Maple Finance Secures $5 Million to Fund Asia Expansion

Conference in Pohang City attracts young metaverse enthusiastsThe Global Youth Metaverse Conference has commenced at the POSCO International Center in the South Korean port city of Pohang. This two-day event, starting from Nov. 21, gathers over 100 participants from both domestic and international spheres, including young individuals and business officials.The event provides a chance for participants to listen to lectures from scholars around the world, network with youths from various countries, and learn about the potential impacts of the metaverse. The presentations focus on business strategies for the burgeoning metaverse industry, illustrating its development through the convergence with diverse technologies and industries, including AI and blockchain.Photo by Richard Horvath on UnsplashYouth’s role in navigating the ‘Big Blur’The conference focuses on the youth’s leading role in navigating what’s called the “big blur.” This term alludes to the increasing blurring of boundaries between various industries, a phenomenon driven by the rapid and innovative technological advancements associated with the Fourth Industrial Revolution. This revolution encompasses transformative elements such as the Internet of Things (IoT), artificial intelligence (AI), and robotics, all of which are accelerating this convergence.During his keynote speech, Professor Kim Sang-gyun from Kyung Hee University paints a picture of the metaverse shaped by superhuman capabilities, emphasizing the transformative potential of technologies like AI, genetic engineering and nanotechnology in reshaping the future of humanity.Further enriching the dialogue, Daniél Ávila Arias, CEO of BoxMagic, explores the future of coding in everyday language. He delves into how advancements in large language models will revolutionize programming and our interaction with machines. Meanwhile, Lim Jung-hun, Principal at Deloitte Anjin, offers valuable advice to young entrepreneurs eyeing metaverse-related startups, highlighting the importance of customer experience in metaverse business implementations.Moses Im from The Sandbox shares insights into the profound changes expected as Web3 infrastructures and platforms gain more traction.Interactive and cultural activitiesThe conference also features a range of content events designed to spark creative discussions among the youth and enhance their understanding of the metaverse. These include a booth for immersive virtual interactions, an exhibition displaying works from the Creative Metaverse Festival, and a digital photo exhibition promoting cultural tourism in the province.Echoing the event’s themes, Kim Nam-il, Deputy Mayor of Pohang, affirmed the city’s dedication to nurturing the metaverse industry, recognizing it as a new frontier in the digital age. He stated that the city is taking proactive steps to explore and develop this sector and assured that they will provide extensive support and cooperation to foster its growth.

HTX and Heco Chain exploited with $115 million lossSeychelles-incorporated cryptocurrency exchange HTX, linked to digital-asset entrepreneur Justin Sun, has fallen victim to a significant hack, only a few months after having suffered another hack in September.Photo by Markus Spiske on UnsplashSecond HTX hack in recent monthsThe last hack, involving a loss of digital assets to the value of $8 million, was resolved when the hacker agreed to return funds in October in return for a goodwill payment of around $400,000.This latest unfortunate incident follows another hack on Poloniex, also associated with Sun, just weeks ago. Sun acknowledged the HTX hack in a tweet, announcing the temporary suspension of deposits and withdrawals without specifying the exact amount pilfered.Separate Heco Chain hackIt is understood that approximately $30 million worth of cryptocurrencies was siphoned from the exchange wallet. The platform is actively investigating the breach, aiming to uncover the specifics surrounding the attack. Simultaneously, the HECO Bridge, which was established by HTX for cost-effective fund transfers across different blockchains, experienced a separate hack.This breach resulted in losses exceeding $85 million, including ETH, US dollar stablecoin Tether (USDT) and various other tokens. Although initially launched by HTX, HECO operates independently from the HTX exchange.Crypto community concernThese security breaches cast a shadow over Sun’s crypto ventures, especially considering the recent hack on Poloniex, which saw losses surpassing $100 million in various cryptocurrencies. A spokesperson for crypto security firm Hacken told Cointelegraph that these hacks could be the work of an insider.“We can see that all these attacks have the same target: Justin Sun’s projects,” the spokesperson stated. These related incidents are the cause of significant speculation within the crypto space, with some concern expressed about the financial health of HTX, given that the firm is currently offering unsustainable interest rates of up to 100% APY on a selection of digital assets.In response to the HTX hack, Justin Sun assured the community in a post on X (formerly Twitter) that HTX would fully compensate for the losses incurred in its hot wallet. The exchange has temporarily halted deposits and withdrawals as the investigation unfolds. Sun emphasized the commitment to resume services once the investigation concludes and the cause of the breach is identified.These incidents raise questions about the security infrastructure of platforms associated with Justin Sun. The crypto community awaits further details on the investigation’s outcomes and preventive measures that will be implemented to fortify these exchanges against future attacks.Such recent security breaches have not just affected Justin Sun-related enterprises. Earlier this month, decentralized exchange (DEX) KyberSwap was exploited to the tune of $46.5 million. Earlier this week, Kronos Research — a Taipei-based crypto trading, market making and venture capital platform — experienced a $25.6 million loss. The past twenty days have seen five major hacks resulting in an aggregate loss of a staggering $290 million.As the crypto industry grapples with increasing security challenges, the importance of robust protective measures cannot be overstated. These developments underscore the need for a cautious and diligent approach in safeguarding digital assets within the rapidly evolving cryptocurrency landscape.

Singapore’s Whampoa Plans Crypto-Friendly Bank in BahrainSingapore-based privately held investment firm Whampoa Group has announced that it plans to open a crypto-friendly digital bank in the Kingdom of Bahrain in the Persian Gulf.Photo by Charles-Adrien Fournier on UnsplashIsland state diversificationThe island state has been looking to diversify from its predominantly oil-based economy into fintech and finance. Whampoa Group CEO Shawn Chan said that the company was “impressed by Bahrain’s solid reputation in the financial services sector, transparent regulatory framework, and ongoing pledge to collaborate and innovate.”Chan added that Whampoa would commit to providing “secure and innovative digital financial solutions in line with global best practices” relative to the proposed digital bank, with an eye towards setting a benchmark for the industry where digitally-native banking is concerned.Persian Gulf crypto hubsThe Persian Gulf is proving to be a crypto-friendly region in recent times. Bahrain is one of a number of Gulf Cooperation Council (GCC) countries vying for digital asset-related business. The country’s financial services sector contributes in excess of 17% to Bahraini gross domestic product (GDP). Bahrain has been one of the first in the region to establish a regulatory framework for digital assets, together with a crypto asset licensing system.Its Persian Gulf neighbor, the United Arab Emirates, including the individual emirates of Dubai and Abu Dhabi, have followed a similar path, establishing a workable set of regulatory rules in relation to digital assets, alongside licensing of crypto businesses.CEO of the Bahrain Economic Development Board, Khalid Humaidan welcomed Whompoa’s decision to establish the business in Bahrain, emphasizing the importance of crypto-friendly digital banking to support further development of crypto business in Bahrain, while bolstering the infrastructure available to existing digital asset businesses operating within the Kingdom.Doors open in 2023The bank is scheduled to open later this year, providing integrated financial services covering traditional banking, together with crypto-specific banking activity. That will include digital asset trading and custody, as well as asset management-based products and services.Whompoa’s plan is to gear the bank towards meeting the needs of institutions, innovators and crypto start-up companies and sophisticated global investors. Crypto-friendly banking has been a perennial problem that has stymied the development of the digital assets sector since its emergence.That problem has gotten worse rather than better more recently, with a mixture of banking failures and a crypto sector crackdown leading to the closure of crypto-friendly banks like Silvergate and Signature in the United States in recent months.In East Asia, Hong Kong, while shaping up to compete on the global stage as a crypto-hub, has seen crypto businesses experience difficulty in terms of securing banking within the Chinese autonomous territory. Efforts are being made to alleviate that issue. Furthermore, Hong Kong’s largest virtual bank, ZA Bank, has set out to become the go-to bank for crypto start-up banking in the city.Experiences elsewhere exemplify how crucial banking infrastructure is to the embryonic digital assets sector. It underscores the important role that Whompoa could play in boosting crypto sector business in the island state of Bahrain as digital asset innovation continues to be rolled out.