HashKey Enhances User Security with Exchange Insurance Partnership

Philippines Regulator Collaborates with US Counterpart to Tackle Crypto FraudThe Philippines Securities and Exchange Commission (SEC) has taken a step towards addressing the escalating issue of crypto scams, seeking assistance from its namesake and international counterpart, the US SEC.The international partnership was announced via a Philippines SEC press release, published last Friday. The collaboration highlights the severity of a growing problem in terms of crypto-related fraud, underscoring the importance of inter-agency cooperation in tackling the issue.Photo by Krisia on PexelsJoint training effortsBoth SECs will engage in joint training sessions. The collaboration also involves cooperation with the Asian Development Bank (ADB), and it has been established under the umbrella of the International Organization of Securities Commissions (IOSCO). Notably, the Philippines SEC has also signed IOSCO’s Multilateral Memorandum of Understanding (MoU) aimed at addressing crypto scams.The motivation behind these collaborative efforts is readily apparent given the scale of the cryptocurrency fraud that has occurred recently in the Philippines. Recent instances have captured the attention of the authorities, emphasizing the urgent need for regulatory action.Drawing on overseas enforcement experienceMost in the crypto sector are not enamored with US SEC Chair Gary Gensler’s stance relative to digital assets. Notwithstanding that, it may be that his assertive approach to enforcement may have a place in the Philippine context, given the extent of the issue of crypto fraud in the Southeast Asian country. For example, Gensler’s call for “more cops on the beat” to police the crypto industry, expressed in a Bloomberg Daybreak Podcast interview in July, resonates with the Philippines’ current predicament.Though Gensler’s remarks have been met with resistance from some quarters within the crypto industry, they may serve as sage advice in a climate where crypto-related crimes proliferate.Philippines SEC Chair Emilio Aquino outlined that the collaborative workshop involving the two securities commissions was aimed towards strengthening the capability of the Philippines’ SEC enforcement personnel in conducting investigations on securities-related crimes like insider trading, market manipulation, off-market fraud, and crypto scams.Aquino stated: “Scammers are becoming more advanced and sophisticated in their techniques as new technologies arise. As such, the SEC must constantly improve its investigation and enforcement capabilities to ensure that we are always one step ahead in preventing scams.”The Philippines, in particular, could benefit from a more robust regulatory presence to combat human trafficking networks and quash scams that tarnish the reputation of the crypto sector. These criminal activities have unfortunately led many to associate cryptocurrencies with fraud.The Philippines SEC Chair added that collaboration with US regulators and other enforcement agencies would likely guide the country in its pursuit of initiatives that lead towards the protection of the investing public.While expert training is essential, bolstering regulatory oversight, as suggested by Gensler, may be the key to mitigating the pervasive problem of crypto-related crime and protecting the integrity of the cryptocurrency sector.

Socket Protocol Raises $5M in Strategic PartnershipSocket Protocol, an interoperability protocol founded by Indian duo Rishabh Khurana and Vaibhav Chellani, has raised $5 million with the strategic investment coming from Coinbase Ventures and Framework Ventures.Despite the ongoing bear market, cross-chain protocols like Socket have continued to attract substantial investment, underlining the growing belief in a future where different blockchains seamlessly connect.Photo by Towfiqu barbhuiya on UnsplashMore than just fundingSocket Protocol, designed to enhance communication between various blockchains, secured this funding to further its collaboration with Coinbase. The firm articulated the nature of the funding and that collaboration on X (formerly Twitter) on Wednesday.The partnership aims to create bridging opportunities for developers and users of Coinbase Wallet and Base, Coinbase’s recently launched layer-2 network built on Ethereum. Socket explained that there is already evidence of that collaboration, borne out by a bridging feature that has already been built into Coinbase Wallet, and powered by Socket Protocol.In relation to the newly launched Base network, the project stated: “We are also helping developers and apps expand to Base with a seamless onboarding experience. Rainbow Wallet, Layer3, Bungee, Zapper & more apps leverage Socket to get their users onboarded to Base already!”As the cryptocurrency ecosystem witnesses the emergence of new layer-2 networks or “rollups” and the continuous expansion of layer-1 blockchains, Socket Protocol positions itself as a critical player in connecting these fragmented ecosystems.Seamless cross-network communicationThe protocol’s primary goal is to facilitate communication between different blockchains, allowing them to interact seamlessly. By offering a bridge for assets, Socket Protocol simplifies cross-network transactions, effectively making the experience akin to operating on a single unified blockchain.Socket boasts that since the launch of the project, it has facilitated over 2.5 million cross-channel transactions, accounting for $3.5 billion in value transfer, while claiming that this is just the starting point, with the project aspiring to grow past that milestone going forward.The recent fundraising highlights the increasing interest in interoperability solutions like LayerZero, as investors recognize the significance of bridging for the future of blockchain technology. Notably, inter-bank messaging system Swift revealed experiments involving the transfer of tokenized value across various private and public blockchains, with Chainlink’s Cross-Chain Interoperability Protocol playing a pivotal role in these experiments.Socket Co-Founder Chellani emphasized the importance of scalable solutions for the future. He noted that “rollup-to-rollup communication is really important” for achieving scalability, aligning the scaling future with the concept of a multi-chain or cross-chain future. “I think the scaling future, and the multi- or cross-chain future are the same thing,” he added.This investment in Socket Protocol, coming at a time of market uncertainty within the crypto space, reflects the growing confidence in the potential of blockchain interoperability to unlock new possibilities and create a more interconnected blockchain landscape.

Intella X Explores Ways to Integrate YGG’s Soulbound Reputation Tokens into Its WalletIntella X, a South Korean Web3 gaming platform, has announced its partnership with Yield Guild Games (YGG), a leading DeFi-powered gaming guild.Photo by Shubham Dhage on UnsplashBoosting Intella X’s global presenceThis collaborative effort is expected to boost Intella X’s presence in the global Web3 sector. YGG, boasting a membership base of over 450,000 worldwide and collaborating with more than 80 gaming companies, recently launched Superquest, a new way to earn in-game rewards. Superquest awards soulbound reputation tokens to gamers based on their level of community engagement and contributions. The two organizations will explore ways to integrate YGG soulbound reputation tokens into Intella X Wallet (IX Wallet), a Web3 wallet designated for the Intella X platform.In an attempt to expand its ecosystem, Intella X has soft-launched the Android and web versions of IX Wallet. Furthermore, the Korean Web3 platform in February joined forces with IndiGG, a sub-decentralized autonomous organization of YGG in India.Neowiz’s Q2 financialsIn the midst of these developments, Neowiz, the parent company of Intella X, last week disclosed its financial performance for the second quarter. The company garnered revenues amounting to KRW 70.1 billion ($52.7 million), signifying a year-on-year decrease of 0.2%. Neowiz incurred an operating loss of KRW 4.9 billion during the same period, venturing into negative territory in Q2. This setback can be attributed to escalated marketing expenditures associated with the launch of the mobile role-playing game “Brown Dust 2” and the third-year anniversary celebration of the MMORPG title “Kingdom.” The latter is the brainchild of game developer FOW Games, a company Neowiz acquired in May.Meanwhile, Neowiz’s Q2 net income recorded an 8% year-over-year increase, totaling KRW 22.4 billion. This one-time gain is due to the sale of certain shares the company owned in another entity as part of the wider FOW Games acquisition strategy.Path to recoveryIn the latter half of this year, Neowiz is gearing up for recovery, channeling its focus into in-house developed titles. A key highlight among these is the imminent launch of “Lies of P” on September 19. As the launch date of this soulslike video game, inspired by the narrative of Pinocchio, draws near, the company is poised to offer game packages for pre-sale commencing September 17. These packages will be accessible both online and in-person through the e-commerce platform SSG.com and the warehouse chain E-Mart Traders. An extensive global marketing campaign is also in the works, with Neowiz set to participate in Germany’s Gamescom 2023 later this month.