Litecoin confidential transactions spook Korean exchanges

The latest privacy-focused MimbleWimble improve on the Litecoin (LTC) blockchain has prompted two of Korea’s largest crypto exchanges to difficulty funding warnings in regards to the fifth-largest cryptocurrency.

Bithumb and Upbit, which collectively account for almost all of buying and selling quantity in South Korea, statements launched on Monday, advising buyers in regards to the dangers related to the privacy-enhancing improve. Litecoin’s use of privacy-focused expertise Mimblewimble permits customers to make “confidential transactions,” which permit them to ship tokens whereas concealing transaction information, in keeping with Bithumb. Along with that, Upbit issued an identical assertion.

The 2 exchanges cited Korea’s Act on the Reporting and Use of Particular Monetary Transaction Info, a regulation that requires crypto exchanges to place in place know-your-customer (KYC) and anti-money laundering (AML) techniques.

Korean exchanges have a historical past of delisting cryptocurrencies after making such warnings. The opposite two main South Korean exchanges, Korbit and Coinone, haven’t but made any statements.

“You are a wizard, Harry.”

Mimblewimble isn’t just a tongue-tying spell used within the magical collection, but it surely’s additionally a privacy-oriented decentralized protocol that constructions and shops transactions on the blockchain.

— Cointelegraph (@Cointelegraph) November 22, 2021

MimbleWimble improve idea was first proposed nearly two and a half years in the past. The brand new improve was launched earlier this 12 months after a majority of nodes accepted the MimbleWimble (MWEB) replace, and can be capable of work together with new MWEB privateness options. It was accomplished at Litecoin’s block top of two million.

Associated: Litecoin is lastly launching its main Mimblewimble improve

The MimbleWimble Litecoin improve has been the cryptocurrency’s most eagerly anticipated replace. MWEB not solely provides new privateness options for LTC customers but additionally incorporates blockchain key efficiency enhancements. MWEB compresses pointless transaction information from the blocks, permitting for discreet transactions on the Litecoin blockchain.

Litecoin was created in 2011 as one of many earliest opponents to Bitcoin (BTC). In keeping with CoinMarketCap, it is the 18th most dear cryptocurrency with a market cap of greater than $5 billion.

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