Crypto LVL

2023-11-11 16:02:27 Head of South Korea’s Biggest Crypto Exchange ‘Not Guilty’ of Data Manipulation

The head of Dunamu, operator of South Korea’s market-leading Upbit crypto exchange, has been found not guilty of manipulating platform data. Per Chosun Ilbo, the nation’s Supreme Court acquitted the Dunamu Chairman Song Chi-hyung, of fraud charges under the Aggravated Punishment Act for Specific Economic Crimes.

Prosecutors alleged Song and a group of executives with Chairman Song with manipulating order volumes by creating fake member accounts on Upbit between September and November 2017. They claimed Song and others had created accounts in the name of customers who did not actually exist.

Dunamu Chairman Song Chi-hyung speaking at an event hosted by Seoul National University in 2021. Prosecution officials said Song and the executives used these bogus accounts to buy and sell Bitcoin.

They said the group moved BTC 11,550 around 26,000 wallets to artificially boost trading volumes. They claimed the executives had carried out almost $93 million worth of transactions in this manner, helping swell Upbit’s volume figures. Open / Comment

2023-11-08 16:02:24 Binance Unveils Web3 Wallet to Promote “Self Sovereign Finance”

Digital asset exchange Binance has rolled out a web3 wallet to offer a simplified gateway to self-custody for its users.

The company announced the wallet’s launch at the Binance Blockchain Week Conference in Istanbul highlighting that it can be integrated across 30 blockchain networks and can connect users to several decentralized applications (dApps).

Speaking at the conference, Binance CEO Changpeng Zhao noted the need to give users the ability to explore multiple forms of storing digital assets.

“Web3 wallets represent more than just storing digital assets; they are an integral part of the Web3 framework, empowering individuals with the ability for self-sovereign finance.”

The new web3 wallet will be available to all users on the Binance App and will compete with MetaMask and Trust Wallet. Trust Wallet is currently owned by the exchange so it is unclear the roles both wallets will play but according to reports, the new wallet will be easily accessible through the exchange. Open / Comment

2023-11-05 16:01:32 Analysts Observe Rising Stablecoin Supply, Indicating Capital Inflow

The total supply of stablecoins has surged in recent weeks, coinciding with a significant rally in the price of Bitcoin (BTC), on-chain data shows. The growth in stablecoin supply has followed an extended surge in the broader crypto market that started after a false report on October 16 said a spot Bitcoin exchange-traded fund (ETF) had been approved in the US. Around the same period, on-chain data revealed a substantial rise in the supply of stablecoins, with a significant portion being minted in the form of Tether (USDT).

According to on-chain analytics firm Glassnode, the surge in the total stablecoin supply is a strong indicator of net capital inflow into crypto. In its latest The Week On-chain report, Glassnode highlighted this, saying that stablecoins typically reflect investors’ “demand for speculative capital. The data also revealed a breakthrough above Glassnode’s Altseason Indicator, illustrating upward trends in three key assets: BTC, Ether (ETH), and the combined stablecoin market.

According to the report, Bitcoin is leading the way in net capital inflow, and, until just recently, stablecoins had experienced net outflows. At present, however, both BTC, ETH and stablecoins are in positive territory, showing overall increases as measured in US dollars and reflecting a growing interest in crypto among investors. Open / Comment

2023-11-02 16:00:00 Abu Dhabi Global Market Unveils New Regulations for Web3 Firms

Abu Dhabi seeks to beef up its web3 landscape with new guidelines for blockchain-based firms as its crypto hub is projected to grow in the coming months.

The Abu Dhabi Global Market (ADGM) announced new rules that create numerous blockchain foundations and how they operate within the jurisdiction including setting up of decentralized autonomous organizations (DAOs) and web3 groups.

The rules will create a smooth system of ushering blockchain foundations in its international free trade zone to attract investment capital and boost the competitiveness and efficiency of its local markets.

Distributed ledger technology (DLT) foundations like others in traditional systems provide technical and financial support for startups and smaller firms including offering key infrastructure in the region without direct involvement.

Ahmed Jasim Al Zaabi, the Chairman of ADGM explained that the latest development is part of its ongoing web3 strategy to create efficiency.

“By transforming the blockchain and Web3 landscape, we are moving towards a future characterized by setting global benchmarks with enhanced transparency and efficiency.” Open / Comment

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2023-10-30 16:02:22 Thailand’s K-Bank Acquires 97% Stake in Parent Company of Satang Crypto Exchange

Thailand’s second-largest bank, Kasikorn Bank, widely known as K-Bank, has acquired a 97% stake in the parent company of the established Satang crypto exchange.

This strategic acquisition comes as K-Bank intensifies its efforts in the cryptocurrency sector, aiming to offer a comprehensive range of crypto services that comply with Thailand’s regulatory framework.

The deal, valued at 3.705 billion Thai baht (approximately $102.8 million), was executed through a newly established K-Bank subsidiary known as Unita Capital.

Unita Capital holds a specific mandate to invest in digital assets companies, aligning with K-Bank’s commitment to expanding its presence in the digital asset and cryptocurrency market.

Once the transaction concludes, Satang will undergo a rebranding process, emerging as Orbix.

This transformation signifies a broader shift in K-Bank’s digital strategy, as Orbix will encompass three additional subsidiaries: Orbix Custodian, Orbix Invest (a digital asset fund manager), and Orbix Technology, a blockchain technology developer. Open / Comment

2023-10-27 16:00:55 Taiwan Advances Crypto Regulation as Draft Act Passes First Reading in Parliament

Taiwan parliament, the Legislative Yuan, has passed the first reading of a proposed crypto law that would regulate the crypto asset industry.

Taiwan has taken a significant step toward regulating the crypto sector by proposing a special crypto law, which has passed its first reading at the Legislative Yuan (Taiwan’s parliament). This proposed law, co-authored by Yung-Chang Chiang and 16 other lawmakers, would require all cryptocurrency platforms operating in Taiwan to obtain a permit.

Failure to comply could lead to regulatory orders for them to cease operations. While Taiwan’s Financial Supervisory Commission (FSC) had previously released guidelines for the crypto sector to form self-supervisory rules, these measures lacked legal enforceability.

The goal is to establish a regulatory framework that provides oversight and legal enforceability for crypto businesses, emphasizing the necessity of such a law to ensure proper regulation in the cryptocurrency sector.

This was followed when Yung-Chang Chiang, a member of the Legislative Yuan of Taiwan, expressed the intention early this month to have the first draft of this law ready for parliament’s review by the end of November 2023 or even sooner.

The new special law would grant regulatory authorities the power to impose administrative penalties on operators who violate these self-regulation rules. The law aims to address the need for legal enforceability in the sector, as previous self-regulation guidelines lacked such power. Open / Comment

2023-10-24 16:00:47 Standard Chartered, Deutsche Complete First Stablecoin Swaps on UDPN Blockchain

SC Ventures, Standard Chartered Bank’s VC arm, and German banking giant Deutsche Bank have executed the first stablecoin swaps on the Universal Digital Payments Network (UDPN), per a report published Monday.

UDPN is a blockchain-based messaging system supporting government-regulated digital currency systems and central bank digital currencies (CBDC).

The first proof-of-concept (PoC) involved SC Ventres’ real-time on-chain swap test between USDC and EURS stablecoins to Deutsche Bank wallets. These transactions are visible on public EtherScan and signed with SC Ventures’ private key.

“This initiative brings the industry together to identify opportunities to unlock economic value in newly emerging digital currencies,” said Thorsten Neumann, CTO of SC Ventures. “Financial service providers and fintechs are well-positioned to experiment with stablecoins and CBDC use-cases that benefit from the finality of on-chain transactions.”

According to the report, SC Ventures used code leveraging UDPN SDKs and APIs, while Deutsche Bank used a graphical user interface (UI). Rafael Otero, CTO of Deutsche’s Corporate Bank division calls it the “next logical step” in the development of financial transactions. Open / Comment

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2023-10-21 16:02:29 Reddit Forum Moderators Discard Reward Tokens Hours Before Program Shutdown

Data analyst Pledditor has revealed that three moderators linked to Reddit's cryptocurrency forum sold over 100,000 MOON tokens before its Community Point program shut down. According to Reddit’s announcement on October 17, the platform disclosed its plans to discontinue its long-running blockchain-based rewards service ‘Community Points’ by November 8.

These Community Points are ERC-20 tokens minted on the Ethereum chain but scaled later to the Arbitrum Nova scaling network. Members could redeem the tokens to purchase badges, GIFs, and other features on Reddit. Reddit’s reason for its discontinuation borders on the difficulties with regulation and scalability concerns.

While Community Points presented vast opportunities, there was no pathway to scale it broadly across its ecosystem. However, the data from Pledditor reveal that the three moderators acted on insider information by selling significant quantities of MOONs, the native token of the r/CryptoCurrency community. Open / Comment