South Korea plans to hold crypto exchanges to the same no-fault compensation standards as banks after an Upbit hack exposed major gaps in consumer protection. South Korea is preparing to impose bank-level, no-fault liability rules on crypto exchanges, holding exchanges to the same standards as traditional financial institutions amid the recent breach at Upbit. The Financial Services Commission (FSC) is reviewing new provisions that would require exchanges to compensate customers for losses stemming from hacks or system failures, even when the platform is not at fault, The Korea Times reported on Sunday, citing officials and local market analysts. The no-fault compensation model is currently applied only to banks and electronic payment firms under Korea’s Electronic Financial Transactions Act. Read more
Sindh Governor Kamran Tessori administers the oath of office to Justice Zafar Ahmed Rajput, with Chief Minister Syed Murad Ali Shah and Senior Puisne Judge Justice Muhammad Iqbal Kalhoro seated alongside them, during a ceremony at Governor House. —Dawn KARACHI: Justice Zafar Ahmed Rajput took the oath as the chief justice of the Sindh High Court (SHC) on Saturday. Sindh Governor Kamran Tessori administered the oath at a ceremony held on the premises of the Governor House. Besides judges of the high court, the event was attended by Sindh Chief Minister Syed Murad Ali Shah, Senior Minister Sharjeel Inam Memon, Law and Parliamentary Affairs Minister Zia-ul-Hassan Lanjar, senior lawyers, federal and provincial law officers and foreign dignitaries. Justice Rajput has already been serving as the acting chief justice of the SHC since Sept 15. He became the senior-most judge of the SHC after the retirement of the then chief justice Mohammad Junaid Ghaffar. He was notified as the regular chief justice by the Ministry ...
Ether exchange balances dropped to a decade low of 8.7% as more ETH moved into staking and custody, setting up a potential supply squeeze. The amount of Ether stored on centralized crypto exchanges is at an unprecedented low, which could result in a supply squeeze, say analysts. Ether (ETH) exchange balances fell to 8.7% on Thursday last week, the lowest they have been since the network launched in mid-2015. The amount of the asset held on exchanges remained low at 8.8% on Sunday, according to Glassnode data. The amount of ETH on exchanges has declined by 43% since the beginning of July, which was around the time when digital asset treasury (DAT) purchasing started ramping up. Read more