Korbit hosts its first cryptocurrency investment league

Concerns Hanging Over Huobi Result in Significant Net OutflowAmidst rumors swirling around its executives’ involvement in a Chinese investigation, Seychelles-headquartered cryptocurrency exchange Huobi has observed net outflows exceeding $73.3 million in the past week.Photo by Shubham Dhage on Unsplash$73 million net outflowAccording to data sourced from blockchain analytics firm Nansen, Huobi reported an outflow of tokens worth $505.9 million over the previous week, with an inflow of $432.5 million. This resulted in a net outflow of approximately $73.3 million.Notably, this net outflow seems to be gaining momentum, as the exchange witnessed an outflow of $32.9 million on Monday alone, based on Nansen data. Additionally, Huobi’s stablecoin balances experienced a significant 33% contraction, dwindling to $99.47 million within the seven-day span, as per the data.Unverified reportsHowever, the outflow of funds coincided with unverified reports. Techub News, a Hong Kong-based crypto media outlet, cited insider sources to suggest that at least three high-ranking Huobi executives had been apprehended by Chinese authorities for investigation. Huobi originated in China with Chinese founders, albeit it has based itself in Seychelles ever since the Chinese crackdown on crypto trading emerged.Huobi’s Head of Social Media, Jiayin Xie, acknowledged the rumors and likened the situation to being “invited to tea,” a colloquial Chinese expression for being summoned by authorities for questioning. Despite this, Xie expressed concern over the baseless nature of the allegations, suggesting that the path to restoration might be challenging yet necessary for the exchange’s resurgence.Justin Sun, an advisor to Huobi, responded cryptically by tweeting the number “4,” a term commonly used in the crypto community to counter FUD (fear, uncertainty, and doubt). He also retweeted Xie’s post, standing in defiance of the rumor.Alongside this specific difficulty, Huobi continues to grapple with financial challenges. Sun revealed that the exchange hadn’t posted a profit from last year’s third quarter to this year’s second quarter. Despite this, Sun remains optimistic, projecting a potential break-even in the present quarter and a return to profitability in the upcoming quarter.Crypto platform uncertaintyThe aftermath of widespread crypto platform failures in 2022 has resulted in both regulatory pushback and concern among the crypto community relative to the well-being of the platforms that remain standing. Both Huobi and Binance are front and center of this speculation and concern. The issue is that without independently verified audits carried out by reputable auditors, market participants simply have no way of telling if these platforms are solvent.Travis Kling, the Chief Investment Officer at Ikagai Asset Management didn’t mince his words in taking Houbi to task via Twitter: “You are clowns and criminals, and there’s a billion dollar hole in your balance sheet that customers will have to eat.” Kling has been equally scathing in his criticism of Binance and its founder Changpeng Zhao (CZ). Ikagai took a significant hit in the FTX collapse, and in its wake, Kling promised to speak out more and be more critical regarding emerging issues within the sector.As the net outflows coincide with reports of executive custody, the situation surrounding Huobi remains fluid. The exchange’s journey through these challenges will no doubt be closely monitored by the crypto community.

Korea’s Chungcheongbuk-do to Foster Regional Blockchain EcosystemChungcheongbuk-do, a South Korean province located 117km south of Seoul, has entered into a partnership with the Korea Internet and Security Agency (KISA) to launch a regional blockchain initiative. The province won the bid for this initiative, proposed by the Ministry of Science and ICT, with the goal of fostering a thriving blockchain ecosystem within the region. Spearheading this project will be the Chungbuk Innovation Institute of Science and Technology (CBIST).Photo by Suzi Kim on UnsplashComprehensive supportWith a budget of 1.4 billion KRW ($1.07 million), CBIST will spearhead the initiative by providing support to startups and creating a business-friendly environment. The province of Chungcheongbuk-do will offer consulting services to assist startups in exploring innovative blockchain solutions. They will also provide comprehensive support, including accommodations, infrastructure, equipment, and access to cloud computing platforms.Blockchain into other industriesFurthermore, Chungcheongbuk-do will extend funding opportunities and implement educational programs to nurture skilled individuals and develop a self-sustaining blockchain sector within the province. The goal is to catalyze the emergence of innovative business models that incorporate blockchain technology into various industries such as storage batteries, semiconductors, and parts and materials. This initiative is expected to boost the region’s economy and enhance its competitive advantage.Since the establishment of the Chungbuk Blockchain Promotion Center at CBIST in 2018, the provincial government has been actively involved in discovering and planning various blockchain projects and raising awareness. With the current blockchain initiative, Chungcheongbuk-do aims to build a comprehensive support system that will facilitate the growth of the regional blockchain sector.Kim Jin-hyung, Chief of the Science and Talent Bureau of the Chungcheongbuk-do government, expressed that this blockchain initiative aligns with the strategic vision of the elected local government to establish a high-tech region. The provincial government is dedicated to identifying software-focused projects that can strengthen startup ecosystems and empower young entrepreneurs.

Lemon Healthcare launches blockchain-based electronic prescription serviceSeoul-based healthcare data platform company Lemon Healthcare’s blockchain-based, personalized electronic prescription service dubbed “LemonCare” has officially been launched in three major hospitals in the North Gyeongsang Province region of South Korea, according to an article published by local news outlet Etnews on Thursday. This comes after the recent end of the service’s development and pilot operation period.Photo by Christina Victoria Craft on UnsplashRevolutionizing healthcareThe aim of the project was to replace paper prescriptions with electronic prescriptions through a blockchain-based mobile service that offers patients an additional layer of security as well as the ability to view and manage their prescription history. It also reduces and prevents risks such as duplicate prescriptions.Kyungpook National University Hospital, Kyungpook National University Chilgok Hospital and Daegu Fatima Hospital — all located in Daegu Metropolitan City in North Gyeongsang Province — were selected as participants in the pilot project, during which they were responsible for electronically prescribing medication to patients, which would then be compounded and delivered by nearby pharmacies. They will also be the first to implement the app as an official service.Advancing healthcare accessLemon Healthcare stated that it has also hired new personnel, applied for patents related to electronic prescriptions and issued some 500 electronic prescriptions.Patients who have received treatment at any of the three hospitals and want to utilize the electronic prescription service can do so under the “Electronic Prescription Delivery” option on the hospital’s mobile app. After completing user authentication, the patient’s prescription is transmitted to the pharmacy of their choice, from which patients can pick up their medication.Leveraging its blockchain technology, Lemon Healthcare plans to bring secure and accurate electronic prescription services to more people in the future.