Korean Assembly Mandates Crypto Disclosure Amidst Lawmaker’s Scandal

The 38th Young Architects Forum, which will explore the integration of metaverse technology into architecture, is set to take place next Thursday at the Weple NFT Gallery building in Yongsan-gu, Seoul, according to an official announcement on Friday (KST). Co-hosted by STELSI, a Build-to-Earn (B2E) decentralized metaverse project, and the Young Architects Forum Korea, the event will revolve around the theme “Beyond Realms: Architectural Odyssey in the Metaverse Era,” hosting experts from the architecture industry and anyone interested in the topic. Photo by Redd F on UnsplashArchitectural imperatives in the era of Web3In particular, the forum will delve into the impact of the Fourth Industrial Revolution and blockchain technology on AI architecture and the metaverse. A crucial consideration in this topic is the role that architects must play in an unprecedented era of Web3, namely promoting creativity while determining ethical boundaries through collaboration and sharing of ideas. Another point for discussion will be expanding diversity and the possibilities in architecture by tapping into advancements in digital technologies. STELSI is a decentralized metaverse island that provides a realistic and intuitive extended reality (XR) experience where users can design, construct and manage buildings. Built with the 3D creation tool Unreal Engine, it aims to support the seamless application of blockchain technology across different sectors of the construction industry, including architectural planning and design, construction and real estate. The platform also runs on a native token called STELSI, which users can earn by staking building NFTs. The event’s other organizer, the Young Architects Forum Korea, was established in 2011 with a mission to boost the presence of young architectural visionaries in South Korea. The forum provides opportunities for them to leverage their talents and expertise to contribute to societal advancement. In addition to the Young Architects Forum, it also hosts other events like exhibitions, cooperative projects and seminars. Professionals uniteSpeakers set to attend include STELSI CEO Ryan Shim, CSO and Co-Founder of IoTrust Yoo Min-ho, CCO of jpa. JUNGLIM Architecture Kim Kyung-hoon and more. Firms like blockchain news outlet Tokenpost, LandFi metaverse OrbCity and Wepin Wallet are also sponsoring the event. STELSI stated in its announcement that the forum aims to “provide a unique space for architects who perceive the world differently, transcending dimensions.”

$120M Crypto Ponzi Scheme Exposed in IndiaIn a recent crackdown, local authorities in the state of Odisha in India, have dismantled a massive $120 million cryptocurrency Ponzi scheme.That’s according to a report by local news agency ANI earlier this week. The operation led by the Economic Offences Wing (EOW) of the state police has resulted in the arrest of key individuals orchestrating the fraudulent endeavor. This latest development underscores the growing concerns around cryptocurrency scams and their detrimental impact on investors.Photo by Ayiman Mohanty on UnsplashSTA crypto tokenThe mastermind behind the Ponzi scheme had adeptly evaded capture by frequently changing locations. The scheme, operating across India, revolved around the STA crypto token, a digital asset at the heart of the fraudulent activities.Similar to the infamous OneCoin scandal, where billions were swindled from unsuspecting investors, the STA token scheme exploited victims who had invested in the token and then recruited others under the guise of a multi-level marketing initiative. Promised bonuses and extravagant returns were used as bait to lure individuals into the scheme, which eventually unraveled, leaving numerous investors financially devastated.Unregulated token offeringReports highlight that the STA token was not authorized by any regulatory body. This glaring absence of oversight enabled the scammers to continue their operations unchecked. The nature of the scheme involved recruiting victims in various Indian states who were promised substantial returns. These victims, in turn, were enticed to bring in new investors, creating a vicious cycle of recruitment and investment.The investigation into the scheme revealed that the STA token offering attracted individuals through aggressive promotional strategies. This allowed the scheme to establish a vast network across India, involving approximately 200,000 individuals. The victims were led to believe that their investments would yield significant bonuses and returns, a tactic that echoes the tactics used by OneCoin promoters.False claimsThe STA token was introduced in September 2021 and rapidly established a presence on social media platforms, presenting itself as a legitimate cryptocurrency. It falsely claimed to be a blockchain-based platform connecting users with local farmers. This facade lent an air of legitimacy to the scheme, effectively deceiving unsuspecting investors.The scheme’s audacity was further highlighted by a grand event hosted by STA criminal promoters in a luxurious hotel in Goa. This extravagant affair aimed to further legitimize the project and attract more victims.This incident adds to a series of cryptocurrency-related scams that have plagued India. The GainBitcoin scam, which came to light last year, led to the loss of over $1.25 billion for around 100,000 victims. The Indian authorities have responded by issuing public advisories warning citizens against falling victim to such schemes that promise quick wealth through cryptocurrency investments.In a recent parliamentary session, Minister of State for Finance Pankaj Chaudhary revealed that the Enforcement Directorate (ED) is actively investigating multiple instances of cryptocurrency-related fraud. These investigations have uncovered proceeds of crime amounting to over $130 million.

UK Watchdog Adds Crypto Exchanges to Warning ListThe UK’s Financial Conduct Authority (FCA) has expanded its warning list to include nearly 150 digital asset companies, including crypto exchanges HTX and KuCoin.Photo by Maxim Hopman on UnsplashPromotion without approvalThese firms have been added to the list due to their promotion of services in the UK without obtaining the necessary regulatory approvals. The move comes as the FCA strengthens its oversight of the cryptocurrency sector.The FCA recently broadened its rules on financial promotions, effective from October 8, to encompass crypto-asset service providers, regardless of their geographical location. This means that all crypto platforms are now obligated to display clear risk warnings to UK-based consumers and adhere to more rigorous technical standards. Additionally, they must implement a mandatory 24-hour cooling-off period for new customers.Exchanges respondIn response to the inclusion of their platforms on the FCA’s warning list, both HTX and KuCoin issued statements. A spokesperson for HTX, known until recently as Huobi, clarified that the firm does not operate or market its services in the UK. KuCoin, on the other hand, acknowledged that it doesn’t operate in the UK but expressed its commitment to adapt its products and services to ensure compliance with the relevant laws and regulations in each country.Another exchange, OKX, alongside global exchange Binance, have both indicated that they are working towards complying with the FCA’s regulatory requirements in respect of marketing.The FCA issued a generic warning message for both HTX and KuCoin, stating:“This firm may be promoting financial services or products without our permission. You should avoid dealing with this firm.”Non-compliance with the FCA’s regulations can result in severe penalties, including takedown requests for websites and apps, substantial fines, and potential legal action, which could lead to imprisonment.It’s worth noting that HTX Advisor, Justin Sun, has encountered regulatory challenges in the past. In March, the US Securities and Exchange Commission (SEC) accused Sun of fraud and market manipulation related to TRX, the native cryptocurrency of his Tron blockchain. Despite holding licenses to operate in various jurisdictions, HTX’s website does not specifically mention the UK as a prohibited venue.KuCoin has its platform restricted in several countries, including the US, Singapore, Hong Kong, mainland China, Thailand, Malaysia, and Canada’s Ontario province. Notably, the UK is not listed among these restricted locations.The FCA’s decision to rapidly identify and publicize crypto firms violating the expanded rules underscores increasingly stringent regulatory requirements. The regulator is continuously updating its list of violators as new infractions are uncovered. In August, the UK regulator published data that demonstrated that only 13% of crypto businesses who have applied to trade in the UK have been offered permits to do so.Lucy Castledine, the FCA’s Director of Consumer Investments, emphasized the dynamic nature of the list, which is constantly evolving to keep pace with emerging issues within the crypto sector.As the FCA takes a more proactive stance in overseeing crypto businesses, the warning list serves as a tool for consumer protection, signaling the importance of adherence to regulatory standards in the cryptocurrency ecosystem.