Socket Protocol Raises $5M in Strategic Partnership

Upbit Launches Campaign for Recovery of Mistakenly Transferred AssetsUpbit, the cryptocurrency exchange operated by Dunamu, announced on Tuesday (local time) that it is launching a campaign where users can get back the digital assets that they have transferred mistakenly as part of heightened efforts to protect investors and minimize their losses due to such errors.Photo by Luis Villasmil on UnsplashRole of secondary identifiersAmong the virtual assets that Upbit allows users to deposit, some require users to accurately input their unique identifiers — like a Destination Tag (D.tag) or Memo — in order to properly process a deposit. A D.tag or Memo is an additional address used to identify a transaction recipient beyond a wallet address, which is often required when trading altcoins like Ripple (XRP) and Monero (XMR). In the case of XRP, both the exchange address and the D.tag must be entered accurately for deposits to be processed properly.Enhancing investor convenienceHowever, misdirected transfers caused by incorrect or missing secondary deposit addresses occur quite frequently. Many users also remain unaware when their virtual assets have been mistakenly transferred.In response to this issue, Dunamu has organized its latest campaign to make it easier for Upbit users to recover the virtual assets that they mistakenly sent. A user can access the campaign page on the official Upbit website and search for the transaction ID (TXID) of the deposit where the secondary address was either not entered or entered incorrectly. If a matching deposit is found, they can click “Apply for Recovery” to submit a one-on-one inquiry.Previously, users were required to manually enter information such as the name and quantity of the cryptocurrency, as well as the TXID in the one-on-one inquiry. Now, this information is automatically filled in through the TXID search, boosting user convenience.In an effort to encourage campaign participation, Dunamu also said that it will waive all fees for the recovery of mistakenly transferred assets until the end of the year.As of July, the exchange has successfully processed over 99.5% of the total 45,474 recovery requests that it has received over the past five years by leveraging its industry-leading technical expertise.“Upbit will continue its efforts to protect user assets and provide convenient services,” Dunamu said.Global recognitionMeanwhile, Upbit has secured 9th place in the Kaiko Exchange Ranking for the third quarter of 2023, ranking first among Korean exchanges. Kaiko is a crypto market data company with offices in Paris, London, New York, and Singapore.The ranking evaluates exchanges based on the following criteria: governance (30%), security (20%), liquidity (15%), business (15%), technology (10%), and data quality (10%). Upbit earned a score of 76 points.Coming in first overall on the list was Coinbase with 90 points, directly followed by Bitstamp and Kraken with 86 and 82 points, respectively. Among Korean exchanges, Korbit ranked 15th worldwide with 72 points, followed by Bithumb in 17th with 72 points, then Coinone in 27th with 59 points.

Aevo, the Singaporean crypto derivatives platform, is gearing up to broaden its ecosystem by allowing other protocols to build on its rollup infrastructure. ‘The future is modular’Currently, Aevo exchange is the sole application on its rollup, but according to Julian Koh, co-founder of Ribbon Finance, the platform's parent protocol, the intention is to open it up for other developers. On Tuesday, Koh retweeted a social media post by the company which stated “The future is modular,” adding the comment “build whatever.” Koh told The Block that "the primary angle here is we are currently built on our own rollup — but Aevo exchange is currently the only app on this rollup. Our plan is basically to open this up for other [developers] as well and build an ecosystem around our exchange."Photo by Shubham Dhage on UnsplashTransitioning to CelestiaAevo, specializing in options and derivatives trading, operates on its own Layer 2 network, built using the OP Stack and running atop the Ethereum blockchain. In a cost-saving initiative, the platform plans to transition to Celestia for storing transaction data in the near term. Celestia launched on mainnet last October with the aim of enhancing blockchain scalability. It’s a modular data availability network which securely scales relative to the number of network users. This expansion is part of a broader roadmap set to be unveiled in the coming weeks, as Aevo looks towards achieving aggressive growth. According to DeFi data aggregator DeFiLlama, Aevo has already been hitting ever higher numbers in recent months. Only two months ago, the protocol had $10 million total value locked (TVL). At the time of writing that metric has increased to $50 million. Last month, the platform achieved a new record-high weekly trading volume level in excess of $500 million. Julian Koh attributes this growth in part to Aevo's yield-bearing balances. Users deposit their crypto, which is then sent to MakerDAO to generate yield. In return, users receive a derivative token to trade on the Aevo platform, providing a mechanism for traders to earn yield while actively engaging in trading. 2023 rebrandRibbon Finance, which initially launched Aevo separately, merged the projects under the Aevo branding in July 2023. As part of the rebrand, an Aevo token will be introduced, with a 1:1 exchange rate for RBN token holders during migration. Post-rebrand, Aevo plans to roll out an incentive program aimed at boosting the platform's metrics.  Looking ahead, Aevo plans to delve deeper into yield offerings, drawing inspiration from Ribbon Finance. The platform aims to launch yield strategies in Q1 of this year, allowing users to lock up their crypto in various setups designed to generate returns, with the tokens being unavailable for trading during this period. One notable strategy that has contributed to Aevo's appeal is the pre-launch trading of upcoming tokens. The platform supports trading for tokens expected to launch soon, often through airdrops, providing an opportunity for traders to hedge against airdrops or lock in specific prices before the official launch. The project team membership draws on past experience at Coinbase, Kraken and Goldman Sachs, with academic backgrounds attained from Stanford, MIT and Cornell University. 

Taiwanese authorities have unveiled plans to criminalize cryptocurrency firms failing to comply with anti-money laundering (AML) regulations. The Ministry of Justice has proposed amendments to existing laws, mandating both domestic and overseas crypto entities operating in Taiwan to register for AML compliance. Non-compliance could result in imprisonment for up to two years, according to Deputy Minister of Justice Huang Mou-hsin.Photo by Jack Brind on UnsplashStricter enforcement measuresCurrently, authorities can only impose administrative penalties on non-compliant crypto firms. However, with the proposed amendments, such violations would be deemed criminal offenses, potentially leading to prison sentences. Overseas crypto platforms would be required to establish local entities and apply for AML registration to avoid criminal penalties. Regulatory landscape and industry responseSince July 2021, Taiwan has mandated cryptocurrency service providers to adhere to AML laws introduced by the Financial Supervisory Commission. However, the crypto industry largely remains unregulated. Proposed amendments also aim to incorporate cryptocurrencies into existing AML laws, stipulating penalties of six months to five years in prison and fines of up to NT$50 million ($1.5 million) for money laundering using cryptocurrency. The amendments are set to undergo review by Taiwan's national parliament, the Legislative Yuan. Concurrently, Taiwan's crypto sector is in the process of forming an industry association, with the Ministry of the Interior approving the application in March. By establishing this association, crypto firms aim to develop self-supervisory rules aligned with FSC guidelines, with a deadline set for the end of June to finalize preparations and officially establish the association.