Korea’s Most Populated Province to Conduct Survey on Unfair Crypto Trading

SkyArk Chronicles, a Singapore-based Triple-A gaming platform, recently announced the completion of a $15 million funding round that it suggested was led by Binance Labs, the venture arm of the leading global crypto platform. Binance has subsequently moved to clarify that it is not involved in the latest funding initiative.Photo by Laurin Steffens on UnsplashBacked by Binance since 2021The gaming ecosystem, which has enjoyed the backing of Binance since 2021, expressed excitement about the successful completion of the funding round. On Jan. 12, SkyArk posted on social media platform X, suggesting that Binance led the recent funding round but the project has since deleted that post. The post mentioned the participation of more than 40 institutions in the funding round, including Vividthree Productions, a Singapore-based company. It didn’t disclose the amount it claimed was invested by Binance Labs at that time. The announcement also highlighted contributions from other notable entities in the NFT and gaming space, such as GuildFi Global, Jambo Technology and BreederDAO. Additionally, individual investors like LayerZero CEO Bryan Pellegrino, Tangent Ventures Co-Founder Wangarian and Story Protocol CEO S.Y. Lee were all claimed by the project to have made noteworthy contributions to SkyArk's funding initiative. Binance Labs denialHowever, recent developments have introduced an element of uncertainty. Binance Labs, in an X post on Monday, distanced itself from SkyArk Chronicles' latest funding round. Contrary to the earlier announcement, Binance Labs clarified that it did not participate in SkyArk's $15 million funding round earlier this month. The venture arm reiterated its sole investment in SkyArk during the Incubation Season 3 program in 2021. This clarification from Binance Labs raised concerns about the accuracy of SkyArk Chronicles' earlier announcement, leading to SkyArk posting to confirm the information supplied by Binance. That post states: “We are very sorry for the miscommunication and appreciate the clarification from Binance Labs. We remain focused on making SkyArk a success and will continue working hard to achieve our vision.” Community reactionThe saga has caused some concern within the community, underscoring the need for transparency in the cryptocurrency and gaming industries. Web3 and NFT consultancy firm Vader Research commented on the development, stating:”SkyArk didn’t raise a new private round at all. They circulated the 2021 funding round announcement as if it recently occurred and used that to raise $11m from the public.” In a subsequent post, Vader added that Binance still has considerable leverage where SkyArk is concerned, as it retains the right to decide whether to list the SkyArk token on the platform. SkyArk Chronicles had a history of collaboration with Binance, dating back to 2021 when Binance selected SkyArk Studio for its prestigious Incubator Program Season 3. Out of over 1,000 applicants, SkyArk Studio was one of the nine teams chosen, emphasizing its potential in the blockchain and gaming space. In a follow-up post on Monday, SkyArk co-founder Kelvin Chua expressed his gratitude to Binance for its support over the past three years. The gaming platform, led by seasoned professionals in traditional mobile games, aspires to revolutionize the gaming sector worldwide. Their focus on launching Fully-On-Chain and Only-Assets-On-Chain games sets them apart, with a commitment to incorporating NFTs seamlessly into various gameplay styles. 

Sun Flags Unjust Token Profits of Huobi Founder’s BrotherJustin Sun, Founder of the Tron blockchain and stakeholder in Seychelles-based global crypto exchange Huobi, has stated that the younger brother of the founder of the exchange, Li Wei, has received millions of Huobi tokens ($HT) when he shouldn’t have.Taking to Twitter, Sun wrote:“Li Lin’s younger brother Li Wei has repeatedly acquired a large amount of zero-cost HT through abnormal means. He has sold it on the Huobi platform many times in history, and has withdrawn huge amounts of cash”.Negotiating a refund and token burnSun went on to outline the action that he is in favor of taking in unison with decisions taken by the Huobi Global Advisory Committee (HGAC). “In order to protect people’s interests, the [HGAC] and the HT DAO community decided to recover and destroy the HT obtained by Li Wei at zero cost,” he wrote. “The HT destruction will be announced in the HT community. Such behavior will not be condoned,” he added.Sun complained that not only were the tokens wrongly allocated to Li Wei, he had been dumping the tokens on the market, selling them off for fiat money. In addition to the tokens being burnt, Sun says that he alongside the HGAC will “negotiate a refund” by engaging directly with Li Wei relative to the fiat money that he has already extracted through selling off the token.The Tron founder added that he doesn’t think it equitable that Wei should benefit from the token allocation as he hasn’t made any contribution to the Huobi community, stating that “fairness and the importance of rewarding those who genuinely contribute to the growth and development of HT DAO” are important.Double standardsSome in the crypto community would call double standards on Sun’s claims of a lack of fairness. At the time of the collapse of the FTX exchange in November of last year, Sun offered to help, collaborating with FTX’s Sam Bankman Fried to allow assets related to Sun’s crypto projects (TRX, BTT, JST, SUN, and HT) held by FTX customers on the exchange to be traded out of the exchange into external wallets.Trading in these assets recommenced for a time, with the price within the exchange being exorbitant relative to the regular market price outside of FTX. Many FTX customers ended up buying these tokens at excessive prices, without being able to extract them from the exchange like Sun had promised. To cap it off, those customers then had the newly installed FTX Debtor under the guidance of John J. Ray III, record their loss at the time the exchange officially went bankrupt at the normal market price for these tokens.Although originally a China-based exchange, Huobi moved out of the Chinese market due to adverse regulation, re-establishing itself in the Seychelles. The firm maintains offices in South Korea, the United States, Japan, and Hong Kong, where it has had a listing on the Hong Kong Stock Exchange since 2018.The $HT token has proven to be very volatile both in intraday trading on Tuesday and over the course of the past seven days. In both instances, it has hit high points in excess of $3.00 and low points of $2.70. At the time of publication, the token was trading at $2.90.Photo by Ant Rozetsky on Unsplash

Animoca Brands’ Japanese market expansion via strategic partnershipAnimoca Brands Japan, in collaboration with Animoca’s subsidiary KLKTN, a digital experience label, has unveiled a strategic partnership with Cool Cats Group, marking a significant move into the Japanese anime market within the Web3 space.Photo by Yu Kato on UnsplashConquering the Japanese anime marketAs part of this strategic venture which was announced on Tuesday, Animoca Brands Japan has acquired equity shares in Cool Cats Group. Cool Cats is a U.S.-headquartered global character brand. It entails Cool Cats and Cool Pets NFT collections, notable for their distinctive and colorful cat designs.In addition to this, Animoca’s digital experience label, KLKTN, has acquired NFTs from all three of Cool Cats’ collections on the secondary market. Notably, this NFT purchase took place through San FranTokyo, KLKTN’s virtual “decentralized city,” which is known for its focus on licensed anime and Web3 intellectual property.Daisuke Iwase, CEO of Animoca Brands Japan, highlighted that the partnership goes beyond business growth. According to Iwase, it is about cultural exchange, understanding and delving into what makes Japan’s digital and artistic realm globally appealing. He emphasized their commitment to creating more opportunities for the Cool Cats IP’s growth through Animoca Brands Japan and San FranTokyo.Accessing Web3 intellectual propertyRobby Yung, CEO of Animoca Brands, expressed his enthusiasm for the partnership, telling The Block that it revolves around building Web3 intellectual property. He emphasized the company’s excitement about collaborating with an iconic Web3 IP holder like Cool Cats to explore the potential of Web3 products and traditional Japanese media products, including manga, to engage the community.The partnership also introduced several strategic initiatives that are set to roll out. One of the key initiatives is the creation of a “Cool Cats Manga,” which will blend the world of Cool Cats with Japan’s renowned manga tradition. This manga will be crafted by a Japanese manga artist, promising a unique fusion of creative elements.Japanese Cool Cats brand expansionAnother significant aspect of the partnership involves expanding the Cool Cats brand within Japan. Animoca Japan and San FranTokyo will work collaboratively to promote the Cool Cats IP through various channels. They are also committed to establishing new connections for Cool Cats with prominent organizations in the Japanese entertainment and intellectual property sectors, enhancing the brand’s presence in the country.The narrative of the Cool Cats IP will be seamlessly integrated into the virtual city of San FranTokyo. This initiative will encompass interactive e-figurine drops and align with the marketing efforts of other iconic Japanese IPs, creating a vibrant digital ecosystem within the city.David Taing, Co-Chief Operating Officer of KLKTN, expressed their dedication to Japanese and Web3 IP, emphasizing the importance of forging a path forward in the Web3 space. They are committed to bringing together diverse worlds, styles, ideas, industries and technology to drive collaboration to new heights, shaping the future of web3.The strategic partnership between Animoca Brands Japan, KLKTN and Cool Cats Group represents a significant step toward embracing Web3 in the Japanese anime market, not just in terms of focusing on business growth but also in aiming to bridge cultures, bringing together the rich traditions of Japanese manga and the innovation of Web3.