Bitcoin Miners Likely Selling at $28K Level, Says Matrixport

South Korean Prosecutors Fail to Recover Do Kwon’s AssetsSouth Korean prosecutors have disclosed that they have been unable to find the millions of dollars that Do Kwon, CEO and Founder of Terraform Labs, made from the crypto business.©Pexels/GratisographyOverseas assetsThe latest development in the case suggests that Kwon may have tried to hide his assets overseas, making it more challenging for authorities to recover those funds.Prosecutors claim that Do Kwon transferred funds from his personal accounts to overseas bank accounts under his mother’s name. Additionally, he allegedly used cryptocurrency to purchase real estate and other assets in the United States, which he then registered under his mother’s name. This tactic is commonly used by those seeking to evade detection and protect their assets from seizure.Binance halt requestSouth Korean authorities are understood to have reached out to global cryptocurrency exchange, Binance, requesting it to halt any withdrawal request associated with Kwon. Binance confirmed to CoinTelegraph that it is cooperating with the request, stating: “We provided Korean law enforcement authorities with the requested assistance. Since we cannot comment on ongoing law enforcement investigations, for any further comment please reach out to the prosecutors.”Blockchain forensicsThe situation surrounding Do Kwon’s case is not uncommon in crypto. Although there are blockchain forensic analysis specialists who collaborate with government authorities in tracing digital assets, the task is not without its difficulties. By analyzing the blockchain, investigators can trace the flow of funds and identify the individuals involved in illicit activities. This technology has already been used in a number of high-profile cases, including the 2014 Mt. Gox hack and the 2020 Twitter hack.Nevertheless, the anonymous nature of blockchain transactions makes it much easier for individuals who engage in fraudulent or illegal activities. However, as cryptocurrency becomes more mainstream, governments around the world are cracking down on those who attempt to take advantage of the system.Tightening regulationIn South Korea, authorities have been working to regulate the cryptocurrency industry and protect consumers from fraud. The government has implemented a number of measures, including requiring cryptocurrency exchanges to register with the Financial Services Commission and banning anonymous transactions. Despite these efforts, however, incidents of fraud and embezzlement continue to occur.The fight against cryptocurrency-related crime is far from over. As the industry continues to grow and evolve, criminals will continue to find new ways to exploit the system. It is up to regulators and law enforcement officials to remain vigilant and adapt to these changes in order to protect consumers and ensure the integrity of the financial system.In the case of Do Kwon, the investigation is ongoing, and it remains to be seen what the final outcome will be. Prosecutors estimate total proceeds of Do Kwon’s alleged crimes to amount to 91.4 billion won ($71 million) while 414.5 billion won ($316 million) has been identified relative to Terraform Labs more broadly.

Japanese Crypto Exchange Zaif Adds KLAY/JPY and KLAY/BTC Trading PairsJapanese cryptocurrency exchange Zaif added the KLAY token to its list of supported cryptocurrencies on August 16. Following in the footsteps of BITPoint Japan, which introduced KLAY trading in August 2022, Zaif has become the second trading platform in Japan to facilitate the trading of the KLAY token.Zaif’s inclusion of KLAY presents traders with the opportunity to engage with the token using the Japanese yen and Bitcoin (BTC). With this addition, the total number of tokens hosted on Zaif’s platform has now reached 21, bolstering its diverse selection.Photo by Nicholas Cappello on UnsplashKLAY’s path to Green ListKLAY presently requires an additional listing on a Japanese cryptocurrency trading platform to fulfill the requirements for being included in the “Green List” of the Japan Virtual and Crypto Assets Exchange Association (JVCEA). Cryptocurrencies that have achieved green-listed status are exempt from undergoing individualized approval procedures across various exchanges. As stipulated by the JVCEA’s criteria for the Green List, a virtual asset must be featured on a minimum of three member exchanges and exhibit a trading track record of no less than six months on one of these select platforms.As of August 8, the number of green-listed virtual assets is 25, including prominent cryptocurrencies such as BTC, Ether (ETH), and Bitcoin Cash (BCH).Zaif’s upcoming listing of MBXAlong with this development, Zaif is reportedly engaged in discussions with MARBLEX, a blockchain subsidiary belonging to South Korean gaming giant Netmarble. The aim of these talks is to list MBX, the native token of MARBLEX, on the Japanese exchange in October.KLAY is the native token of the Klaytn blockchain, which was created by GroundX, a blockchain-focused arm of Kakao. Kakao is a South Korean tech giant recognized for its widely used messaging app, KakaoTalk. The company has also been expanding its presence in Japan through its subsidiary, Kakao Piccoma, which operates an online comics platform called Piccoma.

Seychelles-headquartered global crypto exchange KuCoin has announced the full launch of its affiliate in Thailand. KuCoin Thailand was first presented by KuCoin back in April. The affiliate company emerged through a rebranding of local digital asset exchange, ERX. The renamed entity continues to be operated by ERX Company Ltd., while benefiting as a KuCoin affiliate from its global market presence and global exchange infrastructure.Photo by Bradley Prentice on UnsplashERX platform users onboardedSince that initial announcement, the exchange has been operated by onboarding users on an invite-only basis. All of the original ERX platform users have been ported across to KuCoin Thailand. In a statement published to its website on June 13, KuCoin Thailand pointed out that it is moving on from that invite-only phase to fully launch the platform.  It asserted that the platform is fully licensed by Thailand’s Securities and Exchange Commission (SEC) and it has now proceeded to full launch with no further access restrictions. In tandem with the full public launch of the platform, the company indicated that it was running a special rewards initiative with a prize pool of one million Thai Baht ($30,845) and introducing a new brand mascot named “Kuku.” In a press release, KuCoin claimed that “this marks the first fully regulated local digital asset exchange under KuCoin's brand,” contributing towards the company’s goal “to build fast, secure, and user-friendly infrastructure for crypto users” globally. Strengthening KuCoin’s presence in Southeast AsiaKuCoin CEO BC Wong described the launch as “a significant milestone in [the company’s] global compliance journey.” He added: “From being the first global exchange to register with India's FIU to now launching the first local compliant platform in Thailand, this marks a significant step toward strengthening our presence in the fast-growing markets of South East Asia.” In discussion with Cointelegraph, the KuCoin CEO provided an insight into how the company is approaching global growth while focusing on local market considerations. He stated: “While KuCoin Global supports a wide range of products for international users, we plan to expand locally in line with regulations and market demand.” Wong confirmed that the newly branded entity facilitates crypto spot trading for its users, with Thai Baht-based on and off ramps. Regulator & police enforcementThailand’s SEC moved to block five cryptocurrency platforms from accessing investors resident in Thailand late last month. The exchanges, OKX, Bybit, CoinEx, XT.com and 1000X.Live, were deemed to have been offering their services in Thailand on an unlicensed and unauthorized basis. In addition to blocking access, criminal complaints have been filed against all five exchanges. Thai police have also been busy recently with crypto-related enforcement. Last month, a Vietnamese woman was arrested on the basis of her alleged involvement in a crypto-related scam that saw 2,600 victims lose a total of $300 million. On June 12, Bangkok-based news platform Khaosod English reported that a Chinese man had been arrested in connection with a $6 million Bitcoin fraud case.