Miracle Play and HG Ventures to lead global Web3 e-sports gaming industry

Huobi Delists USDD Stablecoin PairsHuobi Global, the Seychelles-headquartered cryptocurrency exchange, has made the decision to delist ten trading pairs, primarily involving tokens used in transactions with the USDD stablecoin issued by the TRON DAO Reserve.That’s according to an announcement published to Huobi’s website on Monday. These tokens are supported by TRON founder Justin Sun, who also acts as an advisor to Huobi. The delisting, effective from June 29, will impact several tokens, including the Cardano blockchain token ADA, Solana’s SOL, ApeCoin’s native token APE, MATIC from Polygon, FIL from Filecoin, and ETC from Ethereum Classic.Photo by Napendra Singh on UnsplashUnregistered securitiesAll of these tokens were offered on the Houbi platform in pairs with USDD. Additionally, trading pairs involving ARPA, GAS, QTUM, and ZKS with Bitcoin will also be removed from the platform. Huobi stated that these changes are aimed at providing users with an improved trading experience.Originating from China, Huobi has played a significant role in spot and derivatives trading for digital assets. The decision to delist these tokens follows their classification as unregistered securities in recent lawsuits by the US Securities and Exchange Commission against Binance and Coinbase. Prior to Huobi, Robinhood and eToro had already removed some of these tokens from their platforms.Stablecoins are designed to maintain a stable value by pegging them to less volatile assets like the US dollar. They achieve this by holding equivalent reserves of cash and cash-equivalent assets as collateral. Stablecoins are widely used by traders for transferring funds between exchanges and as a hedge against price volatility. This makes them some of the most heavily-traded tokens in the crypto space.USDD stabilityUSDD, the stablecoin at the center of this delisting, currently ranks as the eighth largest stablecoin by market capitalization, with approximately $750 million. Huobi is the primary exchange for buying and trading USDD, according to CoinGecko, a crypto market data provider. USDD is backed by various digital assets such as Bitcoin, Ether, and TRX, and it is issued by the TRON DAO Reserve. The TRON DAO Reserve operates as a decentralized autonomous organization (DAO), utilizing blockchain technology to automate voting and transaction processes.USDD is an algorithmic stablecoin, with the assets held in backing the coin over-collateralized to a level of 170%. Despite this, the stablecoin has had issues in maintaining its US dollar peg from time to time. The issue has been that the token is partly backed by the TRX token, the native token of the TRON ecosystem. If TRX backing is discounted, the stablecoin is only 49% backed.Reports indicate that Sun acquired a controlling stake in Huobi through a Hong Kong-based asset manager, reportedly paying around $1 billion in November. However, Sun hasn’t provided any details of any such ownership stake.Huobi’s decision to delist these trading pairs reflects the evolving regulatory landscape and the need for exchanges to ensure compliance with securities regulations. By removing tokens that have faced legal scrutiny, Huobi aims to maintain a robust and compliant trading environment for its users.

Klaytn Foundation Denies Embezzlement Allegations Involving KLAYThe Klaytn Foundation, the group behind virtual asset KLAY, has denied allegations against the former chairman of Kakao, the South Korean messaging app developer, as well as executives from its subsidiaries, according to local news outlet Digital Asset. These allegations accuse them of embezzlement involving the cryptocurrency.A formal complaint detailing these allegations was submitted on Wednesday by Economic Democracy 21, a civic group, to the joint crypto-crime investigation division of the Seoul Southern District Prosecutors’ Office.Photo by alleksana on PexelsKlaytn’s responseIn response, the Klaytn Foundation has characterized the allegations as arbitrary and unfounded. The foundation is taking the matter seriously and is planning to conduct a comprehensive fact-check to actively address the claims.Civic group’s claimsEconomic Democracy 21 contends that select insiders at Kakao and its subsidiaries have illicitly accumulated hundreds of billions of Korean won. According to the group, this was done by converting KLAY tokens into cash under the pretense of investment and compensation.Ongoing commitmentIn the midst of this legal dispute, the Klaytn Foundation reaffirmed Klaytn’s steadfast dedication to advancing its scheduled initiatives in collaboration with its ecosystem partners.

Intella X and CARV Team Up to Revolutionize Web3 GamingIntella X, the Web3 blockchain gaming platform developed by South Korean gaming company Neowiz, has entered into a partnership with CARV, a company that is currently building gaming credential infrastructure. Together, they intend to lead the era of innovative and cutting-edge Web3 gaming by improving the gaming experience, such as boosting player engagement and fostering an active gaming community.Photo by Mateov on UnsplashElevating the gaming experienceCARV’s platform provides a multifaceted experience for gamers, allowing them to explore a diverse range of games, collect rewards, and interact with fellow gamers around the world. In particular, they can also create a profile where they can organize all of their gaming achievements into verified and evolving credentials. On the other hand, Intella X offers service protocols like Proof of Contribution to cater to game developers and users in its ecosystem.Expanding horizonsUnder the partnership, CARV will onboard a selection of Intella X games to its CARV Play platform, the first of which will be the mobile Play-to-Earn (P2E) game Crypto Golf Impact and the MMORPG EOS Gold. The company will also support Intella X in order for it to expand its global presence and gain a larger user base, which entails leveraging CARV’s data analysis technology to create effective marketing and in-game quest campaigns to optimize user acquisition.“CARV is excited to partner up with Intella X in an effort to help their games scale by providing targeted user acquisition through player credentials as well as providing user insights that allow Intella X games to truly understand their communities. The Intella X team is filled with industry veterans who know how to disrupt an industry. CARV couldn’t be happier to align with such a strong brand in the space,” said Paul Delio, Head of Business Development at CARV.