JPEX staff forced to flee Token2049 after execs arrested, Mt Gox repayment delay stretches 10 years, Diners Club goes Web3 in Singapore.
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JPEX staff flee event as scandal hits, Mt. Gox woes, Diners Club crypto: Asia Express
JPEX staff forced to flee Token2049 after execs arrested, Mt Gox repayment delay stretches 10 years, Diners Club goes Web3 in Singapore.
JPEX staff flee event as scandal hits, Mt. Gox woes, Diners Club crypto: Asia Express
JPEX staff forced to flee Token2049 after execs arrested, Mt Gox repayment delay stretches 10 years, Diners Club goes Web3 in Singapore.
JPEX staff flee event as scandal hits, Mt. Gox woes, Diners Club crypto: Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments.
Last week’s Token2049 conference in Singapore was a life-changing experience for some; for others the event did not meet expectations, but for a select group of individuals, the imminent prospect of being pursued by law enforcement meant they had to abandon their booths and flee the event.
On September 21, local news outletsreportedthat Hong Kong police had arrested 11 individuals linked to troubled cryptocurrency exchange JPEX on charges of fraud and operating an unlicensed virtual assets exchange. More than 2,000 users are estimated to have been affected by the scandal, with total funds of $1.3 billion Hong Kong dollars involved in the incident ($166 million). Police allege users’ assets have been embezzled by JPEX staff.
In a dramatic raid on September 13 — day one of the conference — Hong Kong police arrested key executives, leading its staff to abandon its corporate booth. The exchange subsequently applied for voluntary deregistration with the Australia Securities & Investment Commission, disclosing that its Australian entity had little assets left. After the news broke, JPEX reportedly raised its withdrawal fees to 999 USDT per transaction to prevent capital flight.
In anannouncementon September 20, JPEX said that 400 million Tether (USDT) worth of users’ deposits would be eligible for redemption. However, the catch is that the funds can only be redeemed starting in late 2025. The firm stated that due to the ongoing law enforcement investigation, its telecom service providers and asset custodians have frozen applicable services.
Judge grants DoJ motions barring testimony of Sam Bankman-Fried's witnesses
Judge Lewis Kaplan left the door open for SBF’s defense team to call some of the precluded witnesses in response to testimony presented by the government.
Judges deny Sam Bankman-Fried's appeal for early release
Three judges with the 2nd U.S. Circuit Court of Appeals in New York have denied requests from Sam Bankman-Fried’s lawyers for early release from jail.
Uniswap launches educational platform with DoDAO
On September 21, decentralized exchange (DEX) Uniswap launched an educational platform in conjunction with the blockchain education-focused Do Decentralized Autonomous Organization (DAO).
According to the announcement, Uniswap University aims to create a structured learning pathway for onboarding users to its V3 exchange via courses, simulation, and quick guides. Via the platform, users can gain knowledge on topics ranging from "What is a DEX?" to advanced topics such as "Strategy Backtesting Tools." Meanwhile, simulations such as adding/removing liquidity and exploring advanced position management tools allow users to gain quick practical experience.
In one advanced course, Uniswap teaches users the fundamentals of becoming a liquidity provider on V3. Developers wrote:
"In this chapter, we will explore several potential strategies that you, as a liquidity provider, can consider. These include holding (HODL) stable coins, maintaining 50% of two different tokens, possessing 100% of one token, providing wide range liquidity, providing narrow range liquidity, and supplying liquidity in volatile token pools. Each strategy comes with its own set of advantages and drawbacks."
Earlier this year, Uniswap's Business Source License expired, allowing developers to fork the Uniswap V3 protocol and deploy their own DEXs. Shortly after its launch in May 2021, Uniswap V3 surpassed Bitcoin (BTC) in terms of fee generation. Over $451 million worth of coins and tokens were traded on the Ethereum (ETH) mainnet of Uniswap V3 alone.
Uniswap launches educational platform with DoDAO
The Uniswap University is similar to learning academies created by centralized exchanges such as Binance, Bitget, and Bybit.
Pancakeswap integrates Transak for fiat onboarding on multiple chains
Pancakeswap now allows users to purchase crypto with debit card, Google Pay, Apple Pay, and other methods through Transak.
Pancakeswap integrates Transak for fiat onboarding on multiple chains
Pancakeswap now allows users to purchase crypto with debit card, Google Pay, Apple Pay, and other methods through Transak.
a16z suggests Machiavelli to fix decentralized governance
In a blog post on Sept 21, a16z's Miles Jennings discusses how decentralized autonomous organizations (DAOs) can avoid power centralization by applying Machiavelli's principles.
UK FCA gives unregistered crypto firms ‘final warning’ on ads regime compliance
The financial regulator expressed its frustration at the lack of engagement from crypto firms in a strongly worded letter.
How to buy Bitcoin with Venmo
Demystify the world of digital currencies with a detailed guide to purchasing Bitcoin with Venmo and reviewing transaction fees, limits and security precautions.
Farmville co-creator-led company raises $33M to create Web3 games
Proof of Play raised $33 million to create fully on-chain games that “quickly immerse players in fun gameplay.“
Farmville co-creator-led company raises $33M to create Web3 games
Proof of Play raised $33 million to create fully on-chain games that “quickly immerse players in fun gameplay.“
Near Foundation CEO Marieke Flement resigns
Marieke Flament, CEO of Near Foundation, the developer of the namesake community layer-one protocol, has resigned.
According to the September 21 announcement, Chris Donovan, Near Foundation's general counsel, will replace Flament as the new CEO following the resignation. Flament gave no specific reason for her departure. Speaking on her tenure, Flament said:
"Two years ago, I had never heard of NEAR. Upon doing a bit of research and after several conversations it became clear that NEAR had a tremendous potential – fantastic tech, a diverse and vibrant community and a world of open possibilities, and so I joined."
From 2021 to 2023, Flament claims that the daily active user count of Near Protocol grew from 50,000 to 3 million. Its Twitter followers also grew from 200,000 to over 2 million, citing more than 2,000 pieces of press coverage. Partnerships signed by Near during this period include SWEAT, Playember, Circle, Ledger, Alibaba, Amazon, Google, KPMG, Cosmose AI, SailGP, The Littles, PipeFlare, Shemaroo, Kakao Games, Inven / Vortex and Netmarble / Marblex in Korea.
In addition, Flament disclosed that the current treasury balance of the Near Foundation is 330 million NEAR, worth an estimated $350 million. Summing up her leadership strategy, Flament wrote:
Near Foundation CEO Marieke Flement resigns
The Near Foundation treasury grew to $350 million under Flament's tenure.
Ethereum price sees new low versus Bitcoin since switching to Proof-of-Stake
Ethereum spot ETF request, Ripple’s potential win against the SEC, and growing decentralized app dominance retain hope for ETH investors.
Hashing It Out: What happens when crypto meets fintech in Africa?
Guests on Hashing It Out episode 31 believe that traditional finance has hurt innovation in the African fintech space, and cryptocurrency can breathe some life into the space.
Chainlink hits Ethereum layer 2 Arbitrum for cross-chain DApp development
Chainlink’s CCIP protocol has launched on Ethereum layer 2 Arbitrum One to help developers build cross-chain decentralized applications.