Xangle and CryptoTimes partner to advance Web3 adoption in Korea and Japan

AMO Labs, the operator of a driving data platform that facilitates the exchange and valuation of automotive data, has secured a strategic partnership with Webility, a Web3 mobility sharing economy service, to expand its business endeavors in the mobility field, according to Korean media outlet SEN TV on Tuesday (KST).Photo by Luis Villasmil on UnsplashDiversification of blockchain-based servicesLaunched this year, AMO Labs’ service provides automotive data such as car information and sensor-based data, which helps contribute to a safer and more efficient driving experience with value-added products and services. Meanwhile, Webility brings blockchain technology to Web2-based sharing economies, creating a new decentralized Web3 service where service users and providers can be directly connected. Its main products include an AI node service and an NFT sharing economy service. Under the new agreement, the two companies agreed to expand their services and provide various products to users to innovate South Korea’s mobility as a service (MAAS) ecosystem. Anticipation for cooperation“Through our cooperation, we will strengthen data related to automobiles and micro-mobility and expand the blockchain-based mobility data pool,” Webility said. “We plan to bring mobility users into a new Web3 environment, diversify the blockchain-based mobility market and expand our cooperation for mutual growth.”

Shinhan Bank to issue NFTs at 2023 Blockchain Grand Week in SeoulShinhan Bank, one of South Korea’s leading financial institutions, is set to issue non-fungible tokens (NFTs) and operate a promotional booth in celebration of its participation in the upcoming 2023 Blockchain Grand Week, scheduled for next Wednesday, according to a report by local news outlet Newspim.The Blockchain Grand Week, an annual event since 2018, is hosted by the Ministry of Science and ICT and organized by the Korea Internet and Security Agency (KISA), the National IT Industry Promotion Agency (NIPA) and the Institute of Information and Communications Technology Planning and Evaluation (IITP). Its objectives are to increase public awareness of blockchain technology and to facilitate the broader adoption of its ecosystem.Photo by Pete Linforth on PixabayNFTs to first 2,000 visitorsThe event is set to take place at the Convention and Exhibition Center, better known as COEX, in Seoul over two days. It will feature a conference centered around the theme “Adding Trust to Digital Platforms” and will include several academic seminars. Various blockchain companies will also be showcasing their products and services at their respective booths. For this event, Shinhan Bank is collaborating with Hexlant and Vircle to introduce their NFT project. They also plan to offer NFTs to the first 2,000 visitors to their booth.The NFTs will be distributed through Shinhan Bank’s NFT wallet, SOL Wallet, and will come with practical perks such as tickets for events at the booth and coffee coupons. Furthermore, these NFTs will be transferable to others.A representative from Shinhan Bank expressed hope that visitors will have the opportunity to experience the bank’s NFTs and gather diverse information related to blockchain technology. The official also emphasized the bank’s commitment to continually developing and introducing blockchain services that can be integrated into customers’ daily lives.Shinhan Bank’s endeavors in blockchainShinhan Bank’s efforts in the blockchain sector have been marked by various accomplishments in recent years. In 2021, the bank received the Ecosystem Transformation Award at the Enterprise Blockchain Awards, now known as the Web3 and Blockchain Transformation Awards (W3B Awards). This January, Shinhan integrated the SOL Wallet service into its financial services application. The bank remains dedicated to spearheading client-centric blockchain initiatives, one such effort being the development of NFT technology in collaboration with Hexlant and Vircle for corporate marketing purposes.Prohibition on discussing virtual assetsMeanwhile, there has been some dissatisfaction among industry insiders regarding the event’s restrictions. Those operating booths are prohibited from mentioning virtual assets in their projects. The application form for booth holders explicitly stated that exhibitions related to virtual assets are not allowed. This cautious approach is believed to be a response to recent cryptocurrency scandals, such as the $40 billion Terra-LUNA crash and the controversy surrounding a Korean lawmaker’s crypto holdings.

A recent survey in South Korea found that 20.3% of crypto investors have fallen victim to financial losses. Conducted by the Korea Financial Consumers Protection Foundation in late December, the survey polled 2,500 adults aged 19-69, with respondents able to select multiple loss categories. Investors in their 60s were most vulnerable, reporting a 25.3% loss rate. Exchange-related problems constituted the majority of incidents (72.8%), followed by online chat room scams (44.7%) and investment fraud (35.5%).Photo by Growtika on UnsplashExchange failures lead lossesAmong exchange-related losses, 40.6% of users couldn't sell assets due to system failures, while 11.5% lost digital assets through exchange hacking. Overall, exchange technical issues accounted for 52.1% of reported losses, with another 20.7% losing assets when exchanges closed completely. Chat group scam victims experienced various forms of fraud: 23.2% paid for worthless or false information, while 21.5% suffered financial losses through market manipulation or proxy trading schemes. Investment scams included fake crypto projects or fraudulent firms (18.0%), deceptive exchanges (10.3%), and other scams (7.2%). Most victims (75.1%) reported losses under 10 million won (approximately $6,945), with 34.6% losing less than 1 million won. Due to these relatively small amounts, 67.7% took no action following their losses. Of the 32.3% who sought help through various channels, 73.9% were unable to fully recover their funds. Problem worsening across Asia and beyondThis problem extends beyond South Korea. In neighboring Japan, police reported 19,038 crypto fraud cases in 2023, with damages totaling 45.26 billion yen (about $300 million), according to Chainalysis, citing Japanese National Police Agency data. These figures surpass 2022 numbers, indicating continued growth in fraudulent activities. A recent case highlighted by the Fukushima Minyu Shimbun involved a Soma City woman in her 50s who lost approximately 116.6 million yen ($780,000) to scammers impersonating police officers. The fraud began with a fake customer service call, followed by deceptive claims about fraudulent accounts and threats of arrest, which led her to create cryptocurrency accounts and transfer funds before eventually reporting the scam. Elderly at highest risk as fraud surgesThe FBI's Internet Crime Complaint Center's 2024 report further confirms this trend, documenting 149,686 crypto fraud complaints in the U.S. with $9.3 billion in reported losses—66% higher than in 2023. Notably, people over 60 were the most affected demographic, consistent with the Korean study's findings.