Huobi Korea announced on April 8 that they might be ending support for Monero (XMR) trading starting on April 9, 2020. They stated that this was thanks to "low trading volumes and anonymity functions". They didn't , however, reference the recent Nth room case, during which South Korean media has speculated the exploitation ring used XMR to finish anonymous transactions.
According to the South Korean newspaper, Sisa Journal, headlines covering the sexual exploitation case remained rampant within the country, with many news outlets suggesting that Monero has been used for criminal acts, specifically within the Nth case.
The quoted case is an ongoing criminal investigation that allegedly involved sexual exploitation and therefore the distribution of videos containing rapes among Telegram chat rooms.
Bithumb still lists XMR in South Korea despite the reports
Sisa Journal is additionally reporting that another cryptocurrency exchange, Bithumb, has been struggling for its decision to continue listing XMR for trade. consistent with local newspapers, it's the sole remaining Korean exchange to try to to so.
Huobi gave the subsequent official statement regarding Monero’s delisting decision:
“We decided to finish the transaction to stop things that would be caused by poor transaction volume and Monero’s anonymity.”
However, as Sisa Journal states, there's no conclusive evidence that XMR has been used for transactions within Telegram chat rooms, where it's been reported that 74 females are victims, and a few of them are minors.
The South Korean newspaper reports that the person accused of leading the sexual exploitation ring, Cho Joo-bin, preferred Monero payments for his or her untraceable attributes. it had been also allegedly wont to pay the chatroom’s admins a monthly salary.
Cryptocurrency exchanges aiding within the investigation
On Annunciation , Cointelegraph reported that four cryptocurrency exchanges reportedly are assisting local enforcement authorities within the investigations.
Upbit, Bithumb, Coinone, and Korbit are allegedly performing on trying to reveal the identity of these who transacted to realize access to the videos.
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