Hana Bank Enables Korean Art Collectors to Prove Ownership with NFTs

Bitzlato co-founder to pleads guilty in US to illicit funds processingAnatoly Legkodymov, the co-founder and majority owner of Hong Kong-registered virtual currency exchange Bitzlato, entered a guilty plea in a U.S. court on Wednesday in relation to illicit funds transfer activity.Photo by Max Sandelin on UnsplashNew York court appearanceAccording to a Department of Justice press release, Legkodymov, a Russian national, appeared before U.S. District Judge Eric Vitaliano for a “criminal cause for pleading,” signaling a guilty plea.Legkodymov, 41, was arrested in Miami on Jan. 17 and has been held at the Metropolitan Detention Center (MDC) in Brooklyn since then. U.S. authorities accused him of processing approximately $700 million in illicit funds through Bitzlato, a platform headquartered in Hong Kong.The charges related to operating the platform as an unlicensed money exchange business. Allegedly, he engaged in significant cryptocurrency swaps with Hydra Market, described as a marketplace involved in drugs, stolen financial information and money laundering services.United States Attorney for the Eastern District of New York, Breon Peace stated:“Legkodymov’s guilty plea today confirms that he was well aware that Bitzlato, his cryptocurrency exchange, was being used like an open turnstile by criminals eager to take advantage of his lax controls over illicit money transactions.”The Department of Justice maintained that Bitzlato becoming “a haven for criminal proceeds and funds intended for use in criminal activity” was as a result of its “deficient know-your-customer (KYC) procedures.”Website taken downBitzlato’s website has been replaced by a notice stating that the service was seized by French authorities as part of an international law enforcement action coordinated with U.S. and German law enforcement shutting down Hydra Market in April 2022.This guilty plea is the latest development in U.S. law enforcement’s broader efforts to crack down on fraud and illicit financial activities within the cryptocurrency markets. In recent cases, FTX founder Sam Bankman-Fried was convicted for stealing billions from customers, while Binance agreed to a $4.3 billion settlement, with CEO Changpeng Zhao (CZ) pleading guilty to violating U.S. anti-money laundering laws. Binance was identified as one of Bitzlato’s top counterparties by U.S. authorities.Russia calls for Legkodymov’s releaseDespite calls from Russia’s embassy in Washington for Legkodymov’s release and an embassy visit to him in jail, the U.S. State Department confirmed that Russia rejected a proposal for the release of two Americans, including Wall Street Journal reporter Evan Gershkovich. This follows Russia’s denial of a U.S. embassy request to visit Gershkovich. The diplomatic exchanges underscore the international dimension of the case and the geopolitical tensions surrounding the detention of individuals in both countries.As U.S. law enforcement continues its efforts to combat cryptocurrency-related crimes, the anticipated guilty plea of Bitzlato’s co-founder highlights the regulatory scrutiny and consequences faced by those involved in illicit financial activities within the crypto industry.

AIITONE Partners with UAE’s Royal Office to Boost Fintech Industry in AsiaAIITONE, an immersive tech company based in South Korea, has taken a significant step towards expanding its reach to the Middle East, according to Korean news outlet Newsis. The company recently signed a memorandum of understanding (MOU) with the Royal Private Office of H.H Sheikh Ahmed Bin Faisal Al Qassimi in the United Arab Emirates (UAE). The partnership between the two entities aims to bolster the fintech industry in South Korea, China, and Japan.Photo by Editz central Editors on PexelsUAE and East AsiaThe Royal Office, known for its diverse business ventures in the fields of real estate, global trading, consulting, and others, provides valuable guidance and strategies to enterprises in the UAE and the Gulf Cooperation Council. Lately, the Royal Office has been looking to expand its operations into East Asia, making this collaboration with AIITONE a strategic move.Security token and CBDCAs part of their joint efforts, the Royal Office plans to invest in promising Korean startups and facilitate the establishment of UAE banks’ Korean branches. Furthermore, the Royal Office intends to support Korean businesses in entering the Middle East market. Emphasizing their commitment to cutting-edge financial technologies, both parties will also work together on security token projects and central bank digital currencies (CBDCs), areas where Dubai is at the forefront of innovation.To facilitate the smooth implementation of these plans, Royal Office officials will visit AIITONE’s headquarters in Busan, Korea, next month. This visit will foster greater understanding and cooperation between the two organizations.An AIITONE representative expressed enthusiasm about the partnership, recognizing it as an opportunity to witness the Middle East’s growing interest in blockchain-based financial technology. Leveraging its expertise in Web3 technologies, such as extended reality (XR), artificial intelligence (AI), and blockchain, AIITONE strives to contribute to the development of both countries in the realms of digital economy and technology.

WOO Network Repurchases Shares in 3AC SettlementWOO Network, a Taiwan-based liquidity provider, has reached a settlement with Teneo, the liquidator of bankrupt Singapore hedge fund Three Arrows Capital (3AC).The settlement involves the repurchase of shares and tokens acquired by 3AC during WOO’s Series A fundraising round in November 2021. This resolution brings finality to 3AC's contentious involvement with the Taiwanese firm.Photo by Joss Woodhead on UnsplashClosing out 3AC involvementOn Wednesday WOO announced the share and token repurchase via a blog post published to its website, signaling the resolution of its dealings with Three Arrows Capital and, consequently, bringing an end to the uncertainties that had enveloped their partnership.In addition to this, a total of 20 million WOO tokens, valued at over $3 million, were repurchased and sent to a burn address to ensure they couldn’t be accessed by anyone. 3AC had not only acquired equity but also 25 million WOO tokens, with the remaining set to vest over the next 12 months.Jack Tan, Co-Founder of WOO Network, emphasized the significance of resolving the 3AC-related issues. Tan commended the proactive collaboration with liquidators to secure a fair agreement for repurchasing their shares, along with vested and vesting tokens, from 3AC’s estate. Tan also welcomed the opportunity to move on from the 3AC entanglement, stating:“The past 18 months have seen a concentration of bad news hit our industry from large-scale failures to more overzealous regulators. A thorough cleansing of the system has taken place and we are looking forward to rebuilding with our partners and team.”Equally WOO Network community members are happy with the outcome, with one stating on X (formerly Twitter): “This is a huge win for the project and its community.”By repurchasing these shares and tokens, WOO Network has effectively severed its ties with 3AC and its creditors, paving the way for a more focused growth trajectory in the upcoming year. Jack Tan observed that the cryptocurrency industry has faced an influx of adverse developments in recent times, including significant failures and heightened regulatory scrutiny. He emphasized that a comprehensive restructuring of the system has occurred and expressed optimism about the future, looking forward to rebuilding alongside their partners and team.In light of these recent developments, WOO Network is poised to move forward with renewed vigor, leaving behind the tumultuous period of the 3AC fallout. This strategic resolution not only ensures a fair and equitable outcome for shareholders but also heralds a promising future for WOO Network in the ever-evolving world of cryptocurrency.According to data from CoinGecko at the time of publication, the WOO Network token price experienced an increase of 1.45% over the past 24 hours, settling at $0.1709, with its trading volume increasing by 2.8% to $8.79 million. However, over the past 30 days, the crypto token has recorded gains of nearly 10.8%, indicating resilience and a positive outlook as it navigates the evolving landscape of the digital asset market.This development, along with the cryptocurrency’s recent performance, underscores the potential for growth and renewed promise within the WOO Network ecosystem. More clarity has been brought to the future of the business as a consequence of bringing finality to this contentious issue.