Crypto bar series#
The bill was revised earlier this year, following the orders of the South Korean president, Yoon Suk Yeol, who wanted the bill to contain “practical measures to bolster national security,” local sources reported.Īccording to attorney Kwon and OverProtocol’s Park, the track and neutralize incentive faces a series of technical issues, which are primarily driven by the innate anonymity that blockchain technology affords its users.
In light of the following news, South Korea has expressed a desire to submit a bill that would aim to track and neutralize North Korean cryptocurrency assets. South Korea to Intensify Cybercrime Legislation Moreover, such hack attacks can also impact the security of a number of blockchain protocols as well as their users, Dan Park, the CTO of SuperBlock, which launched the Layer 1 blockchain OverProtocol, added. The threat is perceived to be escalating, particularly with South Korean exchanges serving as a major hub for cryptocurrency transactions globally.” “Given North Korea’s economic sanctions imposed due to its nuclear developments, the nation has reportedly been channeling efforts into avenues such as cryptocurrency theft to secure foreign currencies, including U.S. Managing partner and attorney at Law specializing in international cybercrime and blockchain-related crime at Cha & Kwon, Ohoon Kwon told Techopedia that the threat posed by North Korean hackers has been a growing concern in the global cybersecurity landscape. The SEC’s litigation was led by Nick Margida and supervised by James Connor and Olivia Choe.In addition, an upcoming United Nations report highlights that the DPRK is using such cyberattacks to fund its nuclear missile programs. Torrico and Kathleen Hitchins, and it was supervised by Paul Kim, Joseph Sansone, and Carolyn M. The SEC’s investigation was conducted by Sonia G. Pursuant to Section 203(f) of the Investment Advisers Act of 1940, the SEC’s order bars Kane from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization.
The Hydrogen Technology Co., et al., Civil Action Number 22-cv-08284 (LAK), filed in the United States District Court for the Southern District of New York.Īccording to the SEC’s complaint, Kane played a role, starting in January 2018, in effectuating the unregistered offers and sales of crypto asset securities called “Hydro” and perpetrating a scheme to manipulate the trading volume and price of those securities, which yielded more than $2 million for Hydrogen.
Crypto bar registration#
The SEC’s order finds that Kane was also the President, CEO, and Head of Business for Hedgeable, Inc., Hydrogen’s predecessor entity, which was registered with the Commission as an internet investment adviser from 2009 through December 2018, when its registration was terminated.Īccording to the SEC’s order, on April 20, 2023, a final judgment was entered by consent against Kane, permanently enjoining him from future violations of Sections 5(a) and (c) and 17(a) of the Securities Act of 1933 (“Securities Act”), and Sections 9(a)(2), 10(b), and 20(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 10b-5 thereunder in the SEC’s case entitled Securities and Exchange Commission v. The Securities and Exchange Commission announced settled proceedings instituting a collateral industry bar against Michael Ross Kane, the former CEO of The Hydrogen Technology Corporation.
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