Real-World Asset Investment Platform Alterna Launches in Japan

3AC Founder Secures Restraining Order in SingaporeSu Zhu, the Co-Founder of the defunct crypto hedge fund Three Arrows Capital (3AC) has successfully obtained a restraining order against BitMEX Co-Founder and former CEO, Arthur Hayes, in a Singaporean court.Photo by Monstera on PexelsNo communication “by any means”Crypto publication CoinDesk stated on Wednesday that it had seen a copy of the court order, which was originally issued on May 5. According to the details of the order, Hayes is prohibited from “making any threatening, abusive or insulting communication that would cause the Applicant harassment, alarm or distress.”Additionally, the former CEO of crypto trading platform BitMEX is forbidden from using “threatening, abusive or insulting words” in relation to Su Zhu. The order, which was issued by Judge Sandra Looi Ai Lin, clarifies that the BitMEX Co-Founder is not permitted to publish “any identity information” relative to Zhu or to communicate with him “by any means.”$6 million owedIt’s an understatement to say that Zhu, alongside fellow 3AC founder Kyle Davies, are not on Hayes’ list of favorite people in recent times. Following the 3AC collapse, Hayes has maintained that he is owed $6 million by the duo. Since the collapse of the hedge fund, Hayes has been tweeting out at the pair, calling them out relative to his claim that the duo have a debt obligation to him to the tune of $6 million.While both Hayes and Zhu have blemishes on their records, Hayes is much better regarded within the crypto community than Zhu. The BitMEX Co-Founder narrowly avoided a prison sentence in 2022 with the much lesser sanction of six months home detention being applied. That arose due to federal charges brought against him on the basis that he didn’t implement anti money laundering (AML) compliance procedures and checks at BitMEX while he was CEO of the firm.Despite this failure, Hayes remains popular within the crypto space, with his insightful commentary being lauded given that since he left BitMEX he has taken to writing blog articles relative to crypto and the broader economic situation. However, blog site Medium has taken to disabling access to his most recent blog article. The blog page states that the post “is under investigation or was found in violation of the Medium Rules.”Lacking a welcomeIn contrast with Hayes, commentary relative to the 3AC duo of Zhu and Davies has lacked warmth. Neither of the duo had jumped on social media for a number of months following the collapse of 3AC. More recently they have both tried to rehabilitate themselves, with many commentators within the space seeing it as a cynical move.In February the duo launched Open Exchange, more commonly known as OPNX, a trading platform for crypto-related bankruptcy claims. At that time, Hayes tweeted out that he interpreted the news as the return of the crypto bull market.Earlier this month, OPNX claimed that it had the backing of several credible entities in the crypto space. However, immediately afterwards, a number of those firms clarified that they had nothing to do with the startup.Meanwhile, crypto-focused venture capital investor Michael Arrington tweeted out his disdain in relation to the 3AC founder’s successful fund raise:“Three f***ing arrows dip****s successfully raising a new fund is the saddest bulls**t I’ve heard in a long time.”The regulator in Dubai has also failed to roll out the red carpet for the duo’s new venture. In April, it issued an investor alert in relation to OPNX. Subsequently, it has followed up with a formal written reprimand issued to Zhu and Davies, given that the business is not registered with the regulator although operating out of Dubai.

Xxsoft, an information technology firm based in South Korea, announced today that it entered a partnership with a blockchain firm Infinite Block, local media outlet Kyunghyang Games reported. Xxsoft is the operator of CryptoTax, a tax and accounting service specializing in crypto assets. The two companies aim to provide crypto custodial and accounting services for companies and enterprises.Photo by Sarah Elizabeth on UnsplashCryptoTax specializes in handling crypto investors’ taxation using algorithms designed to process crypto tax and accounting. These algorithms were developed with participation from tax accountants and accountants with expertise in crypto assets. CryptoTax also offers a solution as a service (SaaS) called Cryptotax Enterprise, which offers corporate clients the advantage of automated tax processing with direct access to accounting documents.  Meanwhile, Infinite Block is a key management service (KMS) provider based in Korea, serving clients ranging from startups to big firms. The company provides crypto wallets catering to individual clients’ needs, from internet-enabled hot wallets to cold wallets that keep private keys offline. Infinite Block employs multi-signature technology and multi-party computation to securely protect clients’ private keys. Rising demand for institutional crypto accountingYoon Dong-hwan, CEO of Xxsoft, said the shift in crypto regulations – as seen in events like the approval of spot Bitcoin ETFs by the U.S. Securities Exchange Commission – will result in higher demand for crypto custodial services compliant with financial authorities. He stated that the partnership with Infinite Block will allow the company to provide a convenient service tailored to the needs of corporate clients.  Jeong Gu-tae, CEO of Infinite Block, highlighted the importance of companies being equipped with a fully compliant internal control system when it comes to crypto taxation and accounting, because firms are subject to stricter regulations compared to individual investors. Jeong reaffirmed the company’s commitment to building a healthy local crypto market, saying that it will continue developing effective crypto asset management systems for corporations in close cooperation with CryptoTax.  

Gate.io Shrugs Off Withdrawal Concerns Amid Multichain CrisisGate.io, a prominent cryptocurrency exchange, has refuted rumors circulating within the crypto community about withdrawal issues on its platform. On Wednesday, the exchange reassured users that its operations remain unaffected by recent events.Photo by Keller Chewning on UnsplashGate.io confirms smooth operationsGate.io is one of the oldest Chinese Bitcoin exchanges. It moved its corporate headquarters to the Cayman Islands once the Chinese authorities took a hardline stance on cryptocurrencies a few years ago. It also maintains offices in Seoul, South Korea, and is currently preparing to launch a bespoke Hong Kong-based platform.According to the exchange, withdrawals are functioning properly, and the overall operations of the exchange are healthy. It explicitly stated, “There are no issues with our operations or withdrawals as rumored.”Multichain concernsSpeculation emerged on social media on May 24 when Arkham Intelligence reported that members of the separate blockchain project Multichain had transferred $3 million worth of the $MULTI token to Gate.io. Arkham also mentioned other transactions involving Multichain-related tokens, some of which were subsequently suspended for deposit on the leading exchange, Binance.While Arkham did not directly suggest any risks to Gate.io itself, the combination of market activity and other events led to rumors. ‘Coinsumption,’ a Twitter account with nearly 31,000 followers, suggested on May 31 that Gate.io might be facing insolvency problems and advised users to withdraw their funds from the exchange.The ongoing issues with Multichain may well be unrelated to Gate.io. Multichain’s team members recently stated that they are unable to contact their CEO or access project servers. The project has experienced transaction delays over the past few days.Native token price impactGate.io’s native token ($GT) has reportedly been affected by these rumors, as its value has declined by 6.59% over the past 24 hours. In contrast, Bitcoin has only experienced a 1.4% decrease.The $GT token losses can be attributed, in part, to a period of several hours during which the token’s price dropped from $4.92 to $4.49. In isolation, this change represents an 8.7% loss, although there have been partial recoveries and other fluctuations to offset the decline. At the time of publication, the $GT token unit price stood at $4.36.Despite the recent challenges, Gate.io continues to demonstrate significant trading volume. On the most recent day, the exchange recorded approximately $525 million in trading volume, solidifying its position as one of the largest centralized exchanges with sub-billion daily trading volumes.The almost ten-year-old exchange is among several cryptocurrency exchanges preparing to comply with upcoming regulations in Hong Kong. It aims to operate alongside other platforms, such as CoinEx, OKX, Huobi, and BitMEX, as they adapt to the regulatory framework being implemented in the region.Gate.io has dispelled rumors of withdrawal issues, assuring users that its operations are functioning normally. Notwithstanding that, as with everything in the crypto space, the facts and circumstances can change in an instant. Therefore, it’s a topic that is worthwhile watching as further news emerges relative to ongoing issues on the Multichain project.