Coins.ph Suffers 12M XRP Exploit

Memeland Coin Launch Secures $10M for the ProjectMemeland, a Web3 venture studio, made headlines on Thursday as its token sale for MEME tokens reached $10 million in commitments just after going live. The people behind the project are the Hong Kong-based team that is also associated with the popular meme-sharing site, 9GAG.Memeland represents a collection of 9,999 utility-enabled profile pictures (PFPs).9GAG is a meme-centric Hong Kong-based entertainment website that gained a significant following since its launch in 2008. With millions of followers across various social media platforms, 9GAG’s foray into the Web3 space through Memeland was eagerly awaited. Memeland had already introduced several NFT projects, including Captainz, Potatoez, and MVP, prior to launching its native token on Thursday.Photo by Nattanan Kanchanaprat on Pixabay42 minute sell-outSupporters of the project had joined a waitlist prior to them being granted access to the sale. Earlier in the week, the project had tweeted out that the MEME tokens that it was gearing up to sell had “No utility. No roadmap. No promises. No expectation of financial return. Just 100% memes.” In fact, this mantra has been etched into the project’s whitepaper from the outset. “$MEME is completely useless and for entertainment purposes only,” the whitepaper clarifies.Even though the sale had already sold out in record time, it was scheduled to continue until Friday morning. During this extended period, those who have previously joined the waitlist can gain access to the tokens.The team behind Memeland, having clocked up experience previously via 9GAG, has made them no strangers to the world of online humor and entertainment. The Memeland project introduces an array of non-fungible tokens (NFTs) and innovative applications that fuse elements from the metaverse, gaming, and NFTs.Project pipelineMemeland is gearing up to launch various additional platforms in the near future. These include Holders.com, a travel service; GMGM.com, a video-sharing platform; Stakeland, which will be a crypto staking application; and Petsland, a service centered around pets.MEME tokenomicsThe MEME token has a total supply of 69,000,000,000 MEME, with an initial price per token set at US$0.001. According to the Memecoin team, 2.75% of the total supply will be unlocked on the first day, with the remaining amount unlocked daily over the next 18 months.The token distribution breakdown is as follows:Private sale: 6,900,000,000 (10%) — Exclusively for Memeland Captainz holdersContributors: 13,800,000,000 (20%) — Partners and team members contributing to the Memeland projectFire sale: 8,280,000,000 (12%) — Reserved for the allowlist and certain waitlist participantsAirdrops: 17,250,000,000 (25%)Ecosystem fund: 22,770,000,000 (33%)Those who possess specific NFTs from the Memeland ecosystem have received varying allocations during the Fire Sale, depending on the type, rarity, and quantity of their holdings.With a strong foundation rooted in meme culture and a team experienced in delivering internet humor to millions, Memeland’s potential development going forward may be as exciting as the memes that inspired it.

Hong Kong Authorities Unite to Form Crypto-Centric TaskforceAuthorities in Hong Kong are taking action to address recent mounting concerns surrounding illicit cryptocurrency activities, particularly in light of the recent JPEX scandal. The Hong Kong Police Force and the Securities and Futures Commission (SFC) have come together to establish a specialized working group dedicated to closely monitoring and countering suspicious activities connected to virtual asset trading platforms (VATPs).In a statement published by Hong Kong’s Securities and Futures Commission (SFC) on Wednesday (local time), the agency set out details of a collaborative task force which has been formed in the wake of a high-level meeting held on September 28.The collaboration draws on input from the SFC as well as a number of law enforcement divisions within the Chinese autonomous territory, including the Commercial Crime Bureau, Cyber Security and Technology Crime Bureau, and Financial Intelligence and Investigations Bureau.Photo by Cheung Yin on UnsplashGreater coordination and information sharingThe primary objectives of this alliance are to enhance coordination, foster information sharing, assess risks tied to VATPs, and, above all, safeguard the interests of the Hong Kong public.Christopher Wilson, Director of Enforcement at the SFC, underscored the regulator’s commitment to allocating resources to combat problematic VATPs and safeguard investor interests. Eve Chung, Assistant Commissioner of Police (Crime) at the Hong Kong Police Force, emphasized the significance of intelligence exchange and collaborative efforts in responding to the challenges posed by VATPs to protect the Hong Kong public.Knee jerk response to JPEX scandalIt would appear that the necessity for such a concerted effort became patently clear as a direct response to the errant activities of Dubai-based crypto platform JPEX within Hong Kong.Issues with the exchange first emerged in September when the platform outlined that it was having liquidity issues as a consequence of some third party market makers having withdrawn their services. JPEX subsequently raised withdrawal fees to an unreasonable level to deter customers from withdrawing funds from the platform.The saga has affected over 1,600 investors with more than $150 million in assets becoming unavailable to them. The case resulted in the arrest of at least 20 individuals, with local telecom providers blocking online access to the platform as requested by law enforcement.Earlier, on September 13, the SFC had issued a warning accusing JPEX and crypto influencers of disseminating false or misleading information on social media about their application for a virtual asset trading license in Hong Kong.The ongoing JPEX controversy has prompted regulators in Hong Kong to explore measures to strengthen regulations governing the cryptocurrency market. The establishment of the task force signifies a proactive stance to address these concerns and ensure swift, effective action against illicit activities in the crypto sector.In addition to the joint task force, the SFC has taken steps to enhance transparency by publishing a comprehensive list that includes licensed, deemed licensed, closing down, and application-pending crypto exchanges, along with a list of “suspicious VATPs.” This transparency initiative aims to provide clarity and protect investors by offering insights into legitimate and questionable cryptocurrency trading platforms operating in Hong Kong.

Koscom Adds Crypto Market Data to Investment Data Platform CHECK Expert+South Korean financial IT company Koscom Corp. said Wednesday that it has started offering market data for virtual assets on its investment analysis information terminal service, CHECK Expert+. CHECK Expert+ provides a variety of information and news on foreign exchanges, bonds, overseas markets, and more to professional investors.Photo by Sajad Nori on UnsplashCross-platform data collectionStarting last month, Koscom has been combining the market price information of virtual assets that are scattered across the websites of four major domestic and foreign virtual asset exchanges into one platform on CHECK Expert+. By doing so, investors can now easily compare the current prices of different assets traded on multiple platforms.Cryptos compared with other assetsThrough the terminal, investors can also compare the performance of the popular cryptocurrency Bitcoin with other assets across exchanges such as KOSPI, KOSDAQ, S&P500, NASDAQ, and the US 10-Year Treasuries. This feature allows for more intuitive and straightforward performance comparisons.Given the fact that prices of the same asset can vary depending on the exchange, this service can provide investors with a broader perspective and allow them to make more informed decisions, Koscom said.“This is our first step into virtual asset-related market data services. Leveraging our experience in operating CHECK Expert+ and our expertise in processing capital market data, we aim to provide valuable investment information in the virtual asset market to our users,” said Hwang Sun-jeong, the Executive Director of Koscom.This move by Koscom reflects the growing interest and relevance of the virtual asset market in Korea, and CHECK Expert+ is expected to provide investors with valuable insights in the midst of a rapidly evolving financial landscape.