypto giants. With a surging community and early backers already eyeing exponential returns , it represents what many see as the next breakout opportunity in the altcoin market. Demand for presale allocations has been intense, and momentum suggests it could mirror some of the explosive growth stories the crypto world has seen before. Myth #4: Bitcoin is Bad for the Environment Mining consumes energy, yes, but much of it comes from renewables like hydro and solar. Comparing Bitcoin’s footprint to entire nations is misleading. A more accurate comparison is against industries like gold mining or traditional banking, which often consume far more. Myth #5: Bitcoin is Anonymous Bitcoin isn’t truly anonymous; it’s pseudonymous. Every transaction is public. If an address is linked to an identity through exchanges or regulators, full histories can be tracked. This transparency makes it unattractive for serious criminals. Myth #6: Bitcoin Can Be Easily Hacked The Bitcoin network itself has never been hacked. Attacks usually happen on poorly secured exchanges or wallets, not the blockchain. With private keys stored safely, Bitcoin remains one of the most secure systems in existence. Myth #7: Bitcoin is Controlled by Whales Some large holders exist, but they don’t control the network. Bitcoin’s design ensures that changes to its rules require broad consensus across miners, developers, and users worldwide. Power is spread out, not centralized in a few hands. Conclusion Bitcoin has been clouded by myths for years, but when the noise is stripped away, it stands as a decentralized, transparent, and resilient digital asset. As adoption grows, these misconceptions fade, making room for clearer understanding of its potential. And while Bitcoin proves its staying power, opportunities like MAGACOIN FINANCE show that early investors in the right projects can still position themselves for potentially massive gains. To learn more about MAGACOIN FINANCE, visit: Website: https://magacoinfinance.com Access: https://magacoinfinance.com/access Twitter/X: https://x.com/magacoinfinance Telegram: https://t.me/magacoinfinance Continue Reading: Top 7 Myths About Bitcoin That Aren’t True
Is AAVE leading the shift from TradFi to DeFi?
BitcoinWorld South Korea Crypto Illicit Flows: A Crucial Partnership to Safeguard Digital Assets In a significant move to fortify its financial defenses, South Korea is taking decisive action against South Korea crypto illicit flows . The Korea Customs Service (KCS) has announced a groundbreaking partnership with domestic cryptocurrency exchanges, aiming to curb the rising tide of illicit foreign exchange transactions involving digital assets. This initiative underscores a clear commitment to creating a safer and more transparent digital financial landscape. Why Are South Korea Crypto Illicit Flows a Growing Concern? The urgency behind this collaboration is striking. Over the past five years, a staggering three out of every four foreign exchange crimes investigated by the KCS, when measured by monetary value, have been linked to virtual assets. This statistic highlights a critical vulnerability that demands immediate and comprehensive attention. Cryptocurrencies, with their rapid, borderless, and often pseudonymous nature, have unfortunately become attractive tools for various illicit activities. These can range from money laundering and tax evasion to funding illegal operations. The challenge for authorities worldwide is to harness the innovation of digital assets while mitigating their potential for misuse. This escalating trend of South Korea crypto illicit flows poses risks not only to financial integrity but also to national security and the broader public trust in digital finance. How Does This Partnership Tackle South Korea Crypto Illicit Flows? The new alliance is designed to foster a robust information-sharing ecosystem between the public and private sectors. Announced by Korea Customs Service Commissioner Lee Myung-gu at a meeting with the Digital Asset eXchange Alliance (DAXA) on September 2nd, the initiative outlines a clear division of responsibilities: KCS Contribution: The customs service will provide exchanges with up-to-date information on the latest crime cases and emerging patterns in illicit financial activities. This intelligence is crucial for proactive detection. Exchange Efforts: Virtual Asset Service Providers (VASPs) are tasked with enhancing their internal systems and processes to actively detect and report suspicious transactions. Their direct access to transaction data makes them frontline defenders against South Korea crypto illicit flows . This synergy between law enforcement and industry players is pivotal. It leverages the KCS’s investigative expertise with the exchanges’ operational data and technological capabilities to create a more effective deterrent. Benefits and Broader Impact of Combating South Korea Crypto Illicit Flows The collaboration promises a multitude of benefits for all stakeholders: Enhanced Security: A more secure digital asset environment reduces opportunities for criminals, protecting both individuals and the broader financial system. Increased Trust: By actively combating illicit activities, South Korea aims to build greater confidence in its crypto market, potentially attracting more legitimate investment and participation. Regulatory Clarity: Such partnerships often lead to a clearer understanding of regulatory requirements and best practices, benefiting both exchanges and users. Global Leadership: South Korea positions itself as a leader in responsible digital asset regulation, setting an example for other nations grappling with similar challenges regarding South Korea crypto illicit flows . Ultimately, the goal is to cultivate a healthy and sustainable digital asset ecosystem where innovation can thrive without being undermined by criminal exploitation. Navigating the Future: Challenges in Preventing South Korea Crypto Illicit Flows While this partnership is a significant step, the fight against illicit crypto flows is ongoing and complex. Several challenges remain: Evolving Tactics: Criminals constantly adapt their methods, requiring continuous updates to detection techniques and regulatory frameworks. Technological Complexity: The rapid pace of innovation in blockchain and crypto necessitates advanced analytical tools and skilled personnel to identify sophisticated schemes. International Cooperation: Digital assets transcend borders, meaning effective combat against illicit flows often requires international collaboration, which can be challenging to coordinate. Balancing Privacy and Security: Striking the right balance between protecting user privacy and ensuring robust security measures against financial crime is a delicate act. The success of this initiative will depend on continuous adaptation, technological investment, and unwavering commitment from both the KCS and the crypto industry. What This Means for You: Actionable Insights on South Korea Crypto Illicit Flows For individuals and businesses participating in South Korea’s crypto market, this partnership signals a heightened focus on compliance and transparency. Here are some actionable insights: Know Your Customer (KYC) and Anti-Money Laundering (AML): Expect continued emphasis on strict KYC and AML procedures from exchanges. Adhering to these is crucial for smooth transactions. Report Suspicious Activity: If you encounter anything that seems out of the ordinary, it’s vital to report it to your exchange or relevant authorities. Stay Informed: Keep abreast of regulatory changes and best practices in the digital asset space. By fostering cooperation and vigilance, the public and private sectors in South Korea are working together towards the goal of creating a healthy ecosystem, where the benefits of digital assets can be fully realized without the shadow of illicit activities. This proactive approach by the Korea Customs Service and DAXA is a powerful testament to South Korea’s dedication to securing its financial future in the digital age. It sets a precedent for how nations can effectively combat the challenges posed by virtual assets while embracing their transformative potential. Frequently Asked Questions (FAQs) Q1: What is the Digital Asset eXchange Alliance (DAXA)? A1: DAXA is an association of major cryptocurrency exchanges in South Korea that aims to promote a healthy and safe digital asset ecosystem through self-regulation and cooperation with authorities. Q2: What types of illicit activities are targeted by this partnership? A2: The partnership primarily targets illicit foreign exchange transactions involving virtual assets, which can include money laundering, tax evasion, and other financial crimes. Q3: How does this partnership affect regular cryptocurrency users in South Korea? A3: Regular, law-abiding users should experience a more secure and trustworthy environment. They may notice stricter KYC/AML procedures on exchanges, which are in place to protect the ecosystem from illicit actors. Q4: Why are cryptocurrencies often used for illicit flows? A4: Cryptocurrencies can be attractive for illicit activities due to their speed, global reach, and the perceived anonymity or pseudonymous nature of transactions, which can make them harder to trace without proper tools and cooperation. Q5: Will this initiative lead to stricter crypto regulations in South Korea? A5: This initiative is a form of enhanced enforcement and cooperation rather than entirely new regulation. However, successful implementation may inform future regulatory adjustments to further strengthen the fight against South Korea crypto illicit flows . If you found this article insightful, consider sharing it with your network! Your support helps us keep the crypto community informed and secure. To learn more about the latest crypto market trends, explore our article on key developments shaping Bitcoin price action. This post South Korea Crypto Illicit Flows: A Crucial Partnership to Safeguard Digital Assets first appeared on BitcoinWorld and is written by Editorial Team
COINOTAG News (Sept 2) reports that on-chain monitoring by LookIntoChain identified activity from whale address 0xFf15, which over the past four days sold 425 BTC (about $46.5 million) and purchased
BitcoinWorld Urgent Warning: WLFI Phishing Attacks Exploit Ethereum Upgrade In the fast-evolving world of cryptocurrency, staying vigilant is paramount. An alarming new threat has emerged, specifically targeting WLFI holders through sophisticated WLFI phishing attacks . These malicious campaigns are exploiting a recent Ethereum upgrade, putting your digital assets at significant risk. It’s crucial for every crypto enthusiast to understand this danger and take immediate action. Understanding the Ethereum Upgrade and Its Exploitation The core of these WLFI phishing attacks lies in a feature introduced by Ethereum Improvement Proposal (EIP) 7702. This proposal, which was part of the Pectra upgrade in May, brings a powerful new capability to the Ethereum network. What is EIP-7702? It allows an externally owned account (EOA) – your standard crypto wallet – to temporarily behave like a smart contract wallet. Why is this useful? It enables advanced functionalities like delegated execution permissions and batch transactions, making crypto interactions more flexible and efficient. However, as Yu Xian, founder of the blockchain security firm SlowMist, highlighted on X, hackers are exploiting this innovation. They are using EIP-7702 to plant addresses they control directly into victims’ wallets, effectively gaining unauthorized access to steal tokens. This new vector represents a serious challenge for wallet security. How WLFI Phishing Attacks Operate These WLFI phishing attacks are not random; they are highly targeted and cunning. Cybercriminals leverage social engineering tactics to trick users into unknowingly granting them access. They often impersonate legitimate entities or create convincing fake websites. Here’s a breakdown of common methods: Deceptive Links: Attackers send links that appear to be from trusted sources, such as project updates, airdrops, or support messages. Clicking these links can lead to malicious sites. Fake Wallets or DApps: They create fraudulent decentralized applications (DApps) or wallet interfaces that mimic real ones. When users connect their wallets, they inadvertently approve malicious transactions. Exploiting EIP-7702: Once a user interacts with a malicious site or approves a deceptive transaction, the attacker exploits EIP-7702 to inject their own address. This grants them temporary control over your wallet’s execution permissions, allowing them to drain funds. The sophisticated nature of these attacks means even experienced users can fall victim if they are not extremely careful. Protecting Your Assets from WLFI Phishing Attacks Given the escalating threat of WLFI phishing attacks , proactive security measures are essential. Protecting your digital assets requires vigilance and adherence to best practices. Consider these actionable steps: Verify Sources: Always double-check the URL of any website before connecting your wallet or approving transactions. Look for official links from trusted social media channels or project documentation. Hardware Wallets: For significant holdings, use a hardware wallet. They offer an additional layer of security by requiring physical confirmation for transactions, making remote exploitation much harder. Review Permissions: Carefully examine all transaction details and permissions requested by DApps. If something seems unusual or asks for excessive access, decline it. Stay Informed: Follow reputable blockchain security firms like SlowMist and official project channels for the latest security alerts and advice. Use Reputable Security Tools: Employ browser extensions that warn about known phishing sites, and consider using secure DNS services. Remember, the responsibility for securing your wallet ultimately rests with you. A moment of carelessness can lead to irreversible losses. Conclusion: Stay Vigilant Against Emerging Threats The exploitation of EIP-7702 for WLFI phishing attacks underscores the constant need for vigilance in the crypto space. While new Ethereum features like EIP-7702 promise greater flexibility and utility, they also introduce new attack vectors that malicious actors are quick to exploit. By understanding the mechanisms behind these attacks and adopting robust security practices, WLFI holders can significantly reduce their risk. The crypto community must work together to educate users and enhance security protocols. Your diligence is your best defense against these evolving threats. Frequently Asked Questions (FAQs) What is EIP-7702 and why is it relevant to phishing attacks? EIP-7702 is an Ethereum Improvement Proposal that allows externally owned accounts (EOAs) to temporarily function like smart contract wallets, enabling delegated execution permissions. Hackers are exploiting this by injecting their own addresses into victims’ wallets through deceptive means, gaining control to steal tokens. Are only WLFI holders affected by these phishing attacks? While the initial reports specifically mention WLFI holders, the underlying vulnerability exploits a general Ethereum upgrade (EIP-7702). This means that any user interacting with the Ethereum network could potentially be targeted by similar phishing attacks if they fall for a malicious scheme. How can I tell if a website is a phishing site? Always check the URL for misspellings or unusual domains. Look for HTTPS and a padlock icon, but be aware that phishing sites can also have these. Verify the link against official sources (e.g., project’s official Twitter, Discord, or website). Be wary of unsolicited links or offers that seem too good to be true. What should I do if I suspect my wallet has been compromised? If you suspect a compromise, immediately move all remaining funds to a new, secure wallet. Disconnect your compromised wallet from all DApps. Revoke any suspicious permissions granted to smart contracts using tools like Etherscan’s Token Approvals. Report the incident to relevant authorities or security firms if possible. Does using a hardware wallet protect against EIP-7702 exploits? Yes, hardware wallets offer strong protection. Even if you unknowingly interact with a malicious site, a hardware wallet requires physical confirmation for transactions. This makes it significantly harder for attackers to drain funds without your direct, physical approval, adding a crucial layer of security against WLFI phishing attacks . If you found this article helpful, please consider sharing it on your social media platforms to help others stay informed and secure their crypto assets. Your shares can make a real difference in protecting the wider crypto community from these emerging threats. To learn more about the latest explore our article on key developments shaping Ethereum security protocols and future-oriented advancements. This post Urgent Warning: WLFI Phishing Attacks Exploit Ethereum Upgrade first appeared on BitcoinWorld and is written by Editorial Team
U.S. stocks are flashing signs of investor euphoria even as crypto markets remain subdued, raising the risk of a spillover correction.
According to Coinglass data cited by COINOTAG on September 2, the cumulative short liquidation intensity across mainstream CEXs would reach $973 million if Bitcoin breaches $112,000, while a decline beneath