Japan’s Aozora Bank Plans Digital Currency Launch

DAXA Implements Virtual Asset Alert System to Enhance Investor ProtectionThe Digital Asset eXchange Alliance (DAXA), a consortium consisting of the top five cryptocurrency exchanges in South Korea, has made an announcement today regarding the introduction of a standardized virtual asset alert system.That’s according to a report by local news outlet Edaily. This system aims to tackle the problem of information asymmetry and safeguard the interests of investors.Badging of assetsUnder this new initiative, member exchanges will continuously monitor the market in real time to operate their respective alert systems. Whenever a virtual asset meets certain predetermined criteria, the trading window for that asset will be labeled with a badge. While DAXA members have collectively agreed to run the alert signal for a maximum of 24 hours, each exchange will have the autonomy to determine specific durations based on their individual requirements.Photo by Sigmund on UnsplashFive categoriesThe alert system will cover five distinct categories, notifying users of market movements related to price fluctuations, trading surges, deposit surges, price gaps, and whale trades. Price fluctuations refer to instances where the prices of virtual assets experience a rise or drop of over 50 percent within a 24-hour period. Trading surges indicate an increase in trading volume by more than 100 percent over the past ten days. Deposit surges signify an increase in deposit volume by over 100 percent during the same ten-day period. Price gaps occur when virtual asset prices on DAXA exchanges differ by more than 5 percent from their corresponding prices on crypto information website CoinMarketCap. Lastly, whale trades refer to situations where specific individuals or entities account for more than 40 percent of the total transaction volume within the past 24 hours.It is worth noting that the guidelines pertaining to the alert system will be customized by each member exchange according to their specific trading volumes and requirements. While adhering to the aforementioned framework, the member exchanges will establish their own rules and regulations.The formulation of this initiative involved the collaboration of all five members, who collected valuable input from DAXA advisors since the alliance’s inception in June of last year. The alert system also underwent a trial test phase to ensure its stability before being implemented.DAXA Vice Chairman Kim Jae-jin said the DAXA alert system would address information asymmetry issues by promptly providing data that ordinary investors previously couldn’t find on charts or order books. Kim added that the alliance is committed to further improving the alert system.

Alchemic Investment and Nanuhm Angels Collaborate to Boost Web3 and Blockchain InvestmentsKorean deep tech investment firm Alchemic Investments announced that it has entered into a partnership with venture capital firm Nanuhm Angels to enhance investments in blockchain, Web3, artificial intelligence, and deep tech.Photo by Precondo CA on UnsplashInvesting in the future of Web3 in KoreaThe two firms will work with the city of Incheon — a metropolitan city located near the nation’s capital of Seoul — to discover promising Web3 companies while strategically investing in and nurturing startups that aspire to innovate existing businesses using blockchain technology.They will also participate in Incheon’s roadmap for fostering blockchain businesses after Incheon Technopark’s blockchain company acceleration program kicks off this year. This program supplies Incheon-based startups and small companies with the resources required to grow their blockchain businesses, thereby establishing Incheon as a blockchain hub.“Just as Japan and Hong Kong are leading the Web3 market in Asia, many Korean startups are also likely to emerge as leaders of the market once a legal foundation is established in the country,” said Min Kyung-man, CEO of Alchemic Investments.“We plan to support global expansion through our network with major overseas companies and institutions that highly value Korea’s growth potential in leading the technologies of the future.”About Alchemic InvestmentsAlchemic Investments was established in March of this year and invests in areas such as Web3, fintech, and AI. Housing seasoned professionals in asset management and strategic investment in major corporations, the company is currently in the process of recruiting investors to establish its first fund, aiming for a funding scale of 30 billion KRW (approximately $22.7 million).About Nanuhm AngelsNanuhm Angels works with partners who have experience in managing funds worth 110 billion KRW, as well as acceleration experts skilled in business model validation and refinement and investor relations. Its investment portfolio consists of companies such as Rezi, Onthelook, and NS Studio.It is also an operator of the aforementioned Incheon Technopark blockchain company acceleration program along with a consortium consisting of Web3 gaming studio Ret Games and on-chain risk rating solution developer Undefined Labs.

CipherBlade Opens Singapore OfficeThe emerging crypto hubs in Asia continue to make progress and on this occasion blockchain and crypto investigations firm, CipherBlade has decided to be part of that emerging growth in Singapore, opening an office in the city state.Cybercrime investigationsAccording to Asia-centric digital assets publication, Blockhead, the firm’s decision to open an Asian base was rooted in a need to service the requirements of a growing client base in the region, as demand intensifies for its services. CipherBlade has developed an expertise in the particular niche of blockchain analytics, cryptocurrency investigations and digital forensics.The firm was co-founded by its lead investigator Richard Sanders in 2018. Initially based out of Pittsburgh, CipherBlade has team members distributed internationally, in Europe, and now also in Singapore via its new office location.CipherBlade’s CEO of Americas, Justin Maile, said that “Singapore is a perfect location for us, with its strong reputation as a financial hub and its commitment to technological innovation.”With the expansion, it is understood that the company is currently recruiting to fill a variety of specialist positions.Photo by cottonbro studio on PexelsTracking down hackersAs the crypto and blockchain sector as a whole grows, it has also been accompanied by a significant component of illegal and illicit activity. This includes money laundering, fraud and hacking. The stand out example in the Asian region would be the activities of hacker collective, Lazarus Group.The hacker group has become notorious in the crypto space, given the extent to which it has pulled off hacks of various entities and DeFi networks in the sector. Hacks and exploits of DeFi networks accounted for 82% of all digital assets stolen in 2022. Lazarus Group has received particular attention as it is understood to be affiliated with the North Korean regime.The default approach for start-ups across all sectors is to focus on growth. The danger for start-ups in the DeFi space is that they overlook elements of network security in pursuing that growth, when achieving a high level of network security is an incredibly difficult task to begin with.Collaborating with industry stakeholdersThe activities of Lazarus Group and other more disparate entities like them, have created a need for the services of companies like CipherBlade. To that end, the firm collaborates with a wide range of industry stakeholders, including regulators, law enforcement, intelligence agencies and cryptocurrency exchanges.Recent work the blockchain forensics and cybercrime firm has been involved in includes a class action lawsuit brought against failed crypto lender Voyager. The allegation of the class action is that Voyager built in hidden fees to the detriment of customers.From crypto divorces to ‘pig butchering’ scamsPointing to the diversity of the firm’s work, it has been involved in over 150 crypto divorce cases. That is to say, tracking down digital assets belonging to one of the parties to a divorce so that those assets are recognized and made part of any divorce settlement.CipherBlade’s investigators have worked on cases involving ‘pig butchering’ crypto scams. These are instances of scams that lure the victim into contact with the scammer before the scammer gains their confidence, directing them onwards towards fraudulent crypto investment platforms where they’re encouraged to invest.