LINE Xenesis Introduces AVA, an Entertainment NFT Platform

Nexon Korea Intensifies its Blockchain Focus with Nexon UniverseSouth Korean gaming giant Nexon Korea is moving its dedicated blockchain division to its recently renamed subsidiary, Nexon Universe. According to local news outlet Newsis, this subsidiary, initially known as Nexon Block and founded last year, will welcome approximately 80 employees from the parent company’s blockchain group. The leader at the helm of Nexon Universe will be Kang Dae-hyun, who serves as the Chief Operating Officer (COO) at Nexon Korea.Photo by Shubham Dhage on UnsplashNFT-powered MapleStory UniverseNexon Korea’s blockchain division has so far been overseeing the MapleStory Universe project, an NFT-powered ecosystem that utilizes MapleStory’s intellectual property.The objective of MapleStory Universe is to establish an environment that facilitates the seamless movement of NFTs, which represent in-game characters and items, throughout its ecosystem. Beyond this, the project is dedicated to forging connections with other NFT initiatives, aiming to become part of the broader global blockchain community.In August of last year, COO Kang participated in a blockchain conference to highlight Nexon’s ongoing transformative endeavors. The transition of offline games to online platforms marked Nexon’s first evolution, while the second ambition revolves around the expansion of its gaming ecosystem using the capabilities of Web3, Kang said.Turning in-game items into NFTsAmong these strategic moves is the development of MapleStory N, the first game within the MapleStory Universe. This desktop-based MMORPG is currently under development and incorporates blockchain technology. MapleStory N will allow gamers to earn items during gameplay, which can subsequently be transformed into NFTs. The fees collected from in-game economic interactions will be distributed as rewards to both contributors within the MapleStory Universe ecosystem and Nexon.Nexon’s blockchain collaborationsAs part of the MapleStory Universe creation, Nexon joined hands with Ethereum scaling blockchain protocol Polygon. In particular, Nexon employs a Polygon Supernet, which empowers developers to tailor a blockchain to suit their gaming requirements.Furthermore, Nexon made its entry into the realm of Japanese gaming blockchain Oasys in April, acting as a validator. Oasys, established in February of last year, aims to popularize play-to-earn (P2E) games. Notable validators include Bandai Namco Research, Sega, Ubisoft, Yield Guild Games, KDDI, and Softbank.Adding to its array of collaborations, Nexon forged a memorandum of understanding (MOU) with blockchain wallet company Haechi Labs in May, within the context of the MapleStory Universe undertaking. Nexon Korea’s strategy includes leveraging Haechi’s “face wallet,” which simplifies the process of establishing and overseeing blockchain wallets for users. This is expected to offer a seamless and user-friendly experience for newcomers to the field.

Roger Ver sues Matrixport over frozen crypto fundsRoger Ver, often referred to as “Bitcoin Jesus,” finds himself embroiled in a legal dispute with Jihan Wu, the co-founder and chairman of Matrixport, a Singapore-based digital assets financial services platform.Photo by Tingey Injury Law Firm on Unsplash$8 million disputeThe crux of the matter is a contentious $8 million that Ver claims Wu withheld from him in connection with the fallout of the unrelated failure of the CoinFLEX crypto platform. This conflict has led to a lawsuit filed by Ver’s counsel in the Seychelles.The legal complaint, which originated last year, revolves around bit.com, a crypto exchange owned by Matrixport, refusing to allow Ver to withdraw his $8 million. Wu, a creditor of CoinFLEX, contends that he incurred financial losses due to the exchange’s restructuring.However, Ver asserts that the insolvency of CoinFLEX, an unrelated entity, should not be tied to the funds owed to him by Matrixport. Off the back of that assertion, Ver confirmed to The Block that in August 2022, he sued Smart Vega Holding Limited, a Seychelles-incorporated subsidiary company of Matrixport, for $8 million.Ver asserts CoinFLEX collapse innocenceRoger Ver maintains that he is not to blame for CoinFLEX’s collapse. He states that the narrative emerged due to breaches of confidentiality regarding the arbitration between CoinFLEX and himself. It emerged last month that creditors of CoinFLEX had taken legal action against its CEO, Mark Lamb, as well as Ver. It’s understood that Ver had benefited from a settlement negotiated with Lamb. Creditors are seeking to recover any benefit realized by Ver as a consequence of this settlement.Ver told Coindesk in an email that he initiated arbitration proceedings against CoinFLEX in June 2022, seeking $200 million in damages. He maintains he was the plaintiff in this case, not CoinFLEX, which later filed a counterclaim for $84 million.Confidentiality is a key aspect of arbitration proceedings, especially in Hong Kong where the arbitration took place. Despite this, it is alleged that Lamb broke this confidentiality, which led to the misrepresentation that CoinFLEX was the plaintiff in the case. Ver firmly believes that CoinFLEX’s insolvency was primarily due to market turmoil in May 2022 and poor risk management on the part of its co-founders.Matrixport standing firmWhile Matrixport does not deny withholding the cryptocurrency from Ver, it argues that Ver should repay his debt to CoinFLEX, which is a creditor of Ver. Once this is done, CoinFLEX will release monies owed to Wu.The dispute also touches on the terms of service. Matrixport maintains that it has the right to withhold funds for penalties related to defaulted margin calls and legal fees and it is committing significant legal resources to defend its position. Ver’s attorney counters this argument, stating that Matrixport’s terms of service do not permit such penalties and that there is no legal justification for withholding the funds.Matrixport claims that the funds are being held because of an investigation into Ver’s “margin trading irregularities.” The company’s Head of Public Relations and Brand, Ross Gan, said that Ver “continues to make unreasonable demands.” Gan added:“We will respect the legal process and the ultimate Court ruling on this case and reserve all our rights to take further legal action in this ongoing dispute with Mr. Ver.”

Singapore proposes additional rules to safeguard retail crypto investorsSingapore announced on Thursday its intention to implement new regulations aimed at protecting individuals by limiting their ability to trade cryptocurrencies.Photo by Daniel Welsh on UnsplashRules follow public consultation processIn a press release published to its website on Thursday, the Monetary Authority of Singapore (MAS), the city-state’s central bank and financial regulator, finalized these measures following a yearlong public consultation and review of cryptocurrency platforms, also known as digital payment token (DPT) service providers.Effective in phases from mid-2024, one key measure will prevent operators from accepting purchases through locally issued credit cards. Along the same lines, the regulator wants operators to discourage the use of margin and leverage transactions, or borrowing to facilitate trading activity. Market commentators, such as Custodia Bank Founder and CEO Caitlin Long, have long warned of the havoc that leverage has played in the crypto sector. Last year Long commented:”SO MUCH of the garbage in #crypto during this cycle was just leverage dressed up as tech innovation.”Additionally, incentives that encourage individuals to trade digital tokens will be banned. Such incentives could include providing free trading credits or digital assets as rewards during sign-ups or referrals.Curbing speculationWhile the MAS acknowledges the speculative and highly risky nature of cryptocurrency trading, it asserts that these regulations aim to help cryptocurrency operators protect customer interests. However, the MAS emphasizes that the regulations “cannot insulate customers from losses associated with the inherently speculative and highly risky nature of cryptocurrency trading.”Ho Hern Shin, the Deputy Managing Director for Financial Supervision at the MAS, urged consumers to exercise caution, stating:“We urge consumers to remain vigilant and exercise utmost caution when dealing in DPT services and to not deal with unregulated entities, including those based overseas.”The MAS expanded the scope of these measures to include all retail customers, regardless of their residency, following public feedback. This includes individuals who are not accredited investors or institutional investors. Accredited investors are those with over $1 million in net financial assets, among other criteria.Responding to crypto platform failuresThese regulatory steps come in response to the increasing access of individuals to the risky asset class, driven in part by the collapse of several unlicensed cryptocurrency companies in Singapore such as Hodlnaut and Vauld last year. The resulting calls for greater oversight prompted the MAS to initiate a feedback-gathering exercise in October, seeking input from industry players on proposed measures and other framework-establishing proposals.The bankruptcy filing of cryptocurrency group FTX the following month further accelerated the need for regulatory action globally, including in Singapore. In July, the MAS published the initial set of measures based on the consultation, requiring operators to keep customer assets in a trust and limiting their lending and “staking” of digital payment tokens.Staking, a process enabling investors to earn yields by depositing crypto assets for use in blockchain transactions, is among the activities facing restrictions. MAS Managing Director Ravi Menon criticized cryptocurrencies recently, stating that they have “failed the test of digital money,” citing poor performance as a medium of exchange or store of value and susceptibility to sharp speculative swings, leading to significant losses for many investors.