MEVerse and XPLA forge partnership to herald new era of blockchain gaming

ONEUNIVERSE Holds Second NFT Sale for Champions ArenaSouth Korean metaverse developer ONEUNIVERSE said Wednesday it is holding its second sale of non-fungible tokens (NFTs) in celebration of the upcoming release of its newest AAA Web3 game, Champions Arena.Photo by Stefan Gall on UnsplashFueling earningsThe NFTs, called Champion NFTs, will play a pivotal role in boosting the core Play-to-Earn (P2E) feature of the game. Players must possess Champion NFTs in order to earn victory points, or VPs, within the game’s central hub called the Arena. These VPs can then be converted to and distributed as Gala (GALA), the native token of the game’s publisher Gala Games.The amount of VP that a player can acquire depends on factors such as the quantity and ranking of the Champion NFTs in their collection, as well as their tier ranking. Hence, more Champion NFTs means more VPs.“We are delighted to meet the demand of gamers who are eager to purchase NFTs leading up to the official release of Champions Arena. Through this sale, our goal is to ensure that as many users as possible can experience one of the core functionalities of the game — earning — right from the initial launch,” said Choi Won-jong, Chief Business Officer of ONEUNIVERSE.Global launch and exclusive offersChampions Arena will launch globally at 5 PM PT on August 23 as a mobile and PC game with the exception of South Korea and select countries, according to Gala Games. The NFTs will be available for purchase on the Gala Games official website starting today until the launch. They will be packaged within “Champion Boxes” that contain one of 18 different playable Champions, including those in the highest tier of Legendary.There is also an exclusive 30% discount event running until 3 PM on August 21.

Academia, Industry Collaborate on Crypto Accounting Research in KoreaThe Korean Accounting Association (KAA) and Samil PwC, the South Korean member firm of global accounting company PwC, have joined forces to conduct collaborative research on accounting for cryptocurrency assets, according to a report by local news outlet Maeil Business Newspaper.Photo by Pixabay on PexelsCollaborative effortsUnder this newly formed partnership, the KAA’s crypto asset committee will work closely with Samil PwC to explore a wide range of crypto assets, facilitate the development of financial statements pertaining to these assets for businesses, and implement accounting policies that align with the characteristics of cryptocurrencies.Leading the crypto asset committee is Roh Hee-chun from Soongsil University, while Partner Lee Jae-hyeok from Samil PwC will participate in the study. Until 2028, this collaboration is poised to yield insights and findings on crypto asset accounting.First seminarThe committee is set to hold its first seminar on June 27, serving as a platform for knowledge exchange and fostering deeper understanding among industry professionals. Furthermore, the accountants involved anticipate publishing a paper in an academic journal next year.PwC’s Assurance Leader Oh Kee-won emphasized the accounting firm’s commitment to leveraging its extensive resources in order to produce outcomes that positively impact society.Meanwhile, KAA President-elect Kim Gap-soon highlighted the relative novelty of crypto asset accounting, acknowledging that there is much ground to be covered. The association aims to establish a solid foundation that offers optimal guidance in the field of crypto asset accounting.

Zettai Pte Ltd., the Singapore-based holding company that controls Indian crypto exchange WazirX through its subsidiary Zanmai India, has filed an application for a moratorium with the Singaporean High Court, under section 64 of the Insolvency, Restructuring and Dissolution Act 2018. Six months requestedIn the filing (HC/OA 861/2024), the company has pleaded with the court to be granted a six-month moratorium, which would give the firm the space and time needed to restructure its liabilities. The company laid out details of its moratorium application in a blog post published to its website on August 28. The firm outlined that a moratorium represents “ the most efficient way to address users’ cryptocurrency balances on the Platform and facilitate recovery for users.” An automatic moratorium of 30 days has effectively been granted as a consequence of the application itself, and it is up to the court if it approves the six-month moratorium that is being sought. A date for the hearing of that matter has yet to be scheduled.Photo by Palu Malerba on Pexels$234 million hack falloutWazirX has been dealing with the fallout from a $234 million hack which occurred in July. One key entity that is owed funds is Indian crypto app CoinSwitch. In an effort to get its funds back, the company has sued WazirX. Taking to the X social media platform, CoinSwitch outlined why it felt the need to take legal action. It stated: "From the day of the incident, we have tried to be in constant touch with the WazirX team, seeking recovery of the funds that are stuck on their exchange. However, our efforts have not come to fruition." In a follow-up tweet, CoinSwitch assured its own users that its exposure to WazirX has no impact on user balances. The company has WazirX exposure that amounts to 2% of its overall user funds. That exposure is reduced further if WazirX’ claim that only ERC-20 tokens were affected is taken on board, accounting for 1% of CoinSwitch user deposits. White KnightWazirX co-founder Nischal Shetty spoke to the notion of a “white knight” in an affidavit submitted under the Zettai name to support the application. He outlined that WazirX is in talks with 11 crypto exchanges and has signed three non-disclosure agreements (NDAs). The company has also received offers for financing and for partnering with Zettai, the WazirX parent company. WazirX has outlined that it has set aside $12 million in digital assets to cover legal and associated costs that the company anticipates incurring as part of its restructuring efforts. Matters are further compounded by the fact that a cloud hangs over the ownership of the company. Shetty has claimed that he is no longer an owner of the exchange. In 2022, he wrote that Binance had acquired WazirX. Around the same time frame, Binance’s Changpeng Zhao (CZ) outlined that Binance didn’t control WazirX systems.  India’s economic intelligence agency, the Enforcement Directorate, has claimed in the past that Shetty has gone out of his way to obscure the ownership structure by way of a complex chain of companies in Singapore.