First ever cross-border settlement achieved for gold using e-CNY

Fake Security Tokens Linked to HD Hyundai Oilbank in CirculationHD Hyundai Oilbank, one of South Korea’s leading refiners, said Wednesday that a counterfeit security token dubbed “HOBT” claiming affiliation to the company has been circulating online. The token is allegedly based on old stock certificates under the company’s former name, Hyundai Oil Refinery, as the underlying assets, though the company had changed its name to HD Hyundai Oilbank back in 2002. Both the token and the underlying asset are invalid and have no relation at all to HD Hyundai Oilbank, the company emphasized, so investors must exercise caution.Fraudulent promotionEntities that are giving away or selling HBOT tokens are attracting investors by promoting a one-on-one exchange of the tokens for old Hyundai Oil Refinery stock certificates. They are also promising to grant shareholder rights through blockchain technology as well as interest payments of 4% every month for a total of 24% over six months.Fraudulent activities like these have recently been on the rise following the legalization of security tokens and the formal issuance of a select few tokens.Investigative measuresThe Incheon Metropolitan Police is currently conducting an investigation into the case. Notably, the old Hyundai Oil Refinery stock certificates that the involved entities are claiming to be underlying assets have been proven to be fake in over ten court rulings. Although owners of these old stock certificates had filed lawsuits against the company related to shareholder registration renewals since the late 2000s, all of them had lost their cases.Photo by Tingey Injury Law Firm on UnsplashPast events resurfacingThis recent circulation of the forged HOBT tokens is attributed to employees of a disposal company who pocketed the invalid stock certificates and certificate papers, rather than disposing of them as they were required to do.In January 2002, HD Hyundai Oilbank had hired a company to dispose of documents — including those related to the old stock certificates — that had lost their validity during the process of attracting and increasing foreign capital.“In May of that year, we started receiving frequent inquiries about the stock certificates. We filed a legal complaint against the employees and conspirators of the disposal company for illegally distributing the certificates (including the stock certificate papers), and they were subsequently punished for theft and fraud,” the company explained.

As cryptocurrencies increasingly position themselves as a recognized asset class and potential hedge against fiat inflation, illicit activity tied to digital tokens is becoming more visible. A recent high-profile case in the UK has brought this issue into sharp focus, centering on a fraud scheme originating in China. According to BBC News, the case involves Qian Zhimin, a woman who raised funds from more than 100,000 investors in China by claiming to operate a crypto mining company that also develops health products. Instead, she laundered the proceeds and fled the country. On Nov. 11, Qian was sentenced to 11 years and eight months in prison by a UK court.Photo by Vasilis Chatzopoulos on Unsplash$6B fraud and lavish lifestyle​Qian entered Britain on a forged passport in September 2017 and proceeded to live an extravagant lifestyle, renting a mansion in Hampstead for over £17,000 ($22,700) per month. She was arrested in northern England in April 2024, and it was found that she held roughly 61,000 Bitcoin, valued at roughly £5 billion ($6.6 billion), having converted portions of her holdings to cover her substantial living expenses. ​The sheer scale of her wealth was revealed after police searched her rented residence, discovering the Bitcoin reserves on hard drives and laptops. It marks the largest crypto seizure ever recorded in the UK. During the raid, officers also found four other individuals at the property illegally employed to handle household tasks such as shopping, cleaning, and security. ​Since Qian’s arrival in the UK, the value of her Bitcoin holdings has appreciated more than 20-fold. With the fraudster now sentenced, victims are seeing a glimmer of hope for restitution. A civil case scheduled for early next year will determine the fate of the seized assets. However, while many defrauded Chinese investors are reportedly preparing to file claims, establishing a clear paper trail may prove difficult. Many victims routed funds through local intermediaries rather than transferring them directly to Qian’s firm. ​U.S. Bitcoin forfeiture and Beijing’s allegationsWhile the UK courts grapple with the aftermath of Qian’s fraud, a separate crypto controversy is brewing between the U.S. and China, highlighting Beijing's continued vigilance over the sector despite its 2021 ban on trading and mining. According to Cointelegraph, the state-supported National Computer Virus Emergency Response Center (CVERC) has alleged that American authorities are connected to the disappearance of roughly 127,000 Bitcoin, valued at around $14.5 billion, from the LuBian mining pool. ​These allegations surfaced after the U.S. filed a civil forfeiture claim in October against Chen Zhi, the Cambodia-based founder of the Prince Group, who is believed to have owned the assets prior to the breach. At the time of the filing, the U.S. Treasury Department noted that the funds were already under its control. ​CVERC contends that Washington hasn't explained how it accessed the assets. Citing data from analytics firm Arkham, the Chinese agency suggested the funds had been under U.S. control for over a year. They argued that the prolonged inactivity of the Bitcoin before the formal seizure is inconsistent with the typical behavior of hackers seeking quick profit, implying state-level involvement. Economic chess between Washington and BeijingThis matter of Bitcoin control adds a new layer of complexity to U.S.–China relations, even as a trade truce between the two countries took effect on Nov. 10. In a report by CNBC, Washington cut tariffs on China’s fentanyl-linked imports to 10% and extended a reciprocal rate reduction under that agreement. In exchange, Beijing is said to have eased certain restrictions on rare earth exports. Analysts at Morgan Stanley suggest that China is maintaining its export-control regime, implemented in April, to retain strategic leverage. They caution that recurring negotiations and strategic divergence will remain defining features of the evolving bilateral relationship. 

Global blockchain security ranking platform CertiK announced that its Skyfall research team has been inducted into the Samsung Mobile Security Rewards Program’s 2023 Hall of Fame, according to an article by South Korean news outlet Greenpost Korea on Thursday (KST).Photo by Franck on UnsplashTeamwork excellenceThis Hall of Fame recognizes outstanding security researchers who have made significant contributions each year to the security of Samsung products. CertiK Skyfall’s spot in the ranking highlights the importance of collaborative efforts in solving complex cybersecurity challenges, the company said. Securing the futureThe team was responsible for actively identifying a total of seven vulnerabilities in the Samsung Blockchain Keystore – a software development kit (SDK) developed by Samsung to manage private keys – four of which were critical and three of which were high risk. The vulnerabilities left the SDK susceptible to local attacks, including arbitrary code execution and unauthorized access to sensitive data. In response, Samsung was able to quickly deploy security patches that added appropriate boundary checks and protection mechanisms. Skyfall has formerly been acknowledged twice in Apple's release notes for discovering multiple vulnerabilities in new iOS and iPadOS software releases, the most recent being iOS 17 Security Update. Last June, the team was also awarded the Sui network’s highest bug bounty for discovering and fixing a critical vulnerability. "We are extremely proud of the outstanding performance of the CertiK Skyfall team," said Kang Li, Chief Security Officer at CertiK. "It is a testament to the team's professionalism, integrity and deep impact at the forefront of cybersecurity." CertiK is comprised of a team of seasoned experts from reputable universities including Yale and Columbia University and globally renowned companies like Google and Microsoft. The firm also operates from several offices around the world, including Seoul.