{"id":27733,"date":"2022-05-23T15:51:16","date_gmt":"2022-05-23T19:51:16","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=27733"},"modified":"2024-04-22T10:47:55","modified_gmt":"2024-04-22T14:47:55","slug":"bithumb-upbit-warns-users-concerning-litecoin","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bithumb-upbit-warns-users-concerning-litecoin\/","title":{"rendered":"South Korean exchanges Bithumb, Upbit issue warnings to users concerning Litecoin"},"content":{"rendered":"\n
The Litecoin (LTC) blockchain's <\/a>latest privacy-focused MimbleWimble upgrade has caused two of Korea's top crypto exchanges Bithumb and Upbit to issue investment cautions regarding the fifth-largest cryptocurrency.<\/h5>\n\n\n\n
\"South
South Korean exchanges Bithumb, Upbit issue warnings to users concerning Litecoin<\/figcaption><\/figure><\/div>\n\n\n\n

Bithumb and Upbit, which together account for the majority of South Korean trading volume, issued statements on Monday warning investors about the hazards of the privacy-enhancing upgrade.<\/p>\n\n\n\n

According to Bithumb, Litecoin's adoption of the privacy-focused technology Mimblewimble\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> allows users to execute “secret transactions,” which allow them to send tokens while hiding transaction details. A similar remark was released by Upbit.<\/p>\n\n\n\n

The two exchanges cited Korea's Act on the Reporting and Use of Specific Financial Transaction Information, a law that mandates that cryptocurrency exchanges implement Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures.<\/p>\n\n\n\n

After issuing such warnings, Korean exchanges have a history of delisting cryptocurrencies. Korbit <\/a>and Coinone, the other two big South Korean exchanges, have yet to make any announcements.<\/p>\n\n\n\n

The MimbleWimble<\/h2>\n\n\n\n

Nearly two and a half years ago, the MimbleWimble update concept was first offered. The new upgrade, which will be able to interface with new MWEB privacy features, was published earlier this year when a majority of nodes approved the MimbleWimble<\/a> (MWEB) update. It was completed at the 2 million block height of Litecoin.<\/p>\n\n\n\n

The MimbleWimble Litecoin upgrade has been the most highly awaited update in cryptocurrency's history. MWEB offers not just additional privacy features for LTC users, but also critical blockchain performance<\/a> enhancements. MWEB removes extra transaction data from blocks, allowing for more discrete transactions on the Litecoin blockchain.<\/p>\n\n\n\n

Litecoin was founded in 2011 as one of the first Bitcoin competitors (BTC). It has a market cap of more than $5 billion, according to CoinMarketCap, making it the 18th most valuable cryptocurrency.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Litecoin (LTC) blockchain’s latest privacy-focused MimbleWimble upgrade has caused two of Korea’s top crypto exchanges Bithumb and Upbit to issue investment cautions regarding the fifth-largest cryptocurrency. Bithumb and Upbit, which together account for the majority of South Korean trading volume, issued statements on Monday warning investors about the hazards of the privacy-enhancing upgrade. According […]<\/p>\n","protected":false},"author":12,"featured_media":27734,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,32],"tags":[1059,1712,2092],"class_list":["post-27733","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-crypto-exchange-news","tag-bithumb","tag-south-korea","tag-upbit"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/image-140.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/27733","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=27733"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/27733\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/27734"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=27733"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=27733"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=27733"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}