SKYPLAY Secures $10M from LDA Capital to Promote Growth of P2E Gaming

Zipmex proposes creditor repayments of 3 cents on the dollarBeleaguered Singaporean crypto exchange Zipmex has unveiled a restructuring proposal aimed at repaying creditors. According to a report published by Bloomberg on Wednesday, the initial offer stands at 3.35 cents for every dollar of the creditors’ claims.Photo by Alexander Grey on UnsplashRestructuring challengesThis restructuring proposal unfolds against the backdrop of a challenging period for Zipmex, triggered by the aftermath of last year’s crypto price downturn. The crypto exchange, which operates in Thailand, Indonesia, Australia and Singapore, is currently undergoing a court-supervised restructuring process based in Singapore.In its efforts to restructure the business, Zipmex is grappling with a debt of $97.1 million. That total debt level is contingent upon the eventual recovery of assets. Bloomberg cited sources familiar with the matter, suggesting that depending on the success of these recovery efforts, the repayment figure could potentially surge to 29.35 cents per dollar.Creditor dissatisfactionHowever, not all major creditors are on board with Zipmex’s proposed plan. Expressing reservations, they are pushing for an independent review to scrutinize recent changes in the company’s assets and liabilities, as outlined in an Oct. 4 court document. This external examination is deemed crucial to ensuring transparency and fairness throughout the restructuring process.In response to these developments, Marcus Lim, the Group Chief Executive Officer of Zipmex, refrained from providing detailed comments due to the confidentiality of the ongoing arrangement. While acknowledging inaccuracies in information sourced from external outlets, he chose not to elaborate on them further.Investor deal failureA previous attempt to sell Zipmex to V Ventures, a subsidiary of Thoresen Thai Agencies, fell through. To add to the struggling company’s woes, it emerged earlier this week that Thailand’s securities regulator, the Securities and Exchange Commission (SEC) recently instructed Zipmex to halt operations in the country due to insufficient net capital.The company had been fined 11 million baht ($315,000) by the SEC earlier this year. The SEC cited the co-mingling of corporate and customer funds as one regulatory breach. Furthermore, the Thai regulator claimed that between May and July 2022, Zipmex “did not have in place a system to effectively prevent conflicts of interest in such matters and the business operation does not have an adequate risk control system.”In response to this recent regulatory directive, Zipmex Limited issued a statement to its customers, expressing its commitment to ensuring proper and compliant business operations in line with the criteria set by the Thai SEC. Consequently, the temporary suspension of digital asset trading and deposit of all types was deemed necessary.The intricacies of Zipmex’s financial restructuring will be closely watched by market observers, especially considering the volatility in the crypto market and the regulatory challenges faced by the company in multiple jurisdictions. The success of the proposed repayment plan, contingent upon asset recovery, remains uncertain, leaving creditors and industry stakeholders on edge.As Zipmex grapples with these multifaceted challenges, its future trajectory hinges on navigating both the demands of the bankruptcy process alongside regulatory requirements.

Taiwanese cryptocurrency exchange under investigation for money launderingBitgin, a cryptocurrency exchange in Taiwan, is currently under police investigation for alleged money laundering, with its Chief Operating Officer, Yuting Zhang, arrested in connection to the infamous “88 Guild Hall” money laundering incident. The exchange is cooperating fully with the investigation and has assured users that its operations remain unaffected.Photo by Adam Jang on Unsplash‘88 Guild Hall’ scandalThe “88 Guild Hall” scandal, which unfolded from late 2021 to March 2022, implicated Zhang in a massive money laundering network. The controversy exposed a multi-billion dollar operation orchestrated by local businessmen Zhemin Guo and Chengwen Tu, utilizing a network of foreign exchange offices and crypto exchanges.Yuling Tsai, General Counsel of the Taiwan VASP Association, addressed the situation, stating: “This time, a member of the preparatory group was involved in the investigation case. The preparatory group immediately held a meeting and issued a public response. The members involved in the case also took the initiative to suspend participation in the work of the preparatory group.”Business as usualIn an official statement, Bitgin confirmed Zhang’s association with the scandal and clarified that the ongoing investigation has not disrupted its operations. The exchange emphasized its commitment to cooperating with authorities, providing all necessary assistance to facilitate a smooth investigation process.The statement reads: “At present, Bitgin is fully cooperating with the investigating unit and actively providing all necessary assistance to ensure the smooth conduct of the investigation and hopes that the facts can be clarified as soon as possible.”Bitgin also confirmed that in light of the charges, the COO has ceased all communications with counterparties.Focus on regulationTaiwan’s Financial Supervisory Commission (FSC) outlined earlier this year its intention to restrict the activity of non-compliant offshore crypto exchanges. While cryptocurrency exchanges are not officially regulated yet, local operators have taken cues from the FSC to move towards self-regulation. A preparatory group was formed in September with Bitgin participating as a founding member.While Taiwan still doesn’t have a regulatory framework in place, it has applied anti-money laundering (AML) regulation to crypto businesses. In August, leading crypto exchange Binance initiated steps to register for AML compliance in Taiwan.Earlier this year, Taiwanese officials suggested that they would foster self-regulation while proposing the classification of crypto regulations within their own unique business category. Efforts were furthered last month when legislators introduced a cryptocurrency bill for its inaugural reading.JPEX falloutBeyond Bitgin, Taiwan is grappling with the fallout from wayward crypto exchange JPEX, which is accused of orchestrating Hong Kong’s largest financial scam. The authorities raided the local office of JPEX and identified suspects involved in the alleged fraud. To compound matters, local police also uncovered a $320 million crypto money laundering operation earlier this month.The incidents highlight the ongoing challenges faced by regulators in the region as they strive to protect investors from fraudulent activities.As the investigation unfolds, the Taiwanese cryptocurrency industry, along with its self-regulatory initiatives, remains under scrutiny, emphasizing the broader need for regulatory frameworks to safeguard the interests of investors and maintain the integrity of the market.

In the aftermath of a substantial security breach in November that resulted in a confirmed loss of over $48 million, Kyber Network, the multi-chain decentralized exchange (DEX) aggregator, has taken decisive steps to restructure its operations.Photo by kate.sade on UnsplashWorking towards recoveryCEO and co-founder Victor Tran posted a lengthy message on the X social media platform on Christmas Eve to announce a 50% reduction in the firm’s workforce. The move marks a pivotal moment in the company’s efforts to recover and rebuild. As part of its strategy to ensure sustainability, Kyber temporarily suspended its liquidity protocol initiatives and KyberAI. Despite these challenging measures, the core aggregator and limit order functions remain fully operational. Tran emphasized the company’s commitment to persist and evolve, highlighting its determination to navigate through recent adversities. Despite these challenging measures, the core aggregator and limit order functions remain fully operational. Tran emphasized the company’s commitment to persist and evolve, highlighting its determination to navigate through recent adversities. Zap API additionIn an effort to enhance its services, Kyber Network disclosed plans to introduce the Zap API. This new offering aims to provide decentralized applications, crypto wallets and other DeFi projects with a seamless means to connect their users to liquidity protocols. Tran also revealed that in an effort to support its workforce during the transition, the firm has established a “voluntary database” to assist departing employees in finding new career opportunities. This initiative seeks to connect these individuals with peer projects in the industry. Exploit fall-outKyber Network took to social media on Nov. 22 to advise its KyberSwap Elastic user base of a security incident. With that notification, it advised users to withdraw their funds immediately. Over the next few days, it became clear that $48 million had been exploited on the platform by a hacker. In the immediate aftermath of the incident, the hacker posted a message on the blockchain, stating: “Negotiations will start in a few hours when I am fully rested.” He/she progressed to issuing unusual demands, including gaining complete operational control of the company and temporary ownership of the KyberDAO governance mechanism. The nature of these demands sets this particular exploit apart from others. The Kyber team, however, chose to reject these demands. It chose to respond with a blockchain message of its own, outlining that it was cooperating with law enforcement in an effort to track the hacker. The company, which operates from offices in Hanoi, Ho Chi Minh City and Singapore, also offered the hacker a carrot of a 10% bounty if the hacker agreed to return 90% of users’ funds. Instead, the firm pledged to compensate affected users through the KyberSwap Elastic Exploit Treasury Grant Program. On Dec. 20, the firm provided further details on that grant program, outlining how affected users would be refunded. Furthermore, Kyber Network is actively collaborating with authorities to identify the hacker and recover the stolen funds.Earlier this month, blockchain security firm CertiK issued an alert on social media, outlining that the hacker had moved BNB tokens to the value of $338,000 into decentralized crypto tumbler Tornado Cash.