Huobi Rebrands as HTX to Mark Tenth Anniversary

The U.S. Department of Justice has filed a civil complaint to seize roughly 127,271 Bitcoin linked to an alleged fraud scheme tied to Prince Group, a multinational conglomerate based in Cambodia. That’s according to a press release from the U.S. Attorney’s Office for the Eastern District of New York. The digital assets are currently valued at approximately $14.18 billion and are now in the custody of the U.S. government. Prince Group chairman Chen Zhi, now indicted by U.S. authorities, has been named as the mastermind behind the operation. FBI Assistant Director in Charge Christopher Raia said Chen oversaw an international crypto investment scam connected to a labor trafficking network that defrauded thousands of victims worldwide.Photo by Kanchanara on UnsplashOperations across 30 nationsSince 2015, Chen Zhi has headed the Prince Group, which operates in more than 30 countries. Under his direction, the group allegedly established scam compounds across Cambodia that promoted fraudulent crypto investment scams. The operations targeted victims through social media and messaging platforms with false promises of high returns. According to the allegations, funds were stolen and laundered rather than invested, and perpetrators often built trust over time before carrying out the fraud. Authorities in Vietnam have uncovered a comparable case that did not involve the seizure of cryptocurrency. According to Tech in Asia, Hanoi police confiscated assets worth $34 million from Nguyen Hoa Binh, chairman of the tech company NextTech. The seized property includes 597 gold bars, deeds to 18 properties, and two vehicles. Investigators allege that Binh and nine associates raised funds for the AntEx cryptocurrency project by selling 33.2 billion tokens to 30,000 investors in 2021, collecting around $4.5 million. The defendants are said to have taken part in fraudulent appropriation of assets and accounting violations. Tepid business climate in VietnamThese incidents come as Vietnam’s government works to define its stance on digital assets. According to a Cointelegraph report published earlier this month, the Vietnamese Ministry of Finance said that since the announcement of the country’s five-year digital asset trading pilot plan, no companies have applied to participate. Sharing this update, the vice minister of finance expressed hope that this pilot would launch before 2026. The report points to strict requirements as a likely reason for hesitation. Licensed crypto asset service providers must hold at least 10 trillion dong, about $379 million, in capital. They are also required to back all digital assets with real and tangible assets only, and the framework explicitly prohibits using fiat currencies or securities as backing. These rules leave few options that would attract retail or institutional investors. Gemini eyes Southeast Asia as adoption growsMeanwhile, global firms continue to look to Southeast Asia as activity increases. Dow Jones Newswires reported that Gemini, the American crypto platform founded by the Winklevoss brothers, plans to expand its footprint across the region. In an interview, Saad Ahmed, Gemini’s head of Asia Pacific (APAC), said the company was strengthening its regional operations. A Chainalysis study provides context, showing that the APAC region recorded the fastest growth in on-chain activity compared to other markets in the 12 months ended June. The region saw total crypto transactions rise to $2.36 trillion from $1.4 trillion a year earlier. Although Ahmed did not share investment figures, he said Gemini’s Singapore headquarters has grown to about 65 employees, up from 15 in the final quarter of 2023. He added that the expansion reflects the company’s view of Singapore as a key base for its operations in Asia and globally. Recent criminal discoveries and tightening regulations reveal how Southeast Asia’s crypto scene remains nascent. Governments are stepping up enforcement and shaping new frameworks even as global firms expand across the region, motivated by growing adoption. How policymakers and market players respond to these early tests will define the next phase of digital asset growth in Asia. 

LINE NEXT and Sega Join Hands to Develop Web3 Games with NFTsLINE NEXT, the NFT business arm of Tokyo-based messaging app developer Line Corporation, has announced the signing of a memorandum of understanding (MOU) with Japanese game company Sega. This partnership will see LINE NEXT acquiring intellectual property (IP) licenses of Sega’s video game franchises for the purpose of jointly developing Web3 games.Renowned for its iconic Sonic the Hedgehog franchise, Sega boasts studios in Japan and abroad. The Japanese game publisher produces games of various genres on different platforms, including arcade machines, desktop computers, and mobile phones. Sega has gained recognition for creating generational games for international users through innovative ideas and outstanding game development skills.Photo by Shubham’s Web3 on UnsplashWeb3 game popularizationThrough this collaboration, LINE NEXT will introduce Sega-licensed games on its NFT-based gaming platform, GAME DOSI, with the aim of popularizing Web3 games. GAME DOSI will provide functionalities such as NFT creation, easy payment, and marketing. While the specific lineup of games and their details will be revealed at a later date, LINE NEXT CEO Ko Young-su expressed his belief that this MOU with Sega will bring new elements of joy to global gamers, emphasizing that the NFT company is dedicated to delivering readily enjoyable Web3 content not only to Sega fans but to everyone through GAME DOSI.Launched in May, GAME DOSI focuses on user-oriented games with the slogan “Gamer First, Web3 Next.” The platform has recently unveiled several new games, including Sweet Monster Guardians (a village defense game); Vestria the Last Order, also known as V.L.O, (a roguelite role-playing game); and KEROZ (a hack and slash game). Additionally, GAME DOSI is actively involved in Project GD, an initiative aimed at developing a diverse range of games based on its own intellectual properties.LINE NEXT’s NFT endeavorsIn its efforts to attract NFT enthusiasts, LINE NEXT has undertaken various projects. Last month, it introduced DOSI Land, a program that rewards users with the FINSCHIA token (FNSA). FNSA is currently listed on crypto exchanges Bithumb, Bittrex, Huobi, and Gate.io, according to crypto market data website CoinMarketCap.Sega’s blockchain hesitancyMeanwhile, it was reported earlier that Sega has been rethinking its involvement in blockchain gaming. Shuji Utsumi, the Co-Chief Operating Officer of Sega, recently stated in an interview with Bloomberg that the company intends to protect the value of its content by withholding from participating in third-party blockchain gaming projects. Utsumi expressed his belief in the importance of the fun element in games, while he described “play-to-earn” (P2E) blockchain games as “boring.” P2E games refer to those that enable players to earn tokens as rewards for completing specific tasks or winning battles against other players.

The European Council has banned all transactions within the European Union (EU) involving the Russian Ruble-backed stablecoin A7A5, according to a press release published Oct. 23. The prohibition targets the stablecoin itself, its developer, its Kyrgyzstan-based issuer, and the operator of a platform that facilitates major A7A5 trades. The package also takes aim at Russian crypto exchanges.Photo by Christian Lue on UnsplashAdditional banking restrictionsThis measure is part of a broader set of economic sanctions against sectors the EU stated assist the Russian invasion of Ukraine, including energy, finance, and defense industries. As part of this financial clampdown, the EU will also impose a ban on five additional Russian lenders starting Nov. 12. One of those lenders, Alfa-Bank, recently began offering Bitcoin buying and selling services, according to an X post by journalist Pete Rizzo. The European body said the new crypto measures address Russia’s increasing use of digital assets to circumvent existing sanctions. Russian banks were cut off from the SWIFT international payment system in early 2022, following the onset of the Russo-Ukrainian war. Reports of Russia using cryptocurrency to finance malign activities have surfaced previously. Earlier this month, Sławomir Cenckiewicz, the head of the Polish National Security Bureau (BBN), told the Financial Times that Russia has employed crypto to finance attacks on EU countries. Cenckiewicz said that a network of agents recruited by Russia’s GRU military intelligence agency and uncovered in Poland in 2023 had been substantially funded with cryptocurrency. Reflecting this concern, lawmakers in Poland’s lower house approved a bill in September to strengthen national crypto oversight, a move also expected to help curb Russian funding channels. Cenckiewicz noted that Polish intelligence agencies are closely monitoring the legislation to prevent loopholes that allow foreign actors to support agents using digital assets. Russia’s evolving crypto policyThe EU’s action comes as Russia itself is attempting to refine its own cryptocurrency rules. According to the Moscow Times, Russia's central bank wants to limit cryptocurrency use strictly to cross-border payments within an experimental legal regime (ELR). The institution continues to reject recognition of cryptocurrency as a legal means of payment and has advocated banning its use for domestic payments and retail investment, while permitting trading only for high-net-worth individuals through licensed platforms. Russia’s finance ministry has expressed a more flexible view, pointing to the scale of crypto adoption among the public. Earlier this year, the central bank estimated that domestic crypto transactions exceeded 1 trillion rubles (about $12.4 billion) per month, and that as of March, wallets linked to Russian users held roughly 827 billion rubles (about $10.2 billion). The finance ministry and the central bank have agreed to tighten supervision of the crypto market, with officials expecting to finalize the new framework before the end of the year.