Beosin Report: Crypto Rug Pulls Surpass DeFi Exploits in May

Bitget Launches Blockchain4Youth ProjectSeychelles-headquartered crypto derivatives trading platform, Bitget, announced on Thursday the launch of a new corporate social responsibility (CSR) project. The initiative seizes upon an opportunity to execute on a public good while at the same time, benefiting the future prospects of the business itself alongside the overarching crypto space.Blockchain4Youth is a new initiative from the crypto business with the objective of “empowering and inspiring younger generations to use Web3 and crypto tools to create and engage in a decentralized space. ” With this goal, the trading platform believes that a blockchain future can be created.Photo by Jill Wellington on PexelYouth key to crypto adoptionWhile this is a CSR project, it’s easy to interpret it as a win/win. The future success of crypto lies with the younger demographic. They are the ones who are digitally native. They’re the ones that can more easily identify with truly digital money and digitally decentralized systems.Bitget seems to get this according to the statement it issued: “Bitget believes that a blockchain-based future is essential to building better products and tools to help people advance crypto adoption. The platform will be relying on the young generation to promote such ideas and will help them become proactive leaders.”This is telling as it demonstrates firstly that the Seychelles-based platform understands that the younger demographic represents its future customers. But it also clarifies that Bitget understands that future products need to be purpose built to meet the specific needs of that younger demographic.46% of millennials own cryptoIt appears that Bitget’s initiative is further motivated off the back of recent research it carried out. Released last month, that research study reveals that 46% of Millennial respondents said they owned cryptocurrencies, compared to 25% of Gen X-ers, 21% of Gen Z, and just 8% of Baby Boomers.The depth of the study extended to 255,000 survey responses received from respondents distributed across 26 countries, including places as diverse as the United States, Japan, China, Nigeria, Germany, Indonesia, and elsewhere. The study achieved responses per country of at least 10,000 respondents.The research also uncovered that “related statistics compiled on attitudes towards the regulation of digital assets indicate that each successive generation is more likely to factor in the attitudes of electoral candidates towards crypto regulation when casting their vote.”One of the study’s key findings is the following: “By 2030, all Gen Z members will be adults and the spread of blockchain technology by that time could lead to an increase in the percentage of cryptocurrency adopters across all generations. As such, the chances of the growth in acceptance of cryptocurrencies in the coming years are very high.”Broader industry involvementBitget intends to extend involvement in its Blockchain4Youth project beyond the company, with participation coming from other blockchain firms. The press release sets out that “the platform will also collaborate with other leading blockchain firms to incubate innovative projects by young entrepreneurs and host U30 (Under the age of 30) hackathons to identify the most promising ones.”The crypto derivatives platform is kicking things off later this month through a series of campus lectures in Thailand, Vietnam, and Taiwan covering the topic of Web3. As well as being open to collaborating with industry peers, the company also wants educators to take an active role in the initiative.

Singapore Elects Crypto Skeptic as PresidentGarnering 70.4% of all votes cast on Saturday, Singaporeans chose to elect Tharman Shanmugaratnam as their next president, a move that may have implications for Singapore’s outlook when it comes to digital assets.While many had hoped that he would be the nation’s first non-Chinese prime minister, the crypto industry has greeted his rise to this largely ceremonial role with mixed feelings. Shanmugaratnam’s previous stances on cryptocurrency and digital assets have been predominantly critical.Photo by Justin Lim on UnsplashFormer MAS ChairmanIn the past, the president-elect has referred to cryptocurrency as “slightly crazy” and “purely speculative.” His ascent to the presidency comes after a distinguished career that includes serving as the former finance minister, deputy prime minister, and chairman of the Monetary Authority of Singapore (MAS), the country’s central bank, from 2011 to 2023.Crypto platform collapsesIt was during his tenure at MAS that two prominent crypto companies, Three Arrows Capital (3AC) and Terraform Labs, faced catastrophic collapses.The demise of Terraform Labs, along with its TerraUSD (UST) stablecoin, triggered a severe “crypto winter” in May 2022, from which the industry is still struggling to recover. This downfall wiped out a staggering $500 billion in value over just two weeks, devastating the portfolios of numerous retail investors.The ripple effect of TerraUSD’s fall also engulfed 3AC, a significant cryptocurrency hedge fund headquartered in Singapore. The contagion spread across the cryptocurrency market, leading to the downfall of other major entities like crypto lending platforms Celsius Network and Voyager Digital, alongside Singapore-based Hodlnaut.Given that these catastrophic events unfolded during Shanmugaratnam’s tenure at MAS, it’s plausible that he bore the brunt of the consequences. That might explain why in speaking on the subject in 2021, he appeared to be more accommodative, suggesting that there may be a useful role that crypto could play and highlighting that Singapore had allowed crypto businesses to develop within the city-state.In June of last year, MAS reprimanded 3AC for providing misleading information and exceeding the allowed assets under management (AUM) threshold, thereby breaching its status as a registered fund management company.In January, Shanmugaratnam said that regulating the crypto sector would give credibility to speculation and on that basis, it would be best to leave it unregulated. He went on to suggest that crypto should be subject to existing regulation as laid down for traditional finance.Early stage concernsBack in 2018, when he was Singapore’s finance minister, Shanmugaratnam questioned the wisdom of broad regulation potentially legitimizing a speculative and “slightly crazy” market. During the 2018 World Economic Forum, he emphasized the importance of anti-money laundering measures and advocated for educating consumers about the risks inherent in the unregulated crypto sector.Although he acknowledged blockchain’s potential to enhance global payment systems, Shanmugaratnam favored integrating existing traditional payment mechanisms as an alternative to blockchain innovations.Singapore’s new president brings with him a history of skepticism towards cryptocurrency and digital assets. However, with a largely ceremonial role relative to day-to-day governance, he’s not in a position to take direct action that could hold the sector back although he will have the power to initiate corruption investigations upon the advice of the Singaporean cabinet.

Tiger Brokers (Hong Kong) is gearing up to bring its virtual asset trading platform to professional investors in Hong Kong, with plans to extend the service to retail-level investors in the short to medium term. Unified solution for equities and digital assetsTiger Brokers is an online broker, headquartered in Beijing, with an office and operations in Hong Kong. Additionally, the company has been listed (TIGR) on the Nasdaq stock exchange in the United States since 2019. With this latest plan which it outlined in an announcement shared with Cointelegraph, the company will offer professional investors a single solution for the trading and portfolio management of both securities and digital assets.  In merging traditional securities and crypto assets, the firm has partnered with Hong Kong’s HashKey Exchange, allowing access to 18 digital assets. That offering will include Bitcoin and Ethereum. Alongside these digital assets, the company will offer investors traditional financial products such as equities, options, futures and U.S. Treasury bonds. Integrating traditional and digital assets within the one platform eliminates certain complexities that come with managing multiple accounts across distinct brokers and platforms. As a consequence, investors are being extended greater convenience and flexibility in terms of global asset allocation.Photo by Ansel Lee on PexelsExtending service to retailInvestors with a preference for exposure to the recently approved spot Bitcoin exchange-traded fund (ETF) products will be enabled to purchase those ETFs through the platform.  Tiger will become the first technology-led brokerage in Hong Kong to offer an all-encompassing service supporting both traditional securities and virtual assets. The firm has incorporated competitive rates and a 24/7 trading ability into the offering in an effort to gain traction. Additionally, it has waived digital asset custody fees.  Through the Tiger Trade platform, professional investors will be given access to this array of investment options. Initially, availability of the facility will be confined to professional investors in Hong Kong. Hong Kong residents with an investment portfolio valued above 8 million Hong Kong dollars ($1 million) and corporate entities with assets in excess of 40 million Hong Kong dollars ($5 million) qualify within the definition of accredited investors. Once it gains the relevant regulatory approval, Tiger Brokers intends to extend the service to retail investors. The company also outlined that it is considering adding cryptocurrency spot withdrawals and deposits as features within the new service offering. Zeng Qingfei, Chief Financial Officer of Tiger International, expressed the company's pride in leading the charge in virtual asset trading services. He emphasized Tiger Brokers' commitment to meeting the evolving needs of investors by expanding its product portfolio to include diversified investment opportunities. Through this strategic expansion, the company is aiming to equip investors with the tools they need to navigate dynamic market conditions effectively. The company hasn’t confined its efforts to achieve further growth to Hong Kong. In recent days, it has also enabled 24-hour trading of U.S. stocks and exchange-traded funds (ETFs) in New Zealand. Through extended trading hours, Kiwi investors will have greater opportunity than ever to participate in the market.