Upbit Adds Polygon Staking Service

Dubai-headquartered crypto derivatives trading platform Bybit has moved to enable stock trading on its platform.  The offering, initially featuring 78 stocks, is being provided via Bybit’s MT5 platform, which includes access to various financial instruments including forex, commodities, contracts for difference (CFDs) and crypto, according to an announcement made by the company last week.Photo by Ishant Mishra on UnsplashStock derivatives via CFDsIndividual stocks are being offered in a pairing with U.S. dollar stablecoin USDT. Bybit’s MT5 is a trading platform originally developed by software company MetaQuotes, facilitating the integration of various asset classes within one platform. Enabled through the use of CFDs, holders of such stock-derived CFDs can receive dividend adjustments based upon the ex-dividend events of the underlying stocks. A trading fee of 0.04 USDT has been set, with a minimum charge of 5 USDT per order. Access to leading global equitiesBybit users will now be able to gain exposure to leading U.S. equities such as Apple (AAPL), Amazon (AMZN), Meta (META), Microsoft (MSFT) and Nvidia (NVDA). By adding this product to its multi-asset trading platform, Bybit has reduced a degree of friction for market participants. In pairing these stocks with USDT, it means that there is no fiat onboarding required and transferring funds in fiat from outside the crypto ecosystem is not required. In a press release, the firm asserted that the development was a “landmark move bridging traditional and decentralized finance.” Bybit further asserted that with this product launch, it has become “the first and only major crypto exchange to unify crypto, stocks, and traditional assets under one roof.” Previous offeringsA few years ago, global crypto exchange platform Binance had offered tokenized stocks through a partnership with German global financial services firm CM-Equity AG. However, it withdrew that product offering in 2021 when faced with growing regulatory pressure.  Failed crypto exchange FTX also offered its users exposure to tokenized stocks, which was also facilitated by CM-Equity AG. That product offering came to an abrupt halt in November 2022 when the platform collapsed. With a more positive regulatory position having been adopted in the United States following the election of U.S. President Donald Trump, tokenized stock offerings are emerging once again. In March Coinbase CFO Alesia Haas said that the Securities and Exchange Commission (SEC) could facilitate such offerings going forward. The U.S. crypto exchange platform has revived plans to tokenize its own COIN stock, alongside other securities.Bernstein analysts recently predicted that the crypto sector is moving towards integrated platforms that offer both traditional financial products alongside digital assets. Further evidence of this approach emerged on May 22 with the news that global crypto exchange platform Kraken plans to add access soon to a range of tokenized stocks for its global user base.  The company’s U.S. clients can already access in excess of 11,000 stocks and exchange-traded funds (ETFs). Blurring the lines further between TradFi and the digital assets space, JPMorgan CEO Jamie Dimon indicated last week that the investment bank will facilitate Bitcoin trading for clients from now on.

The joint virtual asset crime investigation unit of the Seoul Southern District Prosecutors' Office announced the arrest of three executives from South Korean cryptocurrency yield platform Haru Invest, according to a report by local news agency Yonhap. They are accused of embezzling cryptocurrencies valued at over 1 trillion Korean won ($750 million).Photo by niu niu on UnsplashFraud lawsuitThis development comes after approximately 100 investors filed a fraud lawsuit in June against the executives of Haru and Delio, another Korean crypto lending firm.  The three leading executives of Haru, one aged 44 and the other two aged 40, are facing fraud charges for failing to return cryptocurrencies deposited by around 16,000 customers.Misleading promotionsInvestigations uncovered that Haru Invest was offering misleading promotions for its products. Despite assurances that it utilized a risk-free, diversified investment strategy to manage user assets, Haru Invest predominantly allocated the majority of these assets towards concentrated investments from March 2020 to June 2023. Haru Invest had garnered attention from crypto investors, promising an annual return of up to 12%.  Subsequently, on June 13, Haru halted the withdrawal of digital assets without prior notice. The platform is currently in the midst of bankruptcy proceedings.  Delio, having allocated some of its assets with Haru, also came under public scrutiny that same month when it ceased withdrawals just a day following Haru's questionable action.

As cryptocurrencies increasingly position themselves as a recognized asset class and potential hedge against fiat inflation, illicit activity tied to digital tokens is becoming more visible. A recent high-profile case in the UK has brought this issue into sharp focus, centering on a fraud scheme originating in China. According to BBC News, the case involves Qian Zhimin, a woman who raised funds from more than 100,000 investors in China by claiming to operate a crypto mining company that also develops health products. Instead, she laundered the proceeds and fled the country. On Nov. 11, Qian was sentenced to 11 years and eight months in prison by a UK court.Photo by Vasilis Chatzopoulos on Unsplash$6B fraud and lavish lifestyle​Qian entered Britain on a forged passport in September 2017 and proceeded to live an extravagant lifestyle, renting a mansion in Hampstead for over £17,000 ($22,700) per month. She was arrested in northern England in April 2024, and it was found that she held roughly 61,000 Bitcoin, valued at roughly £5 billion ($6.6 billion), having converted portions of her holdings to cover her substantial living expenses. ​The sheer scale of her wealth was revealed after police searched her rented residence, discovering the Bitcoin reserves on hard drives and laptops. It marks the largest crypto seizure ever recorded in the UK. During the raid, officers also found four other individuals at the property illegally employed to handle household tasks such as shopping, cleaning, and security. ​Since Qian’s arrival in the UK, the value of her Bitcoin holdings has appreciated more than 20-fold. With the fraudster now sentenced, victims are seeing a glimmer of hope for restitution. A civil case scheduled for early next year will determine the fate of the seized assets. However, while many defrauded Chinese investors are reportedly preparing to file claims, establishing a clear paper trail may prove difficult. Many victims routed funds through local intermediaries rather than transferring them directly to Qian’s firm. ​U.S. Bitcoin forfeiture and Beijing’s allegationsWhile the UK courts grapple with the aftermath of Qian’s fraud, a separate crypto controversy is brewing between the U.S. and China, highlighting Beijing's continued vigilance over the sector despite its 2021 ban on trading and mining. According to Cointelegraph, the state-supported National Computer Virus Emergency Response Center (CVERC) has alleged that American authorities are connected to the disappearance of roughly 127,000 Bitcoin, valued at around $14.5 billion, from the LuBian mining pool. ​These allegations surfaced after the U.S. filed a civil forfeiture claim in October against Chen Zhi, the Cambodia-based founder of the Prince Group, who is believed to have owned the assets prior to the breach. At the time of the filing, the U.S. Treasury Department noted that the funds were already under its control. ​CVERC contends that Washington hasn't explained how it accessed the assets. Citing data from analytics firm Arkham, the Chinese agency suggested the funds had been under U.S. control for over a year. They argued that the prolonged inactivity of the Bitcoin before the formal seizure is inconsistent with the typical behavior of hackers seeking quick profit, implying state-level involvement. Economic chess between Washington and BeijingThis matter of Bitcoin control adds a new layer of complexity to U.S.–China relations, even as a trade truce between the two countries took effect on Nov. 10. In a report by CNBC, Washington cut tariffs on China’s fentanyl-linked imports to 10% and extended a reciprocal rate reduction under that agreement. In exchange, Beijing is said to have eased certain restrictions on rare earth exports. Analysts at Morgan Stanley suggest that China is maintaining its export-control regime, implemented in April, to retain strategic leverage. They caution that recurring negotiations and strategic divergence will remain defining features of the evolving bilateral relationship.