Gaming Industry Pioneers to Gather at Korea Blockchain Week 2023

It's been nearly ten years since the infamous collapse of the Japanese bitcoin exchange Mt. Gox, with some creditors of the defunct business now claiming to have finally received their long-awaited repayments.Photo by Su San Lee on UnsplashSubreddit payment confirmationsTestimonies shared on the Mt.Gox creditor subreddit and a dedicated Telegram channel reveal that certain payments, in the form of Japanese yen, have been distributed to creditors who opted for PayPal as their preferred mode of receipt. Excitement marked the early stages of this repayment process. Users on Reddit joyfully shared their experiences, with one exclaiming:"I got money!! I just got my initial payment via Paypal!!"This development comes after Mt.Gox rehabilitation trustee, Nobuaki Kobayashi, had previously extended the repayment deadline from Oct. 31, 2023, to Oct. 31, 2024. However, last month, Kobayashi informed creditors that certain cash repayments would be initiated before the year's end. Despite efforts to expedite the process, the sheer volume of creditors and the complexities involved mean that repayments will continue into 2024. The collapse of Mt.Gox in early 2014 triggered global regulatory responses and initiated a nearly decade-long bankruptcy and corporate rehabilitation process. The exchange fell victim to a series of hacks between 2011 and 2014, leaving a lasting impact on the cryptocurrency landscape. The commencement of repayments has been hanging over the crypto market for many years, with many fearing that the process may have a dampening effect on the bitcoin unit price, given that funds are being distributed in Japanese yen and bitcoin. Earlier this year, the U.S. government indicted two Russian nationals for laundering funds stolen from Mt.Gox, shedding light on the enduring legal ramifications stemming from the exchange's demise. Double payment glitchHowever, it appears the process encountered some glitches, as other Reddit posts indicated that a few creditors received double payments via PayPal, adding a new layer of complexity to the already intricate Mt. Gox saga. Reddit users, such as u/rlycreativename, have shared emails they claim to have received from the Mt.Gox Rehabilitation Trustee. The emails acknowledge a system issue leading to inadvertent double transfers and legally obligate recipients to return the surplus amount. While some users have complied with the request and returned the duplicated funds, others have expressed hesitancy, citing the historical challenges creditors faced in obtaining their money. The situation has evoked discussions on Reddit, with users debating whether the Trust deserves a swift return, considering the prolonged struggle creditors endured to reclaim their funds. While it may be tempting for some creditors to hold on to the duplicate payment, such a decision may only serve to heap more misery on long-suffering Mt.Gox creditors. The recent case of Jatinder Singh and Thevamanogari Manivel would be very relevant for creditors to consider. Singh was a customer of well-known digital assets platform Crypto.com. In 2021 the firm inadvertently transferred $10 million to his account. Singh conspired with Manivel to withdraw and keep the funds. A community corrections order of 18 months has been imposed on Manivel in Australia while Singh will be sentenced in February.  

GDAC joins hands with Zodia Markets to cultivate global digital asset networkGDAC, a cryptocurrency exchange run by Korean blockchain-based fintech company Peertec, has signed a business deal with Zodia Markets, a European digital asset marketplace under the UK’s Standard Chartered Group. As key institution-first digital asset platforms in their respective regional markets, the two enterprises plan to work together to build a global digital asset and stablecoin network to drive innovation, with a focus on preventing money laundering and reducing financial costs.Photo by m. on UnsplashAbout Zodia Markets and GDACThe Standard Chartered Group established Zodia Markets in 2021 following approval from the UK’s Financial Conduct Authority (FCA). The group’s latest partnership with GDAC represents a step further into the Korean market, in which it is already a major player through its local branch, the Korea Standard Chartered Bank.GDAC has been making strides in cybersecurity by forging partnerships. The exchange teamed up with Genians, a cybersecurity firm listed on the KOSDAQ stock exchange, and attracted investments from it to accelerate the establishment of a global security network. In October, GDAC entered into a collaborative agreement with crypto wallet provider Bitgo, aiming to enhance the security of the exchange’s wallet services.The exchange serves not only profit-oriented corporations but also non-profit organizations, such as the Community Chest of Korea. It also runs the GDAC Fund Service, a digital asset management solution for corporate clients that it jointly founded with Woori Financial Group.Dedication to different client demographics“Through our partnership with Zodia Markets, a subsidiary of the UK’s Standard Chartered Bank, we look forward to providing even higher-value digital financial services to our corporate clients,” said Lee You-ree, CCO of GDAC. “We also plan to continuously launch helpful, high-liquidity digital financial services for individual customers as well through our work with a European digital financial platform.”

Superscrypt Backs Airstack’s Web3 Developer PlatformSingapore-based Superscrypt, an early stage blockchain investment company founded by state-owned global investment conglomerate Temasek, has led an investment round into Web3 developer platform, Airstack.Photo by Giorgio Trovato on UnsplashIndian influenceAirstack closed out the second tranche of its pre-seed funding round, having raised the largest portion of the $7 million raise via Superscrypt. Although based in Miami Beach, Florida, Airstack has a strong Indian influence. Three of its five founders, Deepesh Kumar, Vysakh Nair and Sarvesh Jain originate from the world’s most populous country.The firm’s main offering is to enable developers to be able to easily query on and off-chain data and integrate that same data into the Web3 apps that they are building. Airstack enables this functionality by featuring GraphQL, a query language for APIs and a runtime for fulfilling those queries with the user’s existing data, as a core component of its platform.Achieving greater functionality still, the start-up enhances that use of GraphQL by incorporating the use of artificial intelligence (AI). The company’s Miami Beach-based CEO and Co-Founder, Jason Goldberg, elaborated on the technology it is using in an interview with CoinDesk: “We did extensive interviews with developers over the past year, gaining insights into their previous tool usage and the challenges they faced. Airstack was built to directly address those pain points.”Recent platform launchThe product offering was launched last month and has already lured in over two hundred developers to use the platform. Those developers are harnessing the functionality of Airstack’s platform to assist them in their efforts to bring a broad range of dApps to market.Developer projects are grounded in areas such as marketing engines, decentralized finance (DeFi) portfolio optimizers, customer resource management tools, advertising platforms, and decentralized social media apps, together with messaging applications.With just a straightforward query and response approach, developers can use Airstack platform functionality to query, combine, and integrate on-chain or off-chain, cross-chain, and cross-application data. The offering applies to queries relative to the Ethereum and Polygon blockchain networks. The project intends to support additional blockchain networks going forward, while also intending to increase the level of query complexity made available to platform users.Joining Superscrypt on the Airstack cap table are Hashed Emergent, NGC, Primal Capital, UOB Ventures, Signum Capital, and others. Goldberg articulated the firm’s strategy going forward: “Our immediate focus is to onboard thousands of developers onto Airstack in the coming months. We aim to identify the areas where we add the most value and where genuine business use cases emerge before finalizing our pricing model.”Social app upgradeAt the same time as this funding announcement, Airstack also revealed a separate development related to its Jam social app. Taking to Twitter on Tuesday, Goldberg provided details on an update to the app which utilizes Airstack functionality in order to create social groups based on NFT ownership and collector status. That functionality can be extended further, so that data can be gathered across projects, creating bespoke user profiles relative to the user’s blockchain activity and presence.At the same time as this funding announcement, Airstack also revealed a separate development related to its Jam social app. Taking to Twitter on Tuesday, Goldberg provided details on an update to the app which utilizes Airstack functionality in order to create social groups based on NFT ownership and collector status. That functionality can be extended further, so that data can be gathered across projects, creating bespoke user profiles relative to the user’s blockchain activity and presence.