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Bithumb in turmoil, Binance’s 47K law requests, Axie players down 85%: Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments. Bithumb in turmoil On Jan. 25, Yonhap Infomax reported that South Korean authorities had requested an arrest warrant for Kang Jong-Hyun, chairman and owner of cryptocurrency exchange Bithumb, over embezzlement allegations. That same day, the Financial Investigation Second Division of the […]
Bithumb in turmoil, Binance’s 47K law requests, Axie players down 85%: Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments.
Bithumb in turmoil
On Jan. 25, Yonhap Infomax reported that South Korean authorities had requested an arrest warrant for Kang Jong-Hyun, chairman and owner of cryptocurrency exchange Bithumb, over embezzlement allegations. That same day, the Financial Investigation Second Division of the Seoul Southern District Prosecutor’s Office accused Jong-Hyun and two Bithumb executives of embezzlement, conducting fraudulent transactions and breach of trust.
A leaked photo of Bithumb chairman Kang Jong-Hyun. Source: Korea Post EnglishAuthorities said that Kang played a key role in manipulating the stock prices of Bithumb affiliates Inbiogen and Bucket Studio through the issuance of convertible bonds.
Bithumb is one of the largest cryptocurrency exchanges in South Korea. Its previous chairman, Lee Jung-Hoon, was found not guilty last month of a $70 million fraud charge related to his activities at Bithumb. Park Mo, Bithumb’s former largest shareholder, died on Dec. 30 while under investigation for allegedly embezzling funds from Bithumb and related companies. The firm is also currently probed by the National Tax Service over tax compliance incidents.
Binance’s 2022 annual report
In its annual report released on Jan. 19, cryptocurrency exchange Binance revealed that the firm received more than 47,000 law enforcement inquiries throughout the year. The exchange said such requests were processed “at a record time” and that it was the first among blockchain firms to join the National Cyber-Forensics and Training Alliance, a nonprofit cybercrime fighting unit based in Pittsburg.
Bithumb in turmoil, Binance’s 47K law requests, Axie players down 85%: Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments.
Bithumb in turmoil
On Jan. 25, Yonhap Infomax reported that South Korean authorities had requested an arrest warrant for Kang Jong-Hyun, chairman and owner of cryptocurrency exchange Bithumb, over embezzlement allegations. That same day, the Financial Investigation Second Division of the Seoul Southern District Prosecutor’s Office accused Jong-Hyun and two Bithumb executives of embezzlement, conducting fraudulent transactions and breach of trust.
A leaked photo of Bithumb chairman Kang Jong-Hyun. Source: Korea Post EnglishAuthorities said that Kang played a key role in manipulating the stock prices of Bithumb affiliates Inbiogen and Bucket Studio through the issuance of convertible bonds.
Bithumb is one of the largest cryptocurrency exchanges in South Korea. Its previous chairman, Lee Jung-Hoon, was found not guilty last month of a $70 million fraud charge related to his activities at Bithumb. Park Mo, Bithumb’s former largest shareholder, died on Dec. 30 while under investigation for allegedly embezzling funds from Bithumb and related companies. The firm is also currently probed by the National Tax Service over tax compliance incidents.
Binance’s 2022 annual report
In its annual report released on Jan. 19, cryptocurrency exchange Binance revealed that the firm received more than 47,000 law enforcement inquiries throughout the year. The exchange said such requests were processed “at a record time” and that it was the first among blockchain firms to join the National Cyber-Forensics and Training Alliance, a nonprofit cybercrime fighting unit based in Pittsburg.
Bithumb in turmoil, Binance’s 47K law requests, Axie players down 85%: Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments. Bithumb in turmoil On Jan. 25, Yonhap Infomax reported that South Korean authorities had requested an arrest warrant for Kang Jong-Hyun, chairman and owner of cryptocurrency exchange Bithumb, over embezzlement allegations. That same day, the Financial Investigation Second Division of the […]
Bithumb in turmoil, Binance’s 47K law requests, Axie players down 85%: Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments. Bithumb in turmoil On Jan. 25, Yonhap Infomax reported that South Korean authorities had requested an arrest warrant for Kang Jong-Hyun, chairman and owner of cryptocurrency exchange Bithumb, over embezzlement allegations. That same day, the Financial Investigation Second Division of the […]
Bithumb in turmoil, Binance’s 47K law requests, Axie players down 85%: Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments.
Bithumb in turmoil
On Jan. 25, Yonhap Infomax reported that South Korean authorities had requested an arrest warrant for Kang Jong-Hyun, chairman and owner of cryptocurrency exchange Bithumb, over embezzlement allegations. That same day, the Financial Investigation Second Division of the Seoul Southern District Prosecutor’s Office accused Jong-Hyun and two Bithumb executives of embezzlement, conducting fraudulent transactions and breach of trust.
A leaked photo of Bithumb chairman Kang Jong-Hyun. Source: Korea Post EnglishAuthorities said that Kang played a key role in manipulating the stock prices of Bithumb affiliates Inbiogen and Bucket Studio through the issuance of convertible bonds.
Bithumb is one of the largest cryptocurrency exchanges in South Korea. Its previous chairman, Lee Jung-Hoon, was found not guilty last month of a $70 million fraud charge related to his activities at Bithumb. Park Mo, Bithumb’s former largest shareholder, died on Dec. 30 while under investigation for allegedly embezzling funds from Bithumb and related companies. The firm is also currently probed by the National Tax Service over tax compliance incidents.
Binance’s 2022 annual report
In its annual report released on Jan. 19, cryptocurrency exchange Binance revealed that the firm received more than 47,000 law enforcement inquiries throughout the year. The exchange said such requests were processed “at a record time” and that it was the first among blockchain firms to join the National Cyber-Forensics and Training Alliance, a nonprofit cybercrime fighting unit based in Pittsburg.
Bithumb in turmoil, Binance’s 47K law requests, Axie players down 85%: Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments. Bithumb in turmoil On Jan. 25, Yonhap Infomax reported that South Korean authorities had requested an arrest warrant for Kang Jong-Hyun, chairman and owner of cryptocurrency exchange Bithumb, over embezzlement allegations. That same day, the Financial Investigation Second Division of the […]
Data shows pro Bitcoin traders want to feel bullish, but the rally to $23K wasn’t enough
Bitcoin (BTC) price had a mixed reaction on Jan. 25 after the United States reported a 2.9% gross domestic product growth in the fourth quarter, slightly better than expected. Still, the sum of all goods and services commercialized between October and December grew less than 3.2% from the previous quarter.
Albeit somewhat optimistic, another data set limiting investors' confidence was news that the U.S. Federal Reserve (FED) would revert its contractive measures anytime soon as U.S. durable goods orders jumped 5.6% in December. The indicator came in much higher than anticipated, so it could potentially mean that interest rates could be increased for a little longer than expected.
Oil prices are also still a focus for investors, with crude WTI approaching its highest level since mid-September, currently trading at $81.50. The underlying reason is the escalation of the Russia-Ukraine conflict after the U.S. and Germany decided on Dec. 25 to send battle tanks to Ukraine.
The United States dollar index (DXY), a measure of the dollar's strength against a basket of top foreign currencies, sustained 102, near its lowest levels in eight months. This signals low confidence in the U.S. Federal Reserve's ability to curb inflation without causing a significant recession.
Regulatory uncertainty could also have been vital in limiting Bitcoin's upside. De Nederlandsche Bank, the Dutch central Bank, fined cryptocurrency exchange Coinbase $3.6 million due to non-compliance with local regulations for financial service providers — the news was released on Jan. 26.
Data shows pro Bitcoin traders want to feel bullish, but the rally to $23K wasn’t enough
Bitcoin price has flashed a few bullish signals, but traders are not too keen on adding leverage longs until after the Federal Reserve shows its cards on Feb. 1.
SEC once again rejects ARK 21Shares Bitcoin ETF listing
Proponents of the fund had argued that a current surveillance sharing agreement with CME would be adequate to protect investors.
SEC once again rejects ARK 21Shares Bitcoin ETF listing
Proponents of the fund had argued that a current surveillance sharing agreement with CME would be adequate to protect investors.
ISDA releases standard definitions for digital asset derivatives
The International Swaps and Derivatives Association is working on two papers to address fundamental legal risks in the crypto markets.
Here’s why Bitcoin price could correct after the US government resolves the debt limit impasse
Bitcoin price has been on a tear, but analysts warn that resolving the U.S debt limit issue could trigger sharp downside for risk assets like BTC.
Here’s why Bitcoin price could correct after the US government resolves the debt limit impasse
For much of 2022, the crypto market focused on the United States Federal Reserve’s actions. The central bank created a bearish environment for risk-on assets like stocks and cryptocurrencies by increasing the interest rates on borrowing.
Toward the end of 2022, positive economic data, healthy employment numbers and a decreasing inflation rate provided hope that a much-awaited slowdown in the rate of interest rate hikes would occur. Currently, the market expects that rate hikes will reduce from 50 basis points (bps) to 25 bps before the complete end of the hiking regime by mid-2023.
From the perspective of the Fed’s goal of constraining liquidity and providing headwinds to an overheated economy and stock market, things are starting to improve. It appears that the Fed’s plan of a soft-landing by quantitative tightening to curb inflation without throwing the economy into a deep recession might be working. The recent rally in stock markets and Bitcoin can be attributed to the market's trust in the above narrative.
However, another essential American agency, the U.S. Treasury, poses significant risks to the global economy. While the Fed has been draining liquidity from the markets, the Treasury provided a countermeasure by draining its cash balance and negating some of the Fed's efforts. This situation may be coming to an end.
It invokes risks of constrained liquidity conditions with the possibility of an adverse economic shock. For this reason, analysts warn that the second half of 2023 may see excess volatility.
Sens. Warren, Wyden question quality of auditors’ oversight in light of FTX debacle
The senators coauthored a letter to the Public Company Accounting Oversight Board chair asking how FTX and other crypto firms were audited and why the audits failed so badly.
Polkadot restates its case that DOT has ‘morphed’ away from security status
The Web3 Foundation has reminded the world that, in its eyes, it has conformed to SEC requirements and DOT should no longer be considered a security.
Binance stablecoin BUSD sees a sharp market cap drop amid solvency and mismanagement worries
Stablecoins in the cryptocurrency market help provide USD pegged tokens within the volatile industry. In bull markets, the market capitalization of stablecoins tends to decrease as investors flock to more volatile assets and in bear markets, investors seek shelter in low volatility stablecoins thus increasing their market caps.
On Jan. 26, the total market capitalization for stablecoins like Tether (USDT), USD Coin (USDC), Binance USD (BUSD) and Dai (DAI) is over $131 billion.
Stablecoin supply dominance. Source: GlassnodeStablecoins are so crucial to the future of crypto, that Moody’s, a well-respected analytics agency, is planning to develop a scoring system. The scoring system may help reduce the speculation and fear that some investors have with stablecoins.
Such fear amid a lack of stablecoin transparency has led one of the top stablecoins, BUSD, to see a major usage decline in recent weeks.
Let’s examine the factors affecting the BUSD stablecoin.
Binance stablecoin BUSD sees a sharp market cap drop amid solvency and mismanagement worries
Persistent worries about Binance’s solvency, increased regulation of the crypto sector and questionable use cases are chipping away at BUSD’s market capitalization.
Binance stablecoin BUSD sees a sharp market cap drop amid solvency and mismanagement worries
Stablecoins in the cryptocurrency market help provide U.S. dollar-pegged tokens within the volatile industry. In bull markets, the market capitalization of stablecoins tends to decrease as investors flock to more volatile assets; and in bear markets, investors seek shelter in low-volatility stablecoins, thus increasing their market caps.
On Jan. 26, the total market capitalization for stablecoins like Tether (USDT), USD Coin (USDC), Binance USD (BUSD) and Dai (DAI) is over $131 billion.
Stablecoin supply dominance. Source: GlassnodeStablecoins are so crucial to the future of crypto that Moody’s, a well-respected analytics agency, is planning to develop a scoring system, which may help reduce the speculation and fear that some investors have with stablecoins.
Such fear amid a lack of stablecoin transparency has led one of the top stablecoins, BUSD, to see a major usage decline in recent weeks.
Let’s examine the factors affecting the BUSD stablecoin.