Fraud Defense Sees Terraform Labs Pursue Access to FTX Wallets

As the 2024 F1 season gears up for its launch on March 2, leading NFT marketplace and crypto exchange OKX is set to take center stage by showcasing its logo on McLaren F1 cars.Photo by Jesper Giortz-Behrens on UnsplashThe move, outlined in a recent press release, will see the OKX brand on the side of McLaren’s cars in 20 high profile races. Going beyond a mere branding endeavor, the sponsorship initiative has been put together in an effort to energize the blockchain-centric world of F1, enhancing track-side aesthetics and elevating the visibility of the Web3 company. ‘Stealth Mode’The collaboration will see OKX's branding appear on various elements of McLaren cars, from side pods and rear wings to mirrors, drivers' helmets and team apparel. OKX's logo will be prominently featured during 20 out of the 24 races in the upcoming F1 season. The primary 2024 livery of the vehicle draws inspiration from the OKX-McLaren "Stealth Mode" design showcased during the Singapore and Japan Grand Prix races in 2023. According to Haider Rafique, the Chief Marketing Officer at OKX, the decision to expand the sponsorship deal with McLaren aligns with the increased brand awareness achieved through their partnership. Building upon existing sponsorship dealThe collaboration between McLaren and OKX isn't new. OKX's initial partnership with McLaren commenced in May 2022 as a primary partner to its F1 team and laid the foundation for this continued collaboration. The crypto platform’s livery featured on McLaren MCL60 F1 cars at the Singapore and Japan Grand Prix races in 2023.  Surveys conducted post-event revealed that 80% of attendees expressed interest in learning more about the exchange, indicating a curiosity within McLaren's fan base about Web3 and digital finance. This resonance with the audience aligns with OKX's mission to make the crypto economy accessible to everyone and educate the public about the benefits and opportunities within this space. Looking ahead, Rafique expresses OKX's intent to pursue a long-term partnership with McLaren, emphasizing the value derived from longevity and growth over time. He envisions the McLaren-OKX partnership as potentially spanning decades, fostering generational associations akin to his own fondness for Ayrton Senna and McLaren from his youth. Broader crypto sector marketingThe broader trend of the cryptocurrency sector's increased involvement in F1 is evident, with partnerships like Crypto.com creating NFTs for every lap and Kraken's marketing collaboration with the Williams Formula One racing team. Earlier this month, crypto gambling platform Stake signed a sponsorship deal with the Sauber F1 team. Crypto.com has been a prominent sponsor of Formula 1 since 2021, showcasing its logo at Grand Prix circuits globally and sponsoring the Aston Martin Aramco Cognizant F1 team. The other high profile sports sponsorship forum for crypto businesses appears to be the English Premier League (EPL). In this arena too, OKX has been active, having an ongoing deal in place with Manchester City which it strengthened last year. Singapore-based crypto trading platform BingX recently followed suit, securing a sponsorship deal with Chelsea Football Club.  

MARBLEX Partners with Aptos to Expand Its Multichain EndeavorsMARBLEX, a blockchain subsidiary of South Korean gaming developer Netmarble, has made an announcement today about its new collaboration with Aptos Foundation, a layer-1 blockchain company.Designed with key principles such as scalability, safety, and upgradeability, the Aptos blockchain aims to address prevalent issues within the blockchain sphere, including frequent outages, high costs, throughput limitations, and security concerns.Photo by Shubham Dhage on UnsplashMARBLEX WARP BridgeThrough the strategic partnership between the two companies, MARBLEX plans to leverage the MARBLEX WARP Bridge, a technology connecting diverse blockchain ecosystems, to introduce the MBX ecosystem’s games, non-fungible tokens (NFTs), and other services to Aptos users.MARBLEX’s multichain collaborationsThis partnership is part of MARBLEX’s effort to expand its multichain endeavors. MARBLEX has already established collaborations with renowned entities such as global cryptocurrency exchange Binance and blockchain project NEAR Foundation.Moon Jun-ki, Business Division Director of MARBLEX, said that this partnership will create synergy, particularly in terms of enhancing scalability and fostering interactions among users of both networks.Bashar Lazaar, Ecosystem and Grants Lead at Aptos Foundation, noted that this collaboration will drive innovation in Web3-based gaming experiences, benefiting global users.

Speaking at the World Economic Forum in Davos, Hong Kong Financial Secretary Paul Chan Mo-po said digital assets should support the real economy, but only within a framework of strong safeguards to protect financial stability, market integrity, and investors.Photo by Ruslan Bardash on UnsplashAccording to the South China Morning Post, Chan addressed a closed-door workshop on Jan. 20, where he highlighted the advantages of digital assets, including greater transparency, improved risk management, and more efficient capital movement. Reviewing milestones in the city’s crypto sector, Chan said that since 2023, Hong Kong has issued three tranches of tokenized green bonds worth a combined $2.1 billion. He also pointed to a Hong Kong Monetary Authority pilot launched last November that enables real-value transactions using tokenized deposits and digital assets. Chan added that the city’s stablecoin licensing regime is progressing, with the first licenses expected in the first quarter. Same risks, same regulationsWhile emphasizing the necessity of financial innovation, Chan highlighted Hong Kong’s regulatory philosophy, which dictates that identical activities posing identical risks must be subject to identical regulations. He explained that this approach is designed to promote healthy, responsible, and sustainable sector development, reiterating that protective measures against financial instability remain mandatory. As Hong Kong officials continue to promote the city’s digital asset push on the international stage, a local industry body has cautioned that proposed licensing frameworks for crypto trading, advisory, and management services may have unintended consequences if rolled out without transitional measures. Industry group calls for grace periodAccording to Cointelegraph, the Hong Kong Securities & Futures Professionals Association (HKSFPA) said in a submission to regulators that existing market participants could be compelled to halt operations under the new rules unless a grace period is provided. The association called for a transitional deeming arrangement of six to 12 months for firms that file licence applications before the regulations formally take effect. No definitive start date has been set for the planned virtual asset regulatory regimes, which remain under consultation. Two days before issuing those comments, the HKSFPA had cautioned that the planned introduction of the Organisation for Economic Co-operation and Development’s (OECD) Crypto Asset Reporting Framework (CARF) and related Common Reporting Standard (CRS) amendments could create new operational and legal risks for local firms. The group said it supported the policy direction in principle but warned that uncapped per-account penalties and open-ended director liability could raise compliance risks, urging regulators to introduce clear caps and legal safeguards. The association also called for lighter requirements for entities with no reportable activity, the development of data file preparation tools from both the industry and the Inland Revenue Department (IRD), and the ability to transfer record-keeping responsibilities to third parties upon dissolution. Elsewhere in the region, Japan implemented the CARF on Jan. 1, 2026. Users of Japanese exchanges must now declare tax residence, while operators are required to submit transaction data—including trading volumes and asset breakdowns—to tax authorities by April 30 of the following year. Data regarding non-resident users is expected to be shared with foreign authorities under international agreements. Other jurisdictions are following suit, with India planning to adopt the framework by 2027.