Bybit Powers Trading Tools via ChatGPT Integration

Flybit Achieves Top Score in FIU’s Anti-Money Laundering AssessmentSouth Korean virtual asset exchange Flybit said Monday that it has received the highest rating in the comprehensive anti-money laundering (AML) evaluation conducted annually by the Financial Intelligence Unit (FIU) under the Financial Services Commission for all financial companies in Korea.Photo by REDioACTIVE on PixabayRanking among top-performing financial institutionsThe comprehensive AML evaluation is aimed at facilitating the optimal establishment and implementation of strong AML systems. It is operated under a control system where financial authorities assess and oversee a given company’s AML risk management, and the company receives verification on the adequacy of its risk management levels.In this year’s evaluation, Flybit achieved a score of 89.70, scoring in the highest ranks among all financial institutions, including virtual asset service providers (VASPs). This places Flybit among the upper echelons of financial companies that received an “Excellent” rating, which make up only 15% of all evaluated firms.Robust and varied effortsThe exchange explained that it has taken a risk-based approach (RBA) to control and manage its AML risk factors that were found in the results from the FLYBIT Enterprise-Wide AML Risk Assessment (FARA) — an AML risk assessment model developed in-house — and the FIU’s semi-annual AML system compliance evaluation, where FLYBIT was deemed as a “self-monitoring” company.Notably, Flybit operates customized AML education programs for different ranks and job roles within its corporation, which leverages both external and internal resources, including the Korea Banking Institute. It also conducts over 40 hours of advanced-level training — three times longer than the FIU recommendation — for employees directly involved in AML-related tasks.“The basis for this [evaluation] result was the active interest and support of the management, as well as the operation of a specialized AML control system for VASPs,” said Seol Ki-hwan, a compliance officer in charge of AML reporting at Flybit. “In the future, we will continue our efforts, not only in AML compliance but also in fulfilling our responsibilities and roles as a model VASP.”

Chinese authorities have apprehended an individual suspected of identity forgery in connection with the StarkNet (STRK) airdrop. The suspect, identified as Lan Mou, allegedly assumed the identities of others to submit false Early Community Member Program (ECMP) airdrop forms. Through this scheme, the suspect claimed over 40,000 STRK tokens that originally belonged to the victims. After successfully claiming the tokens, the suspect transferred them to an OKX wallet. Subsequently, the tokens were converted into over $91,000 worth of Tether, as reported by local media on April 30. Lan Mou was apprehended by police in Guangdong Province on April 25. Authorities seized a computer and two mobile phones during the arrest.Photo by Tamara Gak on UnsplashUnprecedented scale of identity theftWhile cryptocurrency scams and phishing attacks are prevalent, the scale of identity theft observed in this case is unprecedented. The suspect's method involved claiming airdrops using stolen identities, marking a novel approach to fraudulent activity in the cryptocurrency space. A crypto airdrop is a method used to distribute new cryptocurrency tokens, typically targeting early users who engage with a specific protocol. In the case of the StarkNet Foundation's airdrop, which launched on Feb. 20, a total of 700 million STRK tokens were distributed to various participants, including Ethereum solo and liquid stakers, Starknet developers, users, external projects and developers within the Web3 ecosystem. Concerns raised by developerFollowing the StarkNet airdrop, concerns were raised by pseudonymous Yearn.finance developer Banteg regarding the eligibility criteria. Banteg warned that the eligibility list mainly consisted of airdrop squatters, individuals who exploit airdrop opportunities for financial gain. These individuals often control multiple addresses to maximize their rewards. This incident is not the first instance of airdrop exploitation. In March 2023, it was revealed that airdrop hunters consolidated $3.3 million worth of tokens from the Arbitrum (ARB) airdrop into just two wallets, highlighting the prevalence of such fraudulent activities within the cryptocurrency community. 

Saudi Arabia Looks to Diversify Through Web3Saudi Arabia is intensifying its efforts to diversify its economy as part of its ambitious Vision 2030 initiative. In a move away from its traditional reliance on oil, the kingdom is embracing cutting-edge technologies like blockchain and artificial intelligence (AI) and is delving into the burgeoning gaming industry.That’s the view of Animoca Brands Co-Founder Yat Siu, who, in a recent interview with Cointelegraph, highlighted Saudi Arabia’s keen interest in Web3, emphasizing the country’s partnerships with entities like The Sandbox and Animoca itself.Photo by Hala AlGhanim on UnsplashDriving gaming growthSiu believes that Saudi Arabia is making a concerted effort to explore the possibilities of the new iteration of the internet, particularly in the realm of Web3 gaming and blockchain gaming, where asset ownership is verified on the blockchain. He stated:“I think Saudi [Arabia] understands the principle that Web3 gaming or blockchain gaming — the one that we actually prove the owner assets — is going to be the future of gaming.”While Saudi Arabia has yet to make a significant global impact in game and AI development, experts in the emerging field of Web3 believe that the kingdom’s investments in gaming could have far-reaching implications.The Boston Consulting Group reported that Saudi Arabia accounts for 45% of the region’s gaming sector, with a total value exceeding $1.8 billion. It also boasts one of the highest game revenues in the area, according to Ireland-based gaming content creator, Allcorrect.$38 billion gaming fundSiu is not the only one to believe in the efficacy of Saudi’s Web3 efforts. Poland-based Web3 gaming platform GameSwift also articulated a similar view recently. In a tweet thread published last month, the firm acknowledged the $38 billion gaming fund launched by the Saudi royal family.That initiative involves a Gaming Hub, the first incubator for esports in the world. The objective of the hub is to empower early-stage studios and provide an accelerator program for their growth, with direct investment going to top ten studios.Cryptocurrency uncertaintyDespite its understanding of the high-level concept of Web3, Saudi Arabia faces uncertainties regarding the integration of cryptocurrencies and virtual assets into gaming due to the absence of clear regulations. Siu explained that while Saudi Arabia is proactive in investigating cryptocurrencies, other regions like Hong Kong, Japan, and the United Arab Emirates (UAE) offer more clarity on what can be done with crypto and Web3.Siu noted that Saudi Arabia is actively seeking information on best practices and strategies from experts like Animoca. To encourage Web3 adoption, financial literacy is key, according to Siu.He emphasized that users must have a certain level of financial literacy to fully embrace Web3, as it goes beyond traditional banking. Understanding the potential value of digital assets and their network effects is crucial for Web3 users.Saudi Arabia is not the only Gulf nation to pivot to Web3. Oman is looking to do likewise based on similar rationale — to diversify away from an oil-based economy. The UAE is also actively working towards creating the right conditions to nurture Web3 startup businesses.