Potential of Blockchain Technology in Korean Journalism

Blockchain Meat Marketplace MOOxMOO Achieves $30m in Distribution VolumeMOOxMOO, the blockchain-based meat marketplace platform operated by South Korea’s Life In Commerce, has surpassed a cumulative distribution volume of KRW 40 billion (approximately $30 million) since its launch in February of last year.Photo by Kyle Mackie on UnsplashRevolutionizing the meat industryLife In Commerce attributed this significant achievement to the use of blockchain technology on the platform. By leveraging smart contract and soulbound token (SBT) technology, MOOxMOO provides a supply and transactional platform that streamlines business-to-business (B2B) and business-to-consumer (B2C) transactions among participants of local meat supply chains, volume retailers, and retail customers.The platform essentially embeds wholesale and retail transaction information into smart contracts, which are impossible to tamper with once minted into immutable and non-transferrable SBTs.This makes MOOxMOO a transparent and decentralized distribution platform that offers various benefits like increased liquidity, faster transaction settlement times, and boosted security. It also addresses the issue of price deviations caused by market practices.In addition, MOOxMOO has its own utility token, MOOX, that can be used for deposits and transactions.The platform’s application of blockchain technology has revolutionized the meat distribution industry by breaking away from common problems such as unfair pricing. As a result, it has not only enhanced price competitiveness but also built a reputation for trustworthiness among consumers.Future plansLife In Commerce has ambitious plans to enhance the platform further. They are currently developing a new B2B platform that will utilize the weight of transaction credits using SBT in the trade of raw materials required for meat processing and distribution. This will offer additional benefits to suppliers and buyers.

Crypto Exchange HTX Reports $8 Million Hack Over WeekendCrypto exchange HTX confirmed on Monday that it fell victim to a hack over the weekend, resulting in losses amounting to 5,000 ETH ($8 million).HTX stakeholder Justin Sun, Founder of layer one blockchain TRON, disclosed the breach via an X post. In a series of subsequent X posts, Sun assured users and stakeholders that the exchange had promptly covered the losses, and current user deposits remained secure. He also emphasized that the platform was operating normally despite the security incident.Photo by GuerrillaBuzz on UnsplashHacker incentiveThe TRON Founder also extended an offer to the hacker responsible for the breach. He proposed a 5% reward for the return of the remaining funds, a figure notably lower than the 10% often offered to hackers in similar situations. Additionally, Sun dangled the possibility of a job at the exchange. That’s an unusual response to a cryptocurrency hack and one that had one commentator speculating upon the notion that the hacker belonged to the notorious North Korean Lazarus hacking group, pondering the prudence of such a move.Data from DeFi data aggregator DeFiLlama revealed that Seychelles-based HTX, formerly known as Huobi, witnessed nearly $10 million in outflows, with a remaining $2.73 million in customer deposits as of the latest data.Hacker’s identity may be knownThe hacker, who received a series of messages from an address identified as an HTX hot wallet by Nansen, was presented with a stark choice. The messages, written in both English and simplified Chinese, claimed to have uncovered the hacker’s true identity and urged the return of the stolen funds to the address 0x18709E89BD403F470088aBDAcEbE86CC60dda12e. In return, HTX offered a 5% “white hat bonus” valid until October 2, 2023. If the funds were not returned by that date, law enforcement would be involved, the message warned.The hack came shortly after Justin Sun shared a promotional video in which he depicted himself defeating a hooded figure symbolizing a hacker “shorting crypto” with a single punch while on a spaceship journey to what appeared to be Mars.Insolvency fearsOn Tuesday, Sun outlined that the exchange had established a “SAFU” (Safe Asset Fund for Users) fund for platform users. However, taking to X on Monday, Adam Cochran, Managing Partner at Cinneamhain Ventures, claimed that there was a likelihood that the HTX business is insolvent. Cochran maintains that available data suggests a shortfall in crypto holdings relative to HTX users' assets.Travis Kling, Founder and Chief Information Officer of Ikigai Asset Management, went one further on X, stating:”Not “probably”. Huobi is insolvent.”Kling, a long-time critic of Binance, went on to suggest that if Huobi were to collapse, that event would likely lead to Binance unraveling also.HTX originated in China and nowadays maintains offices in Singapore, Japan, South Korea, Hong Kong, and the UK. It has long been speculated that Justin Sun has a controlling stake in the HTX business. Sun has denied that assertion, instead suggesting that he is a member of HTX’s “Global Advisory Board.”

At Hong Kong FinTech Week 2025, Securities and Futures Commission (SFC) Chief Executive Julia Leung outlined plans to link Hong Kong’s crypto market with global liquidity. She announced that licensed virtual asset trading platforms (VATPs) will be allowed to share a global order book with their overseas counterparts. According to a statement published on the SFC’s website, this step will enable local investors to access international markets more efficiently, improving price discovery and competitiveness. Leung added that more initiatives are on the way to connect local brokers directly to global liquidity networks. This latest connectivity push comes as Hong Kong considers new guardrails for crypto holding companies such as digital asset treasuries (DATs), which hold cryptocurrencies as strategic assets.Photo by Manson Yim on UnsplashSFC points to regulatory gaps for digital asset treasuriesThe state-owned newspaper Wen Wei Po reported that Securities and Futures Commission (SFC) Chairman Kelvin Wong noted the current lack of regulations governing listed companies operating as DATs and the limited understanding of such entities. Chairman Wong added that firms seeking to list in Hong Kong as DATs would need to persuade both the SFC and the Hong Kong Stock Exchange (HKEX) of their suitability. For companies already listed, he urged investors to remain alert to the potential risks involved. This regulatory concern over crypto investing companies emerges as Hong Kong simultaneously presses ahead with its ambition to become a leading hub for digital finance. City advances on e-HKD and tokenizationIn line with that ambition, the Hong Kong Monetary Authority (HKMA) unveiled its e-HKD Pilot Programme Phase 2 Report in an Oct. 28 press release. The report outlines the potential benefits of its central bank digital currency (CBDC), the e-HKD, and tokenized deposits, noting that public feedback on both concepts has been broadly positive. The program's second phase involved 11 pilot projects led by various consortiums. These projects explored retail use cases, emphasizing the e-HKD’s commercial viability and scalability. Key focus areas included the settlement of tokenized assets, programmability, and offline payments. Participants in the program included Aptos Labs, the Boston Consulting Group (BCG), Hang Seng Bank, Standard Chartered, and BlackRock. Based on the report's findings, the HKMA stated it would initially prioritize the e-HKD’s application in wholesale or large-value payments, leveraging its credit risk–free nature as a central bank liability. Concurrently, the authority plans to continue studying potential retail and corporate applications, aiming to lay the groundwork for broader implementation by the first half of 2026. Survey shows strong investor appetiteAmong the program’s participants, Aptos Labs, Boston Consulting Group (BCG), and Hang Seng Bank reported accelerating interest in tokenized funds. A survey they conducted found that 61% of retail investors in Hong Kong and mainland China planned to double their exposure. Held between May and June 2025 among more than 500 retail fund investors, the survey tracked sentiment and appetite for tokenized products. Mainland participants showed particularly strong demand for cross-border access. The findings also detailed differing motivations among Hong Kong investors. Active traders expect to lift tokenized fund allocations from 10% to 26%, attracted by round-the-clock trading and greater flexibility. Wealth transfer planners indicated an expected expansion from 5% to 16%, highlighting programmable fund structures for tailored trusts and transparent oversight. Long-term investors aim to raise exposure from 8% to 25%, citing instant liquidity and the ability to use tokenized assets as loan collateral. Mainland investors projected their allocations would climb from 11% to 24%, reportedly viewing tokenized funds as a practical route around capital restrictions. The survey noted that programmable features could support dynamic allocation across Hong Kong products, the onshore use of profits, and smoother cross-border transfers. BCG commented that the survey outcomes align with Hong Kong's measured advance in crypto oversight, pointing to the city’s stablecoin regime that came into force in August. The Hong Kong Monetary Authority (HKMA) has signaled, however, that licensing under that regime will not begin until early next year. The ongoing development of the e-HKD and the prospective regulation of digital-asset treasuries point to Hong Kong’s broader strategy of integrating digital finance into its mainstream economy. Together, these initiatives underscore a cautious yet steady effort to position the city as a global center for digital finance.