Crypto News: Litecoin confidential transactions spook Korean exchanges

Crypto News – Litecoin (LTC) blockchain’s latest privacy-focused MimbleWimble update has caused two of Korea’s top crypto exchanges. To issue investment cautions regarding the fifth-largest cryptocurrency. 

iexclusivenews reports that the Bithumb and Upbit, together account for the bulk of South Korean trading activity. Issued comments on Monday warning investors about the hazards of the privacy-enhancing update. 

This online news outlet understands the usage of privacy-focused technologies by Litecoin. According to Bithumb, Mimblewimble lets users conduct “secret transactions.” Which allows them to transmit tokens while concealing transaction details. A similar remark was released by Upbit. 

However, iexclusivenews Nigeria reports that the two exchanges cited Korea’s Act on the Reporting and Use of Specific Financial Transaction Information. Which mandates that cryptocurrency exchanges implement Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. 

After issuing such warnings, Korean exchanges have a history of delisting cryptocurrencies. Korbit and Coinone, the other two big South Korean exchanges, have yet to make any announcements. 

What You Need To Know 

Meanwhile, iexclusivenews reports that nearly two and a half years ago, the MimbleWimble update concept was initially offered.  

"You're a wizard, Harry."

Mimblewimble is not just a tongue-tying spell used in the magical series, but it's also a privacy-oriented decentralized protocol that structures and stores transactions on the blockchain. https://t.co/XCpNlb5AiD

— Cointelegraph (@Cointelegraph) November 22, 2021

The new upgrade, which will be able to interface with new MWEB privacy features, was published earlier this year when a majority of nodes accepted the MimbleWimble (MWEB) update. It was completed at the 2 million block height of Litecoin. 

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The MimbleWimble Litecoin upgrade has been the most highly awaited update in cryptocurrency’s history. MWEB offers not just additional privacy features for LTC users, but also critical blockchain performance enhancements.  

MWEB removes extra transaction data from blocks, allowing for more discrete transactions on the Litecoin blockchain. 

Litecoin was founded in 2011 as one of the first Bitcoin rivals (BTC). It has a market worth of more than $5 billion, according to CoinMarketCap. Making it the 18th most valuable cryptocurrency.