Metabora Singapore Launches Global Pre-Registration for PvP Gaming Platform ‘Skill Blitz’

Hot Wallet Exploit Results in $23M Bitrue LossBitrue, a Singapore-based crypto exchange, has fallen prey to a $23 million hack due to a hot wallet exploit. The exchange has been forced to suspend all withdrawals until April 18, to provide an opportunity to conduct a thorough security review.©Pexels/Karolina GrabowskaHot wallet vulnerabilityHot wallets are used by exchanges to store small amounts of cryptocurrencies for easy access. These wallets are connected to the internet and are therefore more vulnerable to attacks compared to cold wallets, which are stored offline. In the case of Bitrue, hackers were able to exploit the hot wallet and steal cryptocurrencies worth $23 million.In a series of Twitter posts, the exchange outlined that the exploit occurred at 07:18 (UTC) on Friday. “We were able to address the matter quickly and prevented the further exploit of funds”, it went on to state.The stolen digital assets include ETH, QNT, GALA, SHIB, HOT and MATIC. Bitrue outlined that the hot wallet funds account for only 5% of overall funds and that the rest of its wallets remain secure and have not been compromised.Blockchain security firm PeckShield outlined how the funds were swapped and drained. A wallet it has labeled as “Bitrue drainer” swapped 173,000 QNT, 22.55 billion SHIB tokens, 46.4 million GALA and 310,000 MATIC for 8,540 ETH. The ether is now being held within the following address:0x1819EDe3B8411EbC613F3603813Bf42aE09bA5A5Reimbursing usersIn response to the hack, Bitrue has promised to reimburse all affected users. However, the process could take some time.The incident underscores the importance of taking precautions when storing cryptocurrencies on exchanges. Users should only keep a minimal amount of cryptocurrencies on an exchange and should not store more than they can afford to lose. Ongoing exploits, hacks and frauds exemplify the need for users to only use reputable platforms with a proven track record of security.Doubling down on securityBitrue has promised to improve its security measures to prevent similar incidents from occurring in the future. The exchange’s response to the hack has been lauded by many in the cryptocurrency community, who have praised the company’s transparency and commitment to reimbursing affected users.The cryptocurrency community has been vocal in its criticism of exchanges that fail to prioritize security. The Bitrue hack is just the latest in a series of incidents that have highlighted the importance of maintaining security in the world of cryptocurrency.It’s not the first security breach that the exchange has encountered. In 2019 Bitrue suffered a $4.7 million loss, with quantities of both XRP and Cardano (ADA) having been stolen. On that occasion, the exchange released tracking details relative to the stolen funds. Thanks to collaboration with Huobi, Bittrex and ChangeNOW, the funds and associated accounts were frozen.According to data from CoinGecko, Bitrue trades an average of $1 billion in digital assets daily, with bitcoin and ether trading pairs accounting for a large proportion of that trading volume. The Bitrue hack has been a wake-up call for the cryptocurrency community and serves as a reminder of the ongoing risks associated with storing cryptocurrencies on exchanges.

Coinbase's venture capital arm, Coinbase Ventures, has invested in the India-based crypto trading platform CoinDCX, the American crypto exchange company said on its official blog. This move follows Coinbase's direct entry into the Indian market earlier this year. In March, Coinbase registered with the Financial Intelligence Unit–India (FIU-IND), announcing plans to launch products for retail investors.Photo by PiggyBank on Unsplash100 million crypto holdersWhile the investment sum remains undisclosed, Coinbase highlighted CoinDCX's strong performance indicators. As of July 2025, the Mumbai-headquartered exchange reported a user base of 20.4 million, accounting for about one-fifth of the country’s estimated 100 million crypto holders. CoinDCX also recorded $141 million in annualized group revenue, $165 billion in annualized transaction volumes, and $1.2 billion in assets under custody. The investment targets a market with high adoption. According to Chainalysis’ 2025 Global Crypto Adoption Index, India ranked first among 151 countries studied. Regulatory uncertainty in IndiaCoinbase’s push into India, however, comes amid a complex and often contradictory regulatory environment for digital assets. On one hand, India maintains a cautious stance. Profits from crypto transactions are taxed at a flat 30% rate, supplemented by applicable surcharges and an additional 4% cess. Recent reforms unveiled by the Reserve Bank of India (RBI) did not mention the acceptance of crypto assets. Rather than supporting cryptocurrencies, regulators have focused on advancing the central bank digital currency (CBDC), the e-rupee, through pilot initiatives in deposit tokenization and a fintech sandbox. This conservative approach was also evident at the recent 6th Global Fintech Fest in Mumbai. According to Reuters, a handout given to speakers at the Oct. 7-9 event read, “Please avoid political, crypto, religious, or personal remarks on stage or at the venue.” On the other hand, some officials have signaled a willingness to engage. Finance Minister Nirmala Sitharaman said on Oct. 4 that India must prepare to engage with cryptocurrencies such as stablecoins, according to the Financial Times. She noted that no country can stay isolated from broader systemic shifts, possibly alluding to the pro-crypto policies emerging in the U.S. and the anticipated acceleration in adoption. Global exchanges resume operationsFurthermore, India has shown more openness to foreign crypto platforms lately. Bybit recently reinstated access to its mobile app for Indian users via the Apple App Store and Google Play. Last year, both Binance and KuCoin registered with the FIU-IND after paying penalties for earlier compliance violations. Binance was fined 188.2 million rupees (about $2.14 million), while KuCoin faced a lighter penalty of around $41,000. 

Tether, the company behind USDT, the popular dollar-backed stablecoin, is seeking to establish a presence in South Korea through remote hiring, according to a report from Maeil Business Newspaper citing industry sources.Photo by DrawKit Illustrations on UnsplashRather than opening a physical office, Tether is looking for a remote employee who will focus on increasing USDT adoption in Korea, exploring business opportunities, building partnerships and navigating the local regulatory landscape. The expansion comes as stablecoins gain significant traction in South Korea. Data provided to lawmaker Min Byeong-dug from the country's five largest cryptocurrency exchanges via the Financial Supervisory Service (FSS) shows that dollar-pegged stablecoins accounted for 47% of crypto assets withdrawn from these platforms between January and March. Central bank pushes for regulationMeanwhile, South Korean officials are increasingly focused on regulating the stablecoin sector. Bank of Korea (BOK) Governor Rhee Chang-yong recently called for the swift implementation of stablecoin oversight, warning that they could bypass the country’s financial rules. During a press conference in Italy, Rhee argued that stablecoins pegged to either the Korean won or the U.S. dollar effectively function as alternative currencies and should be examined under existing money transfer laws. Rhee has emphasized that authorities must first determine whether won-backed digital tokens should be permitted at all. Last October, during a national audit, he expressed concerns about stablecoins' dependence on fiat currencies and advocated for implementing a central bank digital currency (CBDC) instead. These concerns were echoed by Ko Kyeong-cheol, head of BOK's electronic finance team, who recently highlighted at a financial law conference that stablecoins could profoundly impact the central bank's ability to carry out monetary policy, maintain financial stability and oversee payment settlements. Ko emphasized that if South Korea were to permit won-pegged stablecoins, the BOK should be involved early in the approval process to minimize potential risks to its policy objectives. On the regulatory front, Financial Services Commission (FSC) Chairman Kim Byoung-hwan has indicated that discussions on developing a stablecoin regulatory framework are likely to begin in June as part of a broader initiative. Presidential candidates weigh in on stablecoin futureThe issue has also entered the political arena ahead of South Korea's June 3 presidential election. Lee Jae-myung, the Democratic Party of Korea's presidential candidate, has advocated for a market featuring won-based stablecoins. Lee argues that quickly adopting stablecoins would help South Korea keep pace with global trends and prevent capital outflows. His platform includes introducing spot crypto ETFs and reducing digital asset trading fees.  Another candidate, Hong Joon-pyo of the People Power Party, also previously announced plans to explore the issuance of a won-pegged stablecoin before being eliminated in the party's primary election.