GDAC joins hands with Zodia Markets to cultivate global digital asset network

Upbit Accidentally Accepts Counterfeit APT Tokens, Initiates Retrieval EffortsUpbit, South Korea’s largest cryptocurrency exchange, is reported to have accepted deposits of counterfeit Aptos (APT) tokens, mistaking them for their legitimate counterparts. The exchange has been reaching out to the sellers of these tokens by phone, requesting their recovery. This news has been circulating in several online crypto communities since the afternoon of September 24 (Korea Standard Time).Photo by Kenny Eliason on UnsplashUpbit’s responsesOn September 24 at 15:47 KST, Upbit announced a temporary suspension of deposit and withdrawal services for APT due to maintenance on the APT wallet. Following this, at 22:32 KST on the same day, Upbit explained that system maintenance was undertaken after identifying an unusual attempt linked to APT deposits. The crypto exchange went on to announce that the deposit and withdrawal services for APT would resume at 23:00 KST on the same day.DeFi degenerates’ insightsIn relation to this incident, Definalist, a group of DeFi degenerates based in Korea, shared insights on X (formerly Twitter). The group stated: “It seems that during the process of reflecting $APT coin deposits, there was a failure to check the type arguments, and all same functions transfers were recognized as the same APT native token. … If all APT ecosystem tokens were sent to Upbit’s wallet, they would have been mistakenly treated as APT native coins.”Decimal place differenceDefinalist also remarked on the fortunate nature of the counterfeit APT token having six decimal places, in contrast to the authentic APT token’s eight. They noted that if the deceptive token had mirrored the genuine token’s decimal places, the market disruption could have amplified a hundredfold. Meanwhile, the value of the counterfeit APT tokens deposited into Upbit is estimated to be about KRW 20 million (approximately $15,000).

SK C&C to Spearhead Establishment of Korea’s First Alternative Trading SystemSK C&C, the information communications technology arm of South Korean conglomerate SK Group, is set to launch the country’s first Alternative Trading System (ATS) — a securities trading venue that is more loosely regulated than an exchange — in the second half of next year.The firm announced on Wednesday that it will commence the multilateral trading system construction project for Nextrade, a corporation dedicated to preparing the ATS.Photo by Kanchanara on UnsplashCollaborative effort of securities institutionsNextrade was initiated by seven securities firms, including the Korea Financial Investment Association, and was jointly established by 34 participating institutions, including 19 securities companies, three securities-related institutions, and four tech companies in November of last year.SK C&C in particular has been working with Nextrade since 2019. When the corporation was still a consultative body of securities firms, the SK subsidiary was in charge of consulting on various matters regarding the establishment of the ATS and functional system requirements.Establishing a solid foundationThe aforementioned construction project aims to establish a multilateral trading system and an operation and management system to support the trading, brokerage, and agency functions of listed securities and depositary receipts on the ATS, which Nextrade will proceed with upon its official approval in the second half of next year. SK C&C will take on a major role in leading this task.“Based on our digital IT service capabilities that we have accumulated within the financial sphere, we will establish an efficient and reliable multilateral trading system that is on par with regular exchanges,” said Kim Nam-sik, head of the SK C&C Financial Digital2 Group.Besides facilitating multilateral trading, SK C&C will develop an information distribution system that processes investment information in connection with the Korea Exchange and the Korea Securities Depository, as well as a trading support system responsible for product information management, trading statistics, and administration.Trading after hoursThe ATS will allow trading past normal trading hours, which are usually from 9 AM to 3:30 PM — an especially attractive selling point for buyers and sellers. This will be made possible by compiling product information based on closing prices after the market closes, which will create an environment that allows for trading after hours.This service will not only be convenient for office workers but also help them refer to official announcements and the status of overseas markets to make more informed decisions, SK C&C said.Securities that can be traded after hours will be limited to listed stocks and depository receipts on the Korea Exchange for the time being, but SK C&C is reportedly looking into allowing trading of security tokens, non-security virtual assets, and NFTs.Ensuring uninterrupted operationsNotably, there will also be a Disaster Recovery Center, which will serve to protect the ATS’ major systems and data assets and ensure business continuity. A data backup system will be set up to reduce backup time and swiftly recover from any failures in case of potential security threats.Furthermore, the ATS plans to introduce new types of orders to enhance investor benefits in the domestic capital market, setting it apart from the Korea Exchange.

Com2uS’ partnership with Thailand’s SHIN-A to boost Web3 gaming presence in Southeast AsiaCom2uS Holdings, a South Korean game developer, announced on Thursday that its subsidiary, Com2uS Platform, has forged a reselling partnership with SHIN-A, a Bangkok-based marketing and game service firm. This collaboration aims to bolster the expansion of Com2uS Platform’s all-in-one gaming platform, Hive, marking a significant step in its global outreach and growth strategy.Photo by Lisheng Chang on UnsplashBlockchain-powered, all-in-one platformHive offers a comprehensive suite of services, including authentication, payments, promotions, customer support, analytics, and Web3 integrations, all integrated within a single software development kit (SDK). Since opening its services to external game companies in 2021, the blockchain-powered platform has secured contracts with 51 games from 39 different publishing clients, demonstrating its growing influence and utility in the gaming industry.Against this backdrop, the newly established partnership between Com2uS Platform and SHIN-A paves the way for cooperative marketing and sales efforts aimed at promoting the Hive platform to a broader range of global gaming companies. To facilitate this goal, SHIN-A is planning to establish a dedicated support team in Thailand, which will focus on the resale of Hive products.SHIN-A, a key player in game publishing and global marketing, covers a wide range of business areas, including Web2 and Web3, across mobile, desktop and console platforms. The company has forged game publishing contracts with global giants like HoYoverse and Tencent, and has successfully conducted local marketing for Com2uS’ game, Birdie Crush: Fantasy Golf. Additionally, SHIN-A collaborates with major Thai firms like mobile phone network AIS and is involved in entertainment ventures, including organizing large-scale K-pop concerts.Thailand’s growing gaming marketWith almost 40% of its 70 million population engaging in games, Thailand presents a significant market opportunity. This is further underscored by the fact that the country boasts the highest average in-app purchase spending per person in Southeast Asia. It is also witnessing rapid growth in the gaming sector as the second-largest gaming market in Southeast Asia, trailing only behind Indonesia.In this vibrant market, Com2us’ action RPG, Summoners War: Chronicles, has achieved notable success, becoming one of the top-grossing games on the Steam platform in Thailand. This success signals a promising landscape for the introduction of Com2uS Platform’s Hive, which is likely to further enhance customer engagement and expand the company’s footprint in the region’s booming gaming market.Com2uS Platform’s Business Director, Kim Jong-moon, stated that the reselling partnership with SHIN-A is poised to significantly enhance Hive projects in the Southeast Asian market, a region known for its dynamic gaming and blockchain sectors. Kim highlighted the company’s plans to earmark the upcoming year as a pivotal period for Hive, marking the beginning of its global strategy implementation.