Hana TI Partners with BitGo for Web3 Digital Asset Custody Solutions

NEOPIN Partners with Lena Network for NFT-Fi Service DevelopmentNEOPIN, the global CeDeFi platform of South Korean investment holding company Neowiz Holdings, announced on Tuesday that it is teaming up with Lena Network, a Japanese developer of non-fungible token finance (NFT-Fi) services.Photo by Choong Deng Xiang on UnsplashFostering NFT-Fi and DeFi synergyIn this collaboration, the companies plan to promote NFT-Fi usage by onboarding NEOPIN onto Lena’s service framework and by launching NEOPIN as a decentralized finance (DeFi) product based on Lena’s governance token $LENA. They will also strengthen cooperative ventures by channeling NEOPIN and Lena Network’s NFT-Fi products. Both companies’ worldwide partners will also receive collective support as part of this agreement.“This partnership is meaningful in many ways. We have been able to secure an important Web3 partner in Japan, expand our global DeFi products, and grow our NFT-Fi business,” explained Ethan Kim, CEO of NEOPIN.This comes as part of NEOPIN’s bigger efforts to broaden its global user demographic by launching DeFi products associated with global projects, the first of which is the latest collaboration with Lena. This move will create a strong base for the entry of NEOPIN’s Web3 projects into the Japanese market.“We will continue to strengthen our partnerships with outstanding Japanese Web3 projects such as Lena Network, and establish a foundation for our success in the Japanese market,” CEO Kim added.Innovation at Lena NetworkLena Network is operated by professionals who formerly worked at institutions like SBI Holdings and JP Morgan. It plans to officially launch its new service, LENA, in the third quarter of this year, which offers loans in Ethereum or stablecoins against collaterals such as NFTs, tokens, and real-world assets (RWA).Key partners for this service include NFT collections such as Monkey Kingdom — the first Asian NFT collection and one of Solana’s chart-toppers — and Trekki, a collaborative travel-themed collection made by Polygon and Trip.com.“By onboarding NEOPIN, we aim to provide a seamless NFT-Fi adoption and launch DeFi products based on LENA tokens,” said Casper Cheng, CSO of Lena Network. “Following NFT-Fi, Lena Network’s next product will be RWA-Fi. Together with NEOPIN, we will continue to drive innovation in the Web3 space and explore new possibilities for NFT utilization.”The current NFT market capitalization is approximately $4.9 billion as of today, according to insights from the NFT analysis site NFTGo. While these assets have historically been liquidated through trading, NFT-Fi opens up various methods of liquidation, thereby expanding access to ownership of these assets.

Indian police arrest eight more in $300M crypto scamIndian authorities have apprehended eight new individuals in connection with a sprawling $300 million (2500 crore Indian rupees) cryptocurrency scam that victimized approximately 100,000 people.According to a report published by local news media outlet The Times of India, the arrests have been made as part of an ongoing investigation. Of the eight individuals arrested, four have been identified as police officers.Photo by Big G Media on UnsplashLong running scamAs the investigation has unfolded, it has revealed an operation which is alleged to have been masterminded by Subhash Sharma, who remains at large. What has been termed the Himachal Pradesh crypto scam began to unravel in late September, although the Indian authorities believe that the origins of the scam stretch back to 2018.The perpetrators lured unsuspecting victims with investment schemes involving a local cryptocurrency known as Korvio Coin (KRO coins). As the scheme expanded, various other cryptocurrencies were introduced through fraudulent websites. One of these projects was abandoned after individuals had already invested, leading to significant financial losses.Targeting police officers and government officialsThe target audience for this particular scam has set it apart from that of others, given that police officers seem to have been involved while their colleagues are counted among the victims of the scam. Reports indicate that over 1,000 police personnel became entangled in the fraudulent web. While some officers were themselves victims, others made substantial gains. A few voluntarily took on the role of promoters, lending an air of credibility to the operation.Alongside police officers, 5,000 government officials also fell prey to the fraudulent investment schemes. The gravity of the situation became evident when it was revealed that around 56 complaints had been filed with police stations over the past two years.Multi-agency responseIn response to mounting concerns, multiple agencies, including the Enforcement Directorate and regional police teams, embarked on a comprehensive investigation under the guidance of a Special Investigation Team (SIT). The investigation has uncovered that over 100 individuals profited to the tune of $240,000 each, while another 200 reaped around $120,000 each from the scam.While the arrests have mounted to a total of 18 individuals, Sharma continues to evade capture. However, authorities have managed to identify and seize several properties associated with Sharma.In a separate investigation, the Enforcement Directorate is scrutinizing the roles of five women suspected of working as agents or promoters for the elusive kingpin. These developments underscore the vast extent of this crypto scam and the imperative for swift and thorough legal action.While crypto and Web3 more broadly have yet to fully unfold and reach full potential, there is no doubt that the sector has been blighted by ongoing scams, hacks and sharp practice. A recent report by Singapore-based blockchain security firm Immunefi estimated Q3 losses within the sector of $686 million.In August, a $120 million crypto ponzi scheme was uncovered in India’s Odisha state. Meanwhile, authorities in Hong Kong continue to come to terms with a fraud perpetrated by Dubai-based crypto exchange platform JPEX.As the investigation continues to unfold, the authorities are determined to bring all involved parties to justice, with a view towards sending a stern message to those who exploit unsuspecting individuals under the guise of cryptocurrency.

The Thai Securities and Exchange Commission (SEC) has issued a directive mandating Zipmex, a Singapore-based digital asset trading and brokerage platform, to temporarily suspend its operations. This decision is driven by the SEC's call for significant changes in Zipmex's management structure and an improvement in its financial position. The regulator outlined that the cryptocurrency exchange can resume normal operations if it addresses these concerns.Photo by Dan Freeman on Unsplash15 days to rectify issuesIn an official announcement last Friday, the SEC conveyed that Zipmex has a specified period of 15 days to rectify its financial position and operational deficiencies, aligning with the prior orders from the financial regulator. The SEC emphasizes that once the crypto exchange fulfills the regulator's requirements, users should be able to resume fund withdrawals. The securities watchdog had initially issued an order to Zipmex on Jan. 12, instructing the exchange to adjust the maintenance of its net liquid capital and modify its business administration structure and personnel to enhance efficiency and protect customer interests. Anek Yooyuen, Deputy Secretary General of the SEC, explained the legal process involved, stating: "According to the process specified by law, if the digital asset business operator is unable to comply with the SEC’s orders within the specified period, the SEC may propose that the Minister of Finance consider revoking the order." Implementation of robust system to protect investorsIn addition to implementing the SEC's orders regarding its financial operation and operational deficiencies, the exchange is required to establish a robust system protecting investors' deposited assets against exploitation. Once these objectives have been achieved within the required timeframe, Zipmex is obligated to submit a report on these implementations for SEC approval, paving the way for the resumption of operations. The Thai regulator stated that “Zipmex will be able to resume normal business operations upon receiving permission from the SEC.” Longstanding regulatory scrutinyZipmex has been under the regulatory microscope since 2023, facing scrutiny following the company’s struggles off the back of the last crypto market downturn. The SEC's investigation includes a probe into an acquisition by V Ventures and whether Zipmex operated in Thailand without regulatory approval. V Ventures canceled its $100 million buyout of the company in 2023, which would have included the return of customer deposits. The Thoresen Thai Agencies subsidiary company deemed the entire deal terminated on the basis that Zipmex had not fulfilled its contractual obligations relative to the buyout. The platform suspended trading in November 2023, citing regulatory compliance as the reason. Despite the operational suspension, user withdrawals will remain accessible to facilitate an exit from the platform. The initial freeze of withdrawals in July 2022 due to Terra's ecosystem collapse, coupled with crypto lender bankruptcies, led Zipmex to seek court protection and legal assistance to raise capital for creditor payouts. The platform presented a reorganization plan last year, proposing creditor payouts of up to 30 cents on the dollar, subject to asset recovery. However, the initial offer was set at 3.35 cents, with the potential for a higher repayment figure based on the firm's eventual asset recovery.