Litecoin confidential transactions spook Korean exchanges

Litecoin confidential transactions spook Korean exchanges

Two of Korea’s most prominent crypto exchanges have issued investment warnings regarding the fifth-largest cryptocurrency, following the privacy-focused MimbleWimble upgrade to the Litecoin blockchain.

Bithumb, Upbit and the bulk of South Korean trading volume are responsible for releasing statements Monday advising investors on the potential risks associated with the privacy-enhancing update. According to Bithumb, Litecoin’s privacy-focused technology Mimblewimble lets users make “confidential transaction,” which allows them to send tokens and hide transaction data. Upbit also issued a similar statement.

Two exchanges cited Korea’s Act on the reporting and use of specific financial transaction information, which requires crypto exchanges implement know-your-customer and anti-money laundering systems.

Korean exchanges are known for delisting cryptocurrencies following warnings. Coinone and Korbit, the two largest South Korean exchanges have yet to make any statements.

“You’re a wizard, Harry.” Mimblewimble can be used to tie the tongue in the magic series. It’s also privacy-oriented and decentralized, and structures and stores transactions on blockchain. https://t.co/XCpNlb5AiD
— Cointelegraph (@Cointelegraph) November 22, 2021

The MimbleWimble upgrade idea was first suggested almost two and half years ago. After a majority vote by nodes, the MimbleWimble update (MWEB) was approved earlier this year. Users will now be able interact with privacy features that are part of the MWEB. It was completed at Litecoin’s block height 2 million.

Related: Litecoin launches its major Mimblewimble upgrade

The most anticipated update to cryptocurrency has been the MimbleWimble Litecoin Upgrade. MWEB adds privacy features to LTC users and also includes key performance enhancements for the blockchain. MWEB reduces transaction data that is not needed from blocks and allows for discrete transactions on the Litecoin Blockchain.

Litecoin (BTC) was one of the first competitors to Bitcoin (BTC) in 2011. It is the 18th most valued cryptocurrency, with a market capital of over $5 billion according to CoinMarketCap.

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