Blockchain Tech Enhances Korean Meat Industry’s Trading System

Nibiru Chain, a layer-1 blockchain and smart contract ecosystem, is venturing into the Asian market with key appointments poised to drive growth in gaming, DeFi, NFTs and real-world assets (RWAs). Crypto sector expertiseYura Nam and Nicholas Lo have been appointed to lead growth and business development efforts in the region. Seoul, South Korea-based Nam is a former Head of StarkNet Asia. She has extensive experience hosting conferences, meetups and other events. The crypto sector professional has been an active member of the Korean blockchain community Nonce, a distributed network of independent businesses and individuals dedicated to blockchain. Lo previously served as Asia Pacific (APAC) Growth Manager at Yuga Labs, the creator of the Bored Apes Yacht Club NFTs.  Based in Hong Kong, he brings with him a diverse background, having worked as an analyst at JPMorgan and spearheaded Asia expansion for various exchanges. He has a wealth of expertise and insight into the Asian Web3 landscape.  Jonathan Chang, Nibiru Chain's COO, expressed excitement about the new additions to the team, highlighting their deep understanding of the Asian markets and Web3 ecosystem. He emphasized their role in fortifying Nibiru's foothold in the region, particularly through their proven track record in relationship building and execution of growth strategies.Photo by Shubham Dhage on UnsplashMultifaceted expansion strategyThe expansion strategy is multifaceted, incorporating marketing, community engagement and business development initiatives to establish a strong local presence and drive adoption. Nibiru's focus extends to key markets such as Korea, Japan, India, Southeast Asia (SEA) and Chinese-speaking countries. Plans include hiring local community leads and nurturing relationships with regional stakeholders and businesses. Nicholas Lo will concentrate on solidifying Nibiru's presence in pivotal APAC markets. His role at Nibiru involves cultivating relationships with major protocols, ecosystem dApps, gaming entities, financial institutions and local partners. Lo will also collaborate with Asian media outlets to enhance exposure for Nibiru's layer-1 offerings, targeting verticals spanning gaming, DeFi, NFTs and RWAs. Meanwhile Yura Nam will leverage her partnership and event planning experience to bolster the platform's expansion efforts. Her seven years in the financial services sector equip her with a nuanced understanding of partnerships, sponsorships and event management within Asia, serving to strengthen Nibiru's ties in the region. VC FundingThe company's ambitious growth plans received a significant boost with a successful $12 million funding round earlier this year, attracting investments from prominent venture capital firms such as Kraken Ventures, ArkStream, NGC Ventures, Master Ventures, Tribe Capital and Banter Capital. This funding follows a previous seed round in April 2023, which raised $8.5 million, valuing the project at $100 million at the time. In a further effort to bootstrap growth in April, the project announced $15 million in developer grants to incentivize ecosystem growth. $5 million of that is being ring-fenced for the Asian region. Silicon Valley-headquartered Nibiru Chain officially unveiled its public mainnet in March. With a focus on a robust smart contract ecosystem offering high throughput and top-tier security, the project aspires to position itself as the preferred platform for builders in several blockchain sectors, particularly blockchain-based gaming. At the time of writing, the project’s native NIBI token was trading at $0.2932, according to data from crypto project data aggregator CoinMarketCap.

3AC Liquidators Pursue $1.3 Billion from FoundersLiquidators appointed for Three Arrows Capital (3AC), the failed Singaporean cryptocurrency hedge fund, are seeking to recover $1.3 billion from the fund’s co-founders.That’s according to an unidentified source cited by Bloomberg in a report published on Tuesday. The requested amount represents losses incurred by the founders during the months leading up to the firm’s collapse, according to a source familiar with the liquidators’ claims.Photo by Giorgio Trovato on UnsplashLiability allegationsDuring a meeting with the hedge fund’s creditors on Tuesday, the liquidators discussed the allegations against Three Arrows co-founders Su Zhu and Kyle Davies. The co-founders are accused of causing the hedge fund to accumulate significant leverage between May and June 2022, despite already suffering substantial losses from ill-fated Luna tokens and other investments.The liquidators argue that the firm was insolvent at that time. Consequently, they have taken legal action against Zhu and Davies in a British Virgin Islands court to recover the losses on behalf of the fund’s creditors.Lawyers representing Zhu and Davies have not yet responded to requests for comment. However, in a Twitter post last June, Zhu mentioned that their attempts to cooperate with the liquidators were met with resistance.Crypto failure catalystThe failure of Three Arrows Capital coincided with a downturn in the digital currency market, impacting platforms that had exposure to the hedge fund, including crypto lenders BlockFi and Voyager Digital. These platforms subsequently filed for bankruptcy in the weeks following the liquidation of the hedge fund.The liquidators’ allegations against the co-founders represent an escalation of actions taken against Zhu and Davies, whom they have accused of non-cooperation during the investigation. The liquidators, who are partners at the consulting and advisory firm Teneo, were appointed by a British Virgin Islands court last year to recover funds for Three Arrows Capital’s creditors, who are collectively owed approximately $3.3 billion.Earlier this month, the liquidators urged a New York bankruptcy judge to impose a daily fine of $10,000 on Davies. They argue that this substantial fine is warranted because he has failed to respond to a subpoena requesting business records and other relevant information.While the liquidators do not currently know the whereabouts of Davies or Zhu, court documents from earlier this month referenced a New York Times article reporting that Davies had traveled to Bali after the collapse of Three Arrows Capital.Restraining orderIn May Zhu had secured a restraining order against BitMEX Co-Founder Arthur Hayes in a Singaporean court. Hayes believes that he is owed $6 million by the 3AC co-founders. Despite significant adverse publicity within the crypto space, the 3AC co-founders have proceeded to do business within the industry.They’ve established a crypto claims trading platform, OPNX, and alongside that Dubai-based business, they’ve also established a new venture capital fund, 3AC Ventures.The Dubai regulator, the Virtual Assets Regulatory Authority (VARA), has reprimanded OPNX and the business's founders for operating an unregistered digital assets business within the territory.

Bithumb Shuts Down Crypto Research Center Amid Trading Volume SlumpBithumb, a cryptocurrency exchange based in South Korea, is shutting down its research center less than a year after its launch, according to a report by news agency Newsis. The closure is seen as a strategic move to enhance business performance in response to the recent decline in trading volume.Photo by Kelly Sikkema on UnsplashCostly research centersEstablished on June 8 last year, the Bithumb Economic Research Institute is reportedly ceasing operations tomorrow. Research centers are often perceived as costly endeavors, particularly when the company is experiencing poor financial performance. In the traditional financial sector, small and medium-sized securities firms typically prioritize restructuring their research divisions when dealing with profitability challenges.Relevance of research hubsAn official from a Korean cryptocurrency exchange told Newsis that research centers can be a financial burden during times of low trading volumes and subpar performance. Nonetheless, the official underscored the need to furnish investors with refined information through these research hubs, encouraging exchanges to cultivate an environment conducive to informed decision-making based on high-quality data.Since its inception, Bithumb’s research organization has published 55 reports aimed at forecasting cryptocurrency market trends using comprehensive macroeconomic and crypto data analysis. These reports have contributed to drawing investors to the sector.Global restructuring trendThe wave of workforce reductions in the crypto industry isn’t isolated to South Korea; it’s a global phenomenon. Chinese reporter Colin Wu, known for his crypto news platform Wu Blockchain, shared via Twitter that Binance, the world’s largest cryptocurrency exchange, is planning to lay off roughly 20% of its staff, totaling about 8,000 employees.In response to these concerns, Binance CEO Changpeng Zhao, also known as CZ, wrote a tweet yesterday. According to CZ, employee layoffs are a weekly occurrence within the company, based on considerations such as alignment with corporate culture. As an example, he mentioned the remote work environment and how it may not be suitable for everyone. However, CZ reassured that Binance remains engaged in hiring, with a focus on enriching its talent pool.