The recent privacy-focused MimbleWimble upgrade on the Litecoin (LTC) blockchain has prompted two of Korea’s largest crypto exchanges to issue investment warnings about the fifth-largest cryptocurrency.

Bithumb and Upbit, which together account for the majority of trading volume in South Korea, released statements on Monday advising investors about the risks associated with the privacy-enhancing upgrade. Litecoin’s use of privacy-focused technology Mimblewimble allows users to make “confidential transactions,” that allow them to send tokens while concealing transaction data, according to Bithumb. Upbit issued a similar statement.

The two exchanges cited Korea’s Act on the Reporting and Use of Specific Financial Transaction Information, a law that requires crypto exchanges to put in place Know Your Customer (KYC) and Anti-Money Laundering (AML) systems.

Korean exchanges have a history of delisting cryptocurrencies after making such warnings. The other two major South Korean exchanges, Korbit and Coinone, have not yet made any statements.

MimbleWimble upgrade concept was first proposed almost two and a half years ago. The new upgrade was released earlier this year after a majority of nodes approved the MimbleWimble (MWEB) update, and will be able to interact with new MWEB privacy features….


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