Gate.io Shrugs Off Withdrawal Concerns Amid Multichain Crisis

Incheon Joins Hands with The Sandbox to Promote City in the MetaverseIncheon Metropolitan City is partnering with global metaverse platform The Sandbox to create innovative marketing content aimed at promoting its urban landscape within the virtual realm and establishing an overseas promotional network. This move makes it the first South Korean public institution to work with a metaverse platform.Photo by Jiho Choi on UnsplashThe Sandbox’s virtual worldBuilt on the Ethereum blockchain, The Sandbox enables users to employ non-fungible tokens (NFTs) for creating play-to-earn (P2E) games that can be monetized. The ecosystem’s utility token, SAND, facilitates this mechanism as it is used for in-game purchases. Currently, the platform boasts one of the highest cumulative NFT collection volumes among virtual world projects on the world’s largest NFT marketplace, OpenSea. It has also formed partnerships with over 400 entities around the world.City marketing strategyThrough this collaboration, Incheon plans to develop and introduce engaging content for users to experience the city virtually, such as a variety of events. Furthermore, the city also intends to utilize its intellectual property (IP) for activities such as NFT donation campaigns and metaverse creator training programs to implement extensive NFT content within The Sandbox’s virtual world.“We plan to continually develop content that enables people around the world to experience Incheon through our collaboration with the global metaverse platform,” said Lee Se-woong, Head of Incheon’s City Branding Division.

South Korea’s National Police Agency will assign all 41 narcotics investigators recruited during the second half of the year to cryptocurrency-related duties, according to News1. The move follows the creation of a dedicated “Virtual Asset Analysis and Investigation Team” aimed at tackling drug offenses that use digital assets. To bolster skills, the agency plans specialist training for investigators from Sept. 29 to Oct. 2. Of the 41 recruits, 11 will staff an analysis unit and 30 will join field investigations. The analysis team, based at the Seoul Metropolitan Police Agency, will handle crypto-related drug cases nationwide, generate intelligence, and support phishing probes involving digital assets. The investigation group will be deployed to five regional headquarters (Seoul, Busan, Incheon, southern Gyeonggi, and southern Gyeongsang) to target illicit crypto payment processors and the money launderers behind them.Photo by Scott Rodgerson on UnsplashLatest crypto seizure in UK drug caseThe push mirrors trends overseas. In the U.K., Devon and Cornwall Police said detectives seized £1.3 million (about $1.76 million) in cryptocurrency from Ryan Coleman, 36, who received a 15-year sentence after admitting to supplying cocaine, ecstasy, cannabis, and ketamine via the dark web. Police indicated the seized assets are expected to fund proactive operations and community initiatives, with half allocated to HM Treasury. Cartels turn to crypto in North AmericaNorth American authorities report similar challenges. In a January 2025 post, blockchain intelligence platform TRM Labs pointed to the growing use of cryptocurrencies by Mexican drug cartels and other transnational groups. It noted that an executive order signed by President Trump earlier this year allows U.S. law enforcement to freeze crypto wallets linked to these organizations. The post also outlined laundering pipelines that rely on Chinese money brokers, who convert U.S. cash into crypto for global transfers or for buying precursor chemicals. The scale of these flows is underscored by TRM’s September 2024 research, which estimated that Chinese drug-precursor manufacturers took in over $26 million in crypto in 2023, a 600% jump from the year before. In the first four months of 2024, receipts nearly doubled year-over-year. Roughly 60% of these payments were made in Bitcoin, 30% in TRON, and 6% in Ethereum. The analysis also noted that U.S. cryptocurrency ATMs transferred more than $170,000 directly to Chinese precursor vendors in 2023, modest in scale but valuable for investigators. Freezing stablecoins and tracing Chinese linksWhile targeted sanctions and blockchain tracing have disrupted parts of the network, traffickers remain agile, TRM noted. It underscored the need for continued vigilance, technological adaptation, and cross-border coordination. Suggested steps include freezing cartel-linked stablecoins, tightening U.S. cash-to-bank laundering controls, and using legal tools like the Patriot Act to trace Chinese firms and accounts involved in laundering. South Korea’s redeployment of personnel reflects this push to align national enforcement with evolving enforcement dynamics. 

Korea’s KFTC launches blockchain-powered loan service for public servantsThe Korea Financial Telecommunications and Clearings Institute (KFTC) today launched a new blockchain-based loan service tailored specifically for public servants. This initiative is a collaborative effort with the Government Employees Pension Service (GEPS) and involves five banks: BNK Kyongnam Bank, Busan Bank, Woori Bank, Kwangju Bank and Jeonbuk Bank.Photo by REDioACTIVE on PixabaySimplified loan processAdministered by GEPS, this loan program offers loans up to KRW 50 million (approximately $38,600) to government employees based on their projected retirement benefits and years of service. Leveraging the joint financial blockchain system, KFTC has established an infrastructure to issue and verify digital loan recommendation letters, simplifying the loan application process for public servants.Up until now, the loan application process has been cumbersome, requiring government employees to obtain a recommendation letter from GEPS and physically submit it at a bank branch. The new service streamlines this process by allowing them to apply for loans at bank branches or through mobile banking using digitized recommendation letters.More banks to joinKFTC and GEPS are set to increase the number of participating banks, allowing government employees to access loan services at a total of 10 banks. Furthermore, KFTC and GEPS intend to introduce additional financial products that utilize recommendation letters and verification processes underpinned by blockchain technology.The plan indicates that starting early next year, five additional banks will participate in this initiative. These banks are KB Kookmin Bank, Nonghyup Bank, Daegu Bank, Hana Bank and Korea Post.In a statement, KFTC stated its plans to further expand identification verification services within the financial sector, aiming to streamline the application processes for various financial products, including deposits and loans.