Hong Kong Embraces Web3 Development with Dedicated Task Force

Fake Security Tokens Linked to HD Hyundai Oilbank in CirculationHD Hyundai Oilbank, one of South Korea’s leading refiners, said Wednesday that a counterfeit security token dubbed “HOBT” claiming affiliation to the company has been circulating online. The token is allegedly based on old stock certificates under the company’s former name, Hyundai Oil Refinery, as the underlying assets, though the company had changed its name to HD Hyundai Oilbank back in 2002. Both the token and the underlying asset are invalid and have no relation at all to HD Hyundai Oilbank, the company emphasized, so investors must exercise caution.Fraudulent promotionEntities that are giving away or selling HBOT tokens are attracting investors by promoting a one-on-one exchange of the tokens for old Hyundai Oil Refinery stock certificates. They are also promising to grant shareholder rights through blockchain technology as well as interest payments of 4% every month for a total of 24% over six months.Fraudulent activities like these have recently been on the rise following the legalization of security tokens and the formal issuance of a select few tokens.Investigative measuresThe Incheon Metropolitan Police is currently conducting an investigation into the case. Notably, the old Hyundai Oil Refinery stock certificates that the involved entities are claiming to be underlying assets have been proven to be fake in over ten court rulings. Although owners of these old stock certificates had filed lawsuits against the company related to shareholder registration renewals since the late 2000s, all of them had lost their cases.Photo by Tingey Injury Law Firm on UnsplashPast events resurfacingThis recent circulation of the forged HOBT tokens is attributed to employees of a disposal company who pocketed the invalid stock certificates and certificate papers, rather than disposing of them as they were required to do.In January 2002, HD Hyundai Oilbank had hired a company to dispose of documents — including those related to the old stock certificates — that had lost their validity during the process of attracting and increasing foreign capital.“In May of that year, we started receiving frequent inquiries about the stock certificates. We filed a legal complaint against the employees and conspirators of the disposal company for illegally distributing the certificates (including the stock certificate papers), and they were subsequently punished for theft and fraud,” the company explained.

Wemade Expands Blockchain Game Platform with Lithuanian and Japanese DevelopersSouth Korean gaming company Wemade has taken strides in expanding its global blockchain game platform, WEMIX PLAY, by signing onboarding contracts with two gaming firms: Lithuania-based game publisher Skyjet Software and Japan-headquartered game developer MetaTokyo Studio. Each of the two firms will present a blockchain game on WEMIX PLAY.Photo by Karol D on Pexels3D helicopter shooting gameUnder the agreement, Skyjet Software is gearing up to introduce Skybreakers, a 3D helicopter shooting game, on WEMIX PLAY. The game offers players the opportunity to customize helicopters and weapons, enabling them to engage in thrilling player-versus-player (PvP) battles.First-person, role-playing shooterMeanwhile, MetaTokyo Studio is currently in the development phase of Chromata, a science fiction game that combines elements from both first-person shooter and role-playing genres. Utilizing Unreal Engine 5, a software framework designed by Epic Games for game development, Chromata boasts a futuristic universe with over 120 characters.Global expansionWemade has been actively establishing partnerships with various game developers worldwide, inviting them to leverage its blockchain platform. In its pursuit of diversification, the Korean game publisher aims to add more games of different types and genres.Web3 event in JapanTo showcase its commitment to the blockchain gaming industry, Wemade CEO Jang Hyun-kook will deliver a presentation on blockchain games next month at the highly anticipated annual international Web3 conference, WebX, in Tokyo. As part of this event, Wemade will also organize a networking session aimed at fostering connections with influential figures and major companies in order to strengthen its foothold in the blockchain sector.

In a bid to foster gender diversity and inclusivity within the blockchain industry, cryptocurrency exchange Bitget has committed $10 million to invest in women-led startups in the Web3 and blockchain sector. Blockchain4HerThe announcement, made at the Web3 Hub Davos event on Tuesday, a part of the World Economic Forum 2024, highlights Bitget's initiative in promoting equality in a rapidly advancing sector. Bitget's research reveals a stark gender bias within the blockchain sector, with only 6% of startup funding directed towards female-led projects. Bitget’s Blockchain4Her project has been established as a direct consequence, in order to address this imbalance. Blockchain4Her has been designed to provide crucial support, mentorship and recognition to women in the industry. The initiative will include tailored incubation programs, pitch competitions exclusively for women-founded startups and the Women in Blockchain Summit & Awards, aimed at acknowledging outstanding achievements by women in the blockchain space. Recognizing the need for comprehensive measures, Bitget aims to confront the gender disparity by creating a nurturing environment through these multifaceted efforts. By offering specialized support for female entrepreneurs, the initiative aims to encourage greater involvement and leadership roles for women in the blockchain space.Photo by Shubham Dhage on UnsplashIndustry ambassadorsAs part of the Blockchain4Her program, Bitget plans to invite industry leaders to serve as ambassadors, supporting gender diversity in the blockchain industry. These ambassadors will play a crucial role in advocating, engaging and driving positive changes, fostering an inclusive environment for women in the blockchain sector. Bitget's commitment to addressing gender disparity in the blockchain industry is further underscored by its recent report on Web3 venture capital funding by gender. The report, published on Jan. 11, revealed that less than 7% of VC funding in the industry went to female-led startups, emphasizing the need for comprehensive measures to increase inclusiveness and accessibility for women in the blockchain sphere. The company is itself leading from the front on the issue, with Gracy Chen as managing director, one of the few crypto exchange platforms headed up by a female executive. Blockchain4YouthIt’s not the first time that the company has embarked upon a corporate social responsibility-themed project. It follows Bitget's earlier commitment to nurturing talent through the “Blockchain4Youth” initiative, which was announced in May of last year. The $10 million initiative set out to serve the objective of “empowering and inspiring younger generations to use Web3 and crypto tools to create and engage in a decentralized space.” It focuses on providing courses through Bitget Academy, hosting university lectures on Web3, incubating innovative projects by young entrepreneurs and organizing hackathons for individuals under 30 to identify promising leaders. A by-product of Blockchain4Youth also involved the company commencing to invest in Indian blockchain startups in November. Bitget's Blockchain4Her initiative represents a significant step towards fostering a more equitable blockchain space. By championing inclusion and diversity, Bitget not only contributes to a fairer industry but also supports the sustainability and growth of the broader technology sector.