Samjong KPMG and Xangle to explore on-chain data for crypto accounting

Triple-A Secures Series A Funding to Advance Crypto PaymentsTriple-A, the Singaporean digital currency payments firm founded by Eric Barbier, has announced the successful closure of its $10 million Series A funding round.Photo by Towfiqu barbhuiya on Unsplash$10 million raiseIn a statement on its website on Wednesday, the firm outlined that the raise had been led by Peak XV Partners (formerly known as Sequoia India & South East Asia), who had previously invested in the company. In addition, the round received support from Abu Dhabi-based venture firm Shorooq Partners, alongside other undisclosed repeat backers.The company offers white-label solutions for businesses, facilitating the seamless integration of cryptocurrency payments with quick conversion to fiat money in their bank accounts within just one day. Triple-A currently supports various cryptocurrencies, including Bitcoin, Ether, Tether, and USD Coin.According to Barbier, stablecoins are a game-changer in payments, as they enable real-time settlements, in contrast to traditional payment methods like SWIFT transfers, which may take several days to clear. He stated: “With stablecoins, individuals and businesses worldwide, even in emerging countries, can now easily own and use a USD-denominated currency.”Barbier is known for his earlier success in founding the cross-border payments platform Thunes. The idea for Triple-A was born while Barbier was working at Thunes and recognized the potential of cryptocurrencies in resolving chargeback fraud issues.Barbier saw cryptocurrencies as a more efficient payment method for businesses engaged in cross-border transactions. He explained:“Cryptocurrency payments not only shield businesses from chargeback fraud risks but also help to streamline B2B cross-border payments. With instant settlements and no middlemen required, I realized we could solve many pressing issues in the payments industry today.”Expanding operations globallyThis funding round follows Triple-A’s $4 million seed round, bringing the total funds raised to date to $14 million. The new capital injection will be directed towards expanding Triple-A’s operations in key regions, including the Middle East, North America, and South America.Moreover, the company plans to enhance its cryptocurrency solutions and offerings in its crypto payments and payout products. Currently headquartered in Singapore, Triple-A boasts a global presence with offices in Miami, Hong Kong, Paris, and Barcelona, supported by a team of over 70 professionals.Regulatory compliant pathTriple-A is trying to differentiate itself through adherence to regulation. The company holds licenses that permit it to operate globally, including one from the Monetary Authority of Singapore (MAS) as a payments institution and a payments institution license from the central bank of France, allowing it to execute payment transactions across all EU member states.The company is registered with the United States Financial Crimes Enforcement Network (FinCEN) and is actively looking to expand its regulatory footprint. In line with the regulatory path the business is treading, Triple-A’s target clientele primarily consists of enterprises that value compliance, regulation, and licensing and seek to engage in cryptocurrency payments without the associated risks and complexities.Triple-A has already gained traction, serving more than 20,000 businesses, including prominent names such as iStudio, Farfetch, Charles and Keith, Singapore Red Cross, Razer, and Reap, along with other large enterprises. In July, it partnered with universal payments platform Optty to enable crypto payments. The onboarding process is swift, with Triple-A completing the Know Your Customer (KYC) procedure and onboarding within one to two business days. The integration methods offered include API and no-code integration.

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.

SEC seeks summary judgment against Terraform LabsThe U.S. Securities and Exchange Commission (SEC) is making a strong push for a summary judgment in its ongoing legal battle against Singapore’s Terraform Labs and its co-founder Do Kwon. Such an outcome would spare the need for a protracted trial.According to a motion filed by the SEC on Thursday, the record shows that there is “no genuine dispute as to any material fact and that the moving party is entitled to judgment as a matter of law.”Photo by Caleb Fisher on UnsplashRelying on the Howey TestThe SEC’s filing underscores its central argument that Kwon and Terraform Labs were involved in the sale of securities. The document categorically states:“There is no dispute that purchasers made an investment of money, either through fiat currency or crypto assets, for each crypto asset — LUNA, wLUNA, MIR, and UST, thereby satisfying the first prong of Howey.” The Howey Test refers back to a U.S. Supreme Court case — SEC v. Howey — which took place in 1946. The case set a precedent and has subsequently become the cornerstone of determining what is or is not a security in the United States.This argument hinges on the idea that funds were pooled in a common enterprise with the expectation of profits primarily derived from the efforts of the promoters.Citing fraud as well as unregistered securitiesThe SEC’s assertion is two-fold, contending that not only did Terraform and Kwon engage in selling securities, but they also engaged in fraudulent activities and disseminated misleading information. The SEC reiterates these claims in its filing, emphasizing that the defendants committed fraud by duping investors about the stability of UST.They allegedly falsely attributed the algorithm for price stabilization while orchestrating clandestine third-party interventions. This purported deception made their claims regarding the algorithm’s effectiveness deceptive and involved the omission of crucial information. The fallout from Terra’s collapse in May of the previous year resulted in the destruction of substantial investor wealth, totaling billions of dollars.Similar defense team filingThe SEC’s move to seek summary judgment comes in the wake of a similar filing by Kwon’s defense team last Friday. Kwon is currently serving a sentence for document forgery in Montenegro, a situation stemming from his arrest at an airport with forged passports.Notably, Terraform’s co-founder, Daniel Shin, who is currently on trial in South Korea, has attributed the collapse of Terraform Labs to Kwon’s mismanagement. Shin has claimed his separation from the company and its activities occurred two years before its eventual collapse.In this legal battle that holds significant implications for the cryptocurrency and blockchain space, the SEC continues to emphasize its position, asserting that Kwon and Terraform Labs engaged in the sale of securities through deceptive means. The outcome of this case could have far-reaching consequences, setting precedents for future regulatory actions in the industry.