Bitcoin Tumbles To 10-Day Lows As Major Korean Bank Clamps Down On Crypto-Linked Accounts

Bitcoin prices have accelerated lower overnight, breaking below the $11,000 level and falling to 10-day lows.

Bitcoin is leading the charge lower but the rest of crypto is also sliding...

While potentially some relief from the China-US trade truce could be driving some selling in cryptos, some market participants noted that fears of further crackdowns in Asia also sparked some unwinds.

As CoinTelegraph's Thomas Simms reports, one of South Korea’s biggest banks is planning to intensify regulations on accounts linked tocrypto exchanges, BEI News reported on July 1.

image courtesy of CoinTelegraph

The “special measures” Shinhan Bank are proposing would reportedly involve dedicating staff to analyzing account transactions.

It is believed the bank is hoping to distance itself from claims that it is helping financial criminals, amid a rise in the number of fraud cases involving exchanges.

Later in July, the bank is also hoping to launch an artificial intelligence monitoring system that uses deep learning to identify fraudulent transactions more quickly and accurately.

BEI News quoted a Shinhan Bank spokesperson as saying:

"We have set up a comprehensive plan for the elimination of telecommunication and financial fraud... We will continue to implement preventive measures so that customers will not be harmed in the future."

The clampdown comes as crypto exchanges continue to fall victim to hacks — including the South Korean platform Bithumb.

Bithumb has suffered several major hacks. In March, more than three million eos (worth $17.5 million at press time) was stolen from a hot wallet.

A bigger attack last summer saw $17 million stolen across 11 cryptocurrencies, predominantly bitcoin (BTC) and ether (ETH.)