Korea to introduce more effective guidelines for crypto listing and delisting

3AC Founders Vow to Donate Future EarningsThe co-founders of the Singapore-headquartered bankrupt crypto hedge fund Three Arrows Capital (3AC) have publicly committed to donating their “future earnings” to creditors who suffered losses during the fund’s dramatic collapse.Kyle Davies and Su Zhu made this groundbreaking announcement during a candid Twitter Spaces session hosted by Mario Nafwal, aiming to establish a “shadow recovery process” parallel to the ongoing liquidation proceedings.Photo by Josh Appel on UnsplashBelieving in karmaDavies explained that their intended donations would be separate from the formal recovery process, designed to supplement any reimbursements that creditors might receive through the liquidation proceedings. While acknowledging that some early creditors have already been made whole, he emphasized the founders’ unwavering belief in the concept of “karma.”They see their act of giving back as a way to balance the scales and provide an avenue for creditors to potentially recover their losses.Creditor skepticismHowever, these noble intentions expressed by Davies and Zhu have been met with skepticism from the crypto community and the very creditors they seek to assist. Teneo, the liquidator overseeing the 3AC liquidation, responded to Davies’ comments by expressing disappointment in the founders’ lack of cooperation during the ongoing process. They stressed that the founders should prioritize engaging in the court-ordered activities rather than making promises about future earnings from a new venture.Acknowledging concerns about optics, Davies addressed questions surrounding the launch of their new crypto exchange, Open Exchange (OPNX), while their previous company undergoes liquidation. He stressed the inherent connection between OPNX and the creditors, suggesting that the success of their new entrepreneurial endeavor would ultimately benefit those affected by the collapse of Three Arrows Capital.OPNX success requiredOPNX, the newly launched Dubai-based trading platform, is specifically designed to facilitate the trading of bankruptcy claims. Since its announcement in February, the platform has garnered significant attention, boasting an impressive user base of 20 million individuals holding a collective $20 billion in claims. It is worth noting that the collapse of Three Arrows Capital resulted in the loss of $2.5 billion in customer deposits, making the success of OPNX crucial for creditors seeking redress.Davies also revealed that OPNX currently records approximately $50 million in daily trading volume, showcasing promising early traction for the platform. However, the exact mechanics of the “shadow recovery process” were left unspecified.While OPNX currently only facilitates the trading of claims from lender Celsius, the platform has ambitious plans to include claims from other high-profile bankruptcies in the near future. The list of potential additions encompasses notable entities such as FTX, Genesis, BlockFi, Voyager, Hodlnaut, Mt. Gox, Vauld, Zipmex, and even Three Arrows Capital itself.When taken at face value, the founders’ pledge to donate future earnings to creditors takes on the appearance of a significant and commendable gesture. However, doubts persist within the crypto community due to the founders’ prior actions and the ongoing liquidation process. Only time will reveal the true impact of this “shadow recovery process” and whether it will genuinely alleviate the losses suffered by creditors in the wake of Three Arrows Capital’s collapse.

Matrixport Bullish Despite Bitcoin’s Price StandoffThe crypto market, with a total capitalization of around $1.08 trillion, finds itself in a tense state of anticipation towards October, which has been historically the most robust month for Bitcoin with average returns of over 20%, according to Singapore-based digital assets ecosystem firm Matrixport.Photo by Dmytro Demidko on UnsplashTechnical strugglesMeanwhile, Bitcoin (BTC) has been unable to breach the $27,400 mark, facing formidable resistance and failing to surpass its 50-day moving average. From a purely technical standpoint, the situation for Bitcoin appears bearish. The corrective rebound in BTC has concluded, with prices falling below key moving averages and short-term oversold conditions correcting themselves.This technical analysis reflects the cautious stance adopted by financial markets globally ahead of pivotal monetary policy decisions in countries like the US, Switzerland, the UK, and Japan.Mining difficulty increaseAnother notable development in the world of Bitcoin is the recent 5.48% increase in mining difficulty, bringing it to 57.12 T. This surge in mining difficulty is indicative of the ongoing robustness of the Bitcoin network, with the 7-day moving average reaching a substantial 423.4 EH/s, as reported by Glassnode.The leading cryptocurrency has a number of challenges and regulatory uncertainties that it must wrestle with currently.The regulatory issues at leading global crypto exchange Binance represent one of those challenges. Trading volumes on the Binance exchange have plummeted by 57% over the past week, driven by users seeking refuge on platforms yet to be subjected to regulatory crackdowns. Meanwhile, a court decision opted against ordering Binance’s US unit to provide the Securities and Exchange Commission (SEC) in the United States with further customer fund information, encouraging collaboration between the parties.Spot Bitcoin exchange-traded funds (ETFs) are another area where the market anticipates a resurgence in the cryptocurrency space, driven by a wave of applications to launch spot Bitcoin ETFs. This development, according to Matrixport, has the potential to be a catalyst for Bitcoin’s growth should a spot BTC ETF be approved. The leading digital currency’s market dominance is currently approaching 50%.Meanwhile, the announcement of a new Bitcoin fund by Laser Digital Asset Management, a subsidiary of Japan’s largest investment bank and brokerage group, Nomura, has been interpreted as bullish news. Laser Digital has introduced a Bitcoin fund targeting long-term institutional investments, further demonstrating the growing institutional interest in cryptocurrencies.Further good news has emerged via Citigroup in the United States, which has launched Citi Token. The offering leverages blockchain technology and smart contracts for business-to-business payments and trade finance, reinforcing the adoption of blockchain within the financial industry.Divergent PredictionsAlthough Matrixport’s outlook is bullish, it comes amidst a backdrop of regulatory developments and technical challenges, with analysts offering contrasting outlooks for Bitcoin’s future. Matrixport projects a bullish fourth quarter for Bitcoin, citing historical trends of strong performance during this period. It anticipates potential gains of up to $37,000 by year-end.Mike Novogratz, the Founder of crypto-focused financial services firm Galaxy Digital, envisions Bitcoin reaching $500,000 by 2024, fueled by increased adoption and maturation of the crypto market.

Chinese authorities have apprehended an individual suspected of identity forgery in connection with the StarkNet (STRK) airdrop. The suspect, identified as Lan Mou, allegedly assumed the identities of others to submit false Early Community Member Program (ECMP) airdrop forms. Through this scheme, the suspect claimed over 40,000 STRK tokens that originally belonged to the victims. After successfully claiming the tokens, the suspect transferred them to an OKX wallet. Subsequently, the tokens were converted into over $91,000 worth of Tether, as reported by local media on April 30. Lan Mou was apprehended by police in Guangdong Province on April 25. Authorities seized a computer and two mobile phones during the arrest.Photo by Tamara Gak on UnsplashUnprecedented scale of identity theftWhile cryptocurrency scams and phishing attacks are prevalent, the scale of identity theft observed in this case is unprecedented. The suspect's method involved claiming airdrops using stolen identities, marking a novel approach to fraudulent activity in the cryptocurrency space. A crypto airdrop is a method used to distribute new cryptocurrency tokens, typically targeting early users who engage with a specific protocol. In the case of the StarkNet Foundation's airdrop, which launched on Feb. 20, a total of 700 million STRK tokens were distributed to various participants, including Ethereum solo and liquid stakers, Starknet developers, users, external projects and developers within the Web3 ecosystem. Concerns raised by developerFollowing the StarkNet airdrop, concerns were raised by pseudonymous Yearn.finance developer Banteg regarding the eligibility criteria. Banteg warned that the eligibility list mainly consisted of airdrop squatters, individuals who exploit airdrop opportunities for financial gain. These individuals often control multiple addresses to maximize their rewards. This incident is not the first instance of airdrop exploitation. In March 2023, it was revealed that airdrop hunters consolidated $3.3 million worth of tokens from the Arbitrum (ARB) airdrop into just two wallets, highlighting the prevalence of such fraudulent activities within the cryptocurrency community.