WEMIX comes in 9th in CoinMarketCap’s TVL chain ranking

The U.S. Department of Justice has filed a civil complaint to seize roughly 127,271 Bitcoin linked to an alleged fraud scheme tied to Prince Group, a multinational conglomerate based in Cambodia. That’s according to a press release from the U.S. Attorney’s Office for the Eastern District of New York. The digital assets are currently valued at approximately $14.18 billion and are now in the custody of the U.S. government. Prince Group chairman Chen Zhi, now indicted by U.S. authorities, has been named as the mastermind behind the operation. FBI Assistant Director in Charge Christopher Raia said Chen oversaw an international crypto investment scam connected to a labor trafficking network that defrauded thousands of victims worldwide.Photo by Kanchanara on UnsplashOperations across 30 nationsSince 2015, Chen Zhi has headed the Prince Group, which operates in more than 30 countries. Under his direction, the group allegedly established scam compounds across Cambodia that promoted fraudulent crypto investment scams. The operations targeted victims through social media and messaging platforms with false promises of high returns. According to the allegations, funds were stolen and laundered rather than invested, and perpetrators often built trust over time before carrying out the fraud. Authorities in Vietnam have uncovered a comparable case that did not involve the seizure of cryptocurrency. According to Tech in Asia, Hanoi police confiscated assets worth $34 million from Nguyen Hoa Binh, chairman of the tech company NextTech. The seized property includes 597 gold bars, deeds to 18 properties, and two vehicles. Investigators allege that Binh and nine associates raised funds for the AntEx cryptocurrency project by selling 33.2 billion tokens to 30,000 investors in 2021, collecting around $4.5 million. The defendants are said to have taken part in fraudulent appropriation of assets and accounting violations. Tepid business climate in VietnamThese incidents come as Vietnam’s government works to define its stance on digital assets. According to a Cointelegraph report published earlier this month, the Vietnamese Ministry of Finance said that since the announcement of the country’s five-year digital asset trading pilot plan, no companies have applied to participate. Sharing this update, the vice minister of finance expressed hope that this pilot would launch before 2026. The report points to strict requirements as a likely reason for hesitation. Licensed crypto asset service providers must hold at least 10 trillion dong, about $379 million, in capital. They are also required to back all digital assets with real and tangible assets only, and the framework explicitly prohibits using fiat currencies or securities as backing. These rules leave few options that would attract retail or institutional investors. Gemini eyes Southeast Asia as adoption growsMeanwhile, global firms continue to look to Southeast Asia as activity increases. Dow Jones Newswires reported that Gemini, the American crypto platform founded by the Winklevoss brothers, plans to expand its footprint across the region. In an interview, Saad Ahmed, Gemini’s head of Asia Pacific (APAC), said the company was strengthening its regional operations. A Chainalysis study provides context, showing that the APAC region recorded the fastest growth in on-chain activity compared to other markets in the 12 months ended June. The region saw total crypto transactions rise to $2.36 trillion from $1.4 trillion a year earlier. Although Ahmed did not share investment figures, he said Gemini’s Singapore headquarters has grown to about 65 employees, up from 15 in the final quarter of 2023. He added that the expansion reflects the company’s view of Singapore as a key base for its operations in Asia and globally. Recent criminal discoveries and tightening regulations reveal how Southeast Asia’s crypto scene remains nascent. Governments are stepping up enforcement and shaping new frameworks even as global firms expand across the region, motivated by growing adoption. How policymakers and market players respond to these early tests will define the next phase of digital asset growth in Asia. 

More Players Join NH Bank-Led Security Token Consortium in South KoreaMultiple South Korean banks and fractional investment firms are now joining the security token consortium led by NongHyup Bank (NH Bank), according to a report from local news outlet Etoday today.Expanding consortiumNH Bank announced today that the Industrial Bank of Korea, Shinhan Bank, and Woori Bank, along with fractional investment companies, will be participating in the banking sector’s security token consortium. This consortium was established in April and initially comprised NH Bank, Suhyup Bank, Jeonbuk Bank, and six fractional investment companies.The objective of the banking sector’s involvement in the consortium is to contribute to the security token industry by developing distributed ledger technology infrastructure, conducting research to promote security tokens, and strengthening investor protection.The consortium participants will engage in further discussions on how banks can participate in the security token market while adhering to evolving legislation related to security tokens. Additionally, they will explore methods to establish the necessary platforms required by fractional investment companies to issue security tokens.Photo by Mathieu Stern on UnsplashSecurity tokens as corporate bondsIn the long term, the group plans to issue security tokens as corporate bonds, taking inspiration from German tech company Siemens’ strategy, or create a secondary market for security tokens to promote the overall security token ecosystem. Earlier this year, Siemens issued a blockchain-based one-year bond worth 60 million euros ($64.9 million).The consortium’s new fractional investment firms include fractional real estate investment platform Funble, artificial intelligence entertainment firm Blade Ent, blockchain tech firm Trackchain, online bookstore Yes24’s fractional artwork ownership platform ARTiPIO, and electric vehicle (EV) charging sharing platform Charzin.

In a move announced on Friday, OKX, the Seychelles-headquartered cryptocurrency exchange, declared its decision to delist 20 trading pairs by Jan. 5, triggering a notable price fall for major privacy coins such as Monero, Dash and ZCash. The exchange cited that the affected pairs did not align with its listing criteria, though specific details were not disclosed.Photo by Khara Woods on UnsplashPrivacy coin delisting trendWhile OKX did not explicitly articulate the rationale behind this move, industry observers are speculating that it could be part of the exchange’s broader efforts to comply with evolving regulatory measures. Privacy coins have increasingly drawn regulatory scrutiny due to concerns about potential illicit activities within the crypto space. Earlier in the year, Binance had also announced the delisting of several privacy coins to ensure compliance with local laws and regulations. The broader context of regulatory pressures on privacy-focused cryptocurrencies seems to be impacting major exchanges’ decisions. In 2022, Huobi cited regulatory pressures when it took the decision to delist Monero and other privacy coins. Kraken was further ahead of the curve still, delisting Monero for UK customers in November 2021. Downward price actionFollowing OKX’s announcement on Friday, the prices of privacy-focused cryptocurrencies, notably Zcash (ZEC) and Monero (XMR), experienced a decline. The entire sector of “privacy cryptos” has witnessed a 7.1% decrease in overall market capitalization, according to an index of such coins compiled by Malaysian crypto indexing firm CoinGecko. During this period, Monero and Zcash have seen unit price declines of 4.5% and 10.7%, respectively. Other tokens set for delisting, including Dash, Powerpool and Horizen, have recorded declines of up to 14%. OKX has provided guidance to users, advising them to cancel orders related to the affected trading pairs before the delisting date to avoid automatic cancellation, a process that may take 1–3 working days. Concurrently, the exchange has halted deposits for the impacted cryptocurrencies and plans to cease withdrawals by Mar. 5, 2024, affording holders sufficient time to withdraw their assets. However, once the delisting is complete, trading these digital assets on OKX will become impossible. Interestingly, certain privacy coins like MINA continue to be listed on the exchange, experiencing a 7.5% increase following the delisting announcement. It’s crucial to note that OKX’s delisting is not exclusive to privacy tokens, as it also includes other trading pairs associated with digital assets such as Kusama, Flow, Kyber Network and Aragon. The fight for privacySome crypto community members have voiced their concerns on social media, with many fearing that the innovation may be ‘captured’ by the various state authorities over time. However, ex-Monero developer Ricardo Spagni (AKA “Fluffypony”) was nonchalant about the whole thing, judging by his comments. In a post on social media platform X, he wrote: ”Monero users and contributors literally couldn’t care less about delistings at this point.” As the regulatory landscape evolves, cryptocurrency exchanges are navigating these challenges, impacting the availability and value of specific tokens on their platforms. Investors and privacy advocates alike will be closely watching how such regulatory compliance measures continue to shape the crypto market and crypto use.