Nexon Korea Intensifies its Blockchain Focus with Nexon Universe

Taiwan police uncover $320M crypto money laundering operationTaiwan police have recently exposed the largest cryptocurrency money laundering case in the nation’s history, involving 320 million USDT (approximately 10.5 billion New Taiwan dollars).Photo by DrawKit Illustrations on UnsplashCross-border laundering operationIt emerged on Tuesday that the Electronic Investigation Team of the Criminal Bureau initiated their probe after uncovering a fraudulent scheme related to a counterfeit Taishin Securities mobile software last year. This led them to a merchant with the surname Qiu, the alleged mastermind behind this operation who was suspected of laundering substantial sums through virtual currency.Qiu is believed to have maintained connections with overseas gambling and fraud groups, engaging in cross-border communication with illicit organizations in countries including Hong Kong, Malaysia and the Philippines.Their investigation revealed that Qiu had been conducting transactions involving 320 million Tether US dollar stablecoins since February of the previous year. In June, law enforcement apprehended Qiu during one of his visits to Taiwan, along with four alleged accomplices.High value goodsDuring the operation, authorities seized high-value assets from Qiu, including a Lamborghini Urus, a Lexus LM and three Audemars Piguet watches, with a combined market value exceeding TWD 13 million. The lavish lifestyle maintained by Qiu, evident from his luxury cars and high-end watches, serves as a stark reminder of the extensive underground economy driven by money laundering.Evidence from the operation suggested Qiu’s involvement in handling illicitly obtained Tether coins worth approximately TWD 70 million. Further investigations uncovered that Qiu regularly sold virtual currency and converted it into cash to effectively obscure the money’s origins, accomplishing the goal of laundering.In piecing the activities of the group together, police determined that victims were instructed to transfer their funds to fictitious accounts. In that way, the money found its way to crypto exchanges and individual crypto traders under the direction and control of the group.Qiu would also retain a 1% profit margin from the laundered amount. Several other individuals were implicated in this extensive operation, including a foreign affairs officer named Liao and two other individuals named Chen and Huang. Each of these individuals is presently under investigation, with varying levels of bail and restrictions imposed.The intricate web of transactions and the substantial amount laundered by Qiu have surpassed previous records held by the Electronic Investigation Team. As investigations continue, law enforcement is determined to uncover the full extent of this operation and trace the entirety of the money flow.Taiwan’s legislators are currently working on producing a regulatory framework for crypto in the country. The only regulatory aspect that is covered right now is oversight relative to anti-money laundering (AML) and know-your-customer (KYC) regulation. In 2018 Yang Chin-long, Taiwan’s central bank Governor, called for a need to regulate crypto on the basis of existing AML rules, with the authorities subsequently following through on that measure.In July 2022, the country’s Financial Supervisory Commission (FSC) penned a letter to the banking sector, banning the purchase of digital assets via credit cards.

Korea’s Content Industry: Thriving Amidst Global Tech Advancements and Ambitious Plans“The global competition driven by the Internet and network platforms, artificial intelligence (AI), the metaverse, blockchain technology, and other unprecedented advancements in content technology is ushering in a new era,” Director Jo Hyun-rae of the Korea Creative Content Agency (KOCCA) said in his speech during the 10th annual South Korea Cultural Contents Forum at the Josun Palace Hotel in Seoul on Wednesday, where authorities from various agencies gathered to discuss the prospects, challenges, and hopes for the nation’s content industry.Photo by Ethan Brooke on UnsplashImportance of creative foundations and collaborative effortsJo emphasized his belief that the industry should be built on a foundation of creative talent, rich infrastructure, and financial resources, saying that the agency is actively pushing projects to provide production and financial support in the face of limited resources.“I believe that the creativity and spirit of ambition in our content industry, along with the support and efforts of our people, government, and media, including the Financial News, are shaping the status of K-content today,” he said.Growth and government initiativesAccording to the Ministry of Culture, Sports, and Tourism (MCST), the Korean content industry has seen remarkable growth over the past decade. Last year, the size of the industry exceeded KRW 148 trillion (approximately $111 billion), a growth of about 70% compared to ten years ago.Last year’s content-related exports also amounted to $13.3 billion, far surpassing the $10 billion scale of secondary battery exports and $8.1 billion in home appliance exports. “The Ministry recognizes the economic importance and potential of the content industry and is actively promoting comprehensive support measures to utilize it as an instrument of our national strategy, just like the semiconductor industry,” said Park Sung-won, Vice Minister of the MCST. He also mentioned plans to boost governmental support to encourage active investment in the industry and stimulate the creation of globally competitive works.“Even amid an overall economic downturn, the growth of K-content exports continues, which plays a significant role in our economy,” said Byun Dong-shik, President of local news outlet Financial News. “In light of this forum, I hope that the Korean cultural content industry, and our nation’s economy as a whole, can take another quantum leap forward.”

Korea’s Changwon City Boosts Local Art Scene with NFTsOn Monday, South Korea’s Changwon City announced its plan to support local artists by promoting their work through non-fungible tokens (NFTs). This initiative aims to help artists adapt to the rapidly changing fine art industry, driven by state-of-the-art technology, and stay current with the latest trends.NFT ART in ChangwonThis project “NFT ART in Changwon” came to life after the city partnered with MetaGalaxia, a Korean NFT marketplace, earlier this year.Jung Hyun-sub, head of the city’s culture, tourism, and sports division, has encouraged local citizens to participate in the project and emphasized the city’s commitment to fostering the NFT industry, starting with a focus on local artworks.15 artistsThe application process for the project will run from May 1 to May 30, and 15 artists will be selected. Eligible applicants must be Changwon residents who have either majored or are currently majoring in fine arts or have publicly exhibited their artwork.Artists can submit various forms of artwork that can be turned into NFTs, including paintings, photographs, and videos. Those selected will benefit from registration as NFT artists on MetaGalaxia, digitization of their original artworks into NFTs, and promotion of their artworks and profiles across various social media platforms.© Pexels/Dom J