Israel Freezes Crypto Accounts Linked to Hamas

Galaxia Metaverse Teams Up with Rotonda to Expand Blockchain EcosystemGalaxia Metaverse, a blockchain company under Galaxia Moneytree, said Thursday that it has signed a strategic partnership deal with Rotonda, a subsidiary of Korean crypto exchange Bithumb and the operator of the Web3 digital wallet Burrito Wallet.Photo by Shubham’s Web3 on UnsplashBolstering the blockchain ecosystemThrough this new collaboration with Rotonda, Galaxia Metaverse aims to establish a cooperative framework for expanding the blockchain ecosystem by seamlessly integrating their respective blockchain-based Web3 wallets, Galaxia Wallet and Burrito Wallet, into the on-chain environment to secure on-chain liquidity and more users. Burrito Wallet supports 11 major mainnets, such as Bitcoin, Ethereum, Solana, and Polygon, as well as over 1,300 cryptocurrencies.The two companies also plan to leverage Rotonda’s global business network to increase the user base of Galaxia Wallet.Advancing on a global scaleThis comes as part of Galaxia Metaverse’s ongoing efforts to expand its presence on the global stage through collaborations with various partners, including Gopax, MVL, Elysia, Klaytn, and Bithumb. The partnership also marks another significant step in the evolution of the blockchain and metaverse industry, as companies continue to forge alliances both domestically and abroad to create more accessible and integrated virtual ecosystems.Meanwhile, Rotonda recently signed a memorandum of understanding (MOU) with global metaverse platform The Sandbox to support wallet integration within The Sandbox’s platform. The company also teamed up with blockchain gaming platform Oasys in further efforts to expand its global business scope.

$120M Crypto Ponzi Scheme Exposed in IndiaIn a recent crackdown, local authorities in the state of Odisha in India, have dismantled a massive $120 million cryptocurrency Ponzi scheme.That’s according to a report by local news agency ANI earlier this week. The operation led by the Economic Offences Wing (EOW) of the state police has resulted in the arrest of key individuals orchestrating the fraudulent endeavor. This latest development underscores the growing concerns around cryptocurrency scams and their detrimental impact on investors.Photo by Ayiman Mohanty on UnsplashSTA crypto tokenThe mastermind behind the Ponzi scheme had adeptly evaded capture by frequently changing locations. The scheme, operating across India, revolved around the STA crypto token, a digital asset at the heart of the fraudulent activities.Similar to the infamous OneCoin scandal, where billions were swindled from unsuspecting investors, the STA token scheme exploited victims who had invested in the token and then recruited others under the guise of a multi-level marketing initiative. Promised bonuses and extravagant returns were used as bait to lure individuals into the scheme, which eventually unraveled, leaving numerous investors financially devastated.Unregulated token offeringReports highlight that the STA token was not authorized by any regulatory body. This glaring absence of oversight enabled the scammers to continue their operations unchecked. The nature of the scheme involved recruiting victims in various Indian states who were promised substantial returns. These victims, in turn, were enticed to bring in new investors, creating a vicious cycle of recruitment and investment.The investigation into the scheme revealed that the STA token offering attracted individuals through aggressive promotional strategies. This allowed the scheme to establish a vast network across India, involving approximately 200,000 individuals. The victims were led to believe that their investments would yield significant bonuses and returns, a tactic that echoes the tactics used by OneCoin promoters.False claimsThe STA token was introduced in September 2021 and rapidly established a presence on social media platforms, presenting itself as a legitimate cryptocurrency. It falsely claimed to be a blockchain-based platform connecting users with local farmers. This facade lent an air of legitimacy to the scheme, effectively deceiving unsuspecting investors.The scheme’s audacity was further highlighted by a grand event hosted by STA criminal promoters in a luxurious hotel in Goa. This extravagant affair aimed to further legitimize the project and attract more victims.This incident adds to a series of cryptocurrency-related scams that have plagued India. The GainBitcoin scam, which came to light last year, led to the loss of over $1.25 billion for around 100,000 victims. The Indian authorities have responded by issuing public advisories warning citizens against falling victim to such schemes that promise quick wealth through cryptocurrency investments.In a recent parliamentary session, Minister of State for Finance Pankaj Chaudhary revealed that the Enforcement Directorate (ED) is actively investigating multiple instances of cryptocurrency-related fraud. These investigations have uncovered proceeds of crime amounting to over $130 million.

DBS Bank, a key player in Singapore's banking sector, has unveiled a substantial reorganization of its operational framework, which includes its digital asset exchange business, DDEx. Global Financial Markets (GFM)Effective March 1 DBS will consolidate its equity capital markets, brokerage arm DBS Vickers and the DBS Digital Exchange (DDEx) into its Treasury Markets division. In doing so, it will form a unified entity known as Global Financial Markets (GFM). This amalgamation underscores DBS's intention to merge conventional financial services with the burgeoning digital assets landscape, contributing towards a new era of financial integration and innovation. DDEx, a members-only exchange facilitating exposure to digital assets for accredited investors, financial institutions and family offices, will now operate under the umbrella of GFM. This strategic integration aims to leverage the synergies between traditional and digital financial spheres, positioning DBS at the forefront of transformative financial solutions.Photo by Meriç Dağlı on UnsplashDDEx founder retiresThe announcement of this restructuring coincides with the retirement of Eng-Kwok Seat Moey, a revered figure within DBS, whose 36-year tenure has left an indelible mark on the bank's trajectory. Eng-Kwok's contributions to DBS's equity capital markets and the development of Singapore's REITs industry are widely recognized, as is her pivotal role in spearheading the DBS Digital Asset Ecosystem (DAE) and the founding of DDEx. Under her stewardship, DBS has consistently ranked atop regional league tables, driving innovation and excellence in Singapore's financial landscape. Eng-Kwok's legacy extends to her instrumental role in establishing the DBS Digital Asset Ecosystem (DAE), a pioneering initiative offering a spectrum of digital asset services, including origination, distribution, custody and trading. Andrew Ng, the current head of Treasury Markets, assumes leadership of the newly formed GFM group. His expertise will be instrumental in navigating the complexities of global finance, blending traditional market mechanisms with the innovative potential of digital assets. Clifford Lee, renowned for his proficiency in fixed income, will expand his purview to encompass investment banking, overseeing both debt and equity capital markets alongside his responsibilities at DBS Vickers. Capitalizing on complementary strengthsThe consolidation of DBS's financial arms not only aims to streamline operations but also seeks to capitalize on the complementary strengths of traditional and digital financial domains. Piyush Gupta, CEO of DBS, expressed confidence in the merger's ability to unlock greater synergies, enabling the bank to deliver a comprehensive suite of financial solutions to its clientele. DDEx has been at the forefront of digital asset trading in Asia, witnessing significant growth in bitcoin and ether transactions in recent years. Notably, DDEx has explored avenues such as security token offerings (STOs) and it has ventured into the metaverse realm with investments in projects like The Sandbox. Additionally, DBS's Chinese subsidiary launched a digital yuan merchant solution, facilitating payments in the new currency for mainland enterprises. As DBS embarks on this latest transformation, the integration of digital assets into its core financial operations underscores its interest in innovation within a rapidly evolving financial landscape.