Crypto Wallets

Launch of Naver Pay Wallet in South Korea

Friday. August 30 at 11:00 AM

1 min. read

South Korean tech giant Naver has introduced its inaugural crypto wallet, Naver Pay Wallet, in collaboration with sports-focused blockchain Chiliz. Chiliz, a blockchain supporting fan tokens, announced on Aug. 29 that it was selected as the first blockchain for the wallet, accessible to over 33 million Naver users. Naver, often referred to as the 'Google of South Korea,' operates the country's top search engine and was the most visited website in South Korea last month. The wallet, managed by Naver Pay, currently serves over 97,000 merchants. Naver Pay Wallet emphasizes utility and loyalty blockchain tech rather than being a traditional crypto wallet. It is in beta, non-custodial, and supports both cryptocurrencies and NFTs. Future plans include integrating DApps, fan tokens, and a loyalty program for merchants. Naver aims to attract tech-savvy users interested in blockchain, particularly in sports, entertainment, and digital assets. Additionally, LINE, a messaging app owned by Naver, is also venturing into crypto with 'mini DApps' following the launch of the Kaia blockchain.

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Texas Bitcoin Investor Ordered to Surrender Crypto Assets for Tax Fraud

Thursday. January 9 at 7:00 AM

An early Texas Bitcoin investor, Frank Richard Ahlgren III, has been instructed to hand over his cryptocurrency holdings and access codes following a two-year prison sentence for tax fraud. Ahlgren underreported capital gains from Bitcoin sales totaling over $3.7 million between 2017 and 2019, resulting in a $1.1 million restitution debt to the US government. The Austin Federal Court mandated Ahlgren and his associates to disclose all devices and keys related to his crypto, including Bitcoin, Bitcoin Cash, Bitcoin Gold, Ether, and Litecoin accounts. Any transfer of assets without court approval is prohibited, except for essential living expenses. Ahlgren's compliance is required until he fulfills the restitution or receives further court instructions. This case, the first of its kind, highlights the consequences of tax evasion in the cryptocurrency realm.

Crypto Wallets

Security Risk in Tangem Crypto Wallet App

Thursday. January 2 at 11:00 AM

Tangem, a provider of crypto wallets, recently discovered a major security flaw in its mobile app that unintentionally gathered users' private keys through email exchanges. Despite prior warnings from users about potential security threats, the issue persisted until December 29 when it was brought to light on Reddit. The vulnerability allowed private keys to be stored in email histories, potentially exposing them to Tangem employees. Following community outcry, Tangem acknowledged the bug on December 30, attributing it to a log processing error. While the company claimed to have fully resolved the issue and deleted all affected logs, concerns were raised about their communication approach. Some users criticized the lack of public announcements on social media. As of December 31, Tangem had not made any official statements on their social channels, urging users to update their apps immediately to address the vulnerability.

Crypto Wallets

Cybersecurity Risks in Cryptocurrency Space

Saturday. December 28 at 6:00 AM

Sheila Warren, head of Crypto Council for Innovation, fell victim to a social media hack on X (formerly Twitter), promoting the $SPELL token. The incident raised concerns about vulnerabilities in crypto-advocacy communities. The hacked post, now deleted, advertised an AI and crypto venture, signaling a scam. CCI promptly issued a warning, clarifying the fraudulent nature of the post. Warren's account was cleared of unauthorized $SPELL promotions by December 27. The hack coincided with Warren's resignation as CEO, succeeded by Ji Kim. Despite the management change, CCI expressed confidence in navigating regulatory challenges. The industry anticipates a shift in regulatory approach under incoming SEC Chair Paul Atkins. The incident underscores the importance of cybersecurity in the cryptocurrency realm amidst evolving regulations and the need for secure digital asset management.

Crypto Wallets

Importance of Seed Phrase in Cryptocurrency Wallets

Tuesday. December 24 at 3:00 AM

Cryptocurrency wallets such as Trust Wallet utilize a seed phrase for securing digital assets. This seed phrase, typically consisting of 12 words, acts as a master key in a user-friendly format. It is crucial for restoring access to funds in case of app uninstallation or loss. Trust Wallet adheres to the BIP39 standard to generate seed phrases, ensuring compatibility across wallets. Safeguarding the seed phrase is paramount, with recommendations including physical storage in secure locations and refraining from digital copies or sharing. Testing the recovery process is advised to validate the seed phrase's accuracy. Private keys and recovery phrases serve distinct purposes, with private keys authorizing transactions and recovery phrases enabling wallet restoration. Understanding the significance of the seed phrase in Trust Wallet and implementing security measures are essential for safeguarding cryptocurrency assets.

Crypto Wallets