U.S. authorities seize crypto tied to Asian ‘pig butchering’ scam

Bitdeer Technologies, led by Jihan Wu and based in Singapore, has unveiled the very latest development in the world of Bitcoin mining technology with the announcement of the successful testing of its proprietary Bitcoin mining chip, slated for integration into its forthcoming mining rig. In addition, the firm has followed up on March 4 with the publication of financial results for Q4 2023.Photo by Thought Catalog on UnsplashSealminer A1The company revealed on X that its inaugural crypto mining chip, known as the SEAL01, destined to drive the Sealminer A1 mining rig, was engineered utilizing four-nanometer process technology, a feat achieved in collaboration with a semiconductor fabricator. Bitdeer boasts that this chip exhibits a power efficiency ratio of 18.1 J/TH. At the heart of Bitdeer's latest achievement lies the SEAL01 chip, the culmination of years of dedicated research and development. By harnessing state-of-the-art technology and meticulous planning, Bitdeer aims to tackle the pressing challenges confronting Bitcoin miners, including skyrocketing operational costs and environmental implications. The company claims that the efficiency of the SEAL01 chip not only promises a shift towards more sustainable mining practices but also holds the potential to significantly reduce energy consumption, thereby bolstering profitability and return on investment for miners. "This powerful chip offers enhanced Bitcoin mining performance with minimized power consumption, leading to lower operating costs and a reduced environmental footprint for miners," Bitdeer affirmed in the X post. The firm stopped short of disclosing the launch timeline for its upcoming mining rig. On the financial front, Bitdeer disclosed its financial results for Q4 2023, on March 4. The company reported a total of 111,966,634 outstanding ordinary shares as of Dec. 31, 2023, including class A and class V ordinary shares. Additionally, Bitdeer revealed key operational metrics for Q4 2023, including total Bitcoin mined, power usage across its mining data centers, average cost of electricity and miner efficiency. Bitdeer's shares closed up 2.11% at $6.76 on Nasdaq on Friday, indicating a positive market response to its recent newly developed Bitcoin mining chip. However, trading outside regular hours, going into March 4, have seen the share price peak at $7.52, yet having retraced to $6.9 at the time of writing. That may indicate that investors are not particularly enthralled by the firm’s Q4 2023 results. Bitdeer emphasizes that the SEAL01 chip is engineered to meet the evolving demands of the cryptocurrency mining industry. As mining activities continue to gain traction and market dynamics evolve, the adaptability of hardware solutions becomes paramount. Bitdeer's strategic emphasis on innovation with the SEAL01 chip aims to pave the way for future advancements in cryptocurrency mining technology, ultimately fostering the growth and sustainability of the industry. Moreover, Bitdeer asserts that the newly developed chip enables it to optimize efficiency, stability and performance in anticipation of the upcoming Bitcoin halving event slated for April. Last month, the company’s founder Jihan Wu was installed as CEO, in a move that is understood to better position the company as it transitions to a growth phase.

Hong Kong–listed companies are stepping up digital-asset bets as the city sets out a clearer rulebook, a sign that tighter oversight and new market rails are starting to unlock institutional demand.Photo by Ruslan Bardash on UnsplashCorporate moves signal rising appetiteBoyaa Interactive International has been adding Bitcoin (BTC) to its treasury, with the latest acquisition of 411 BTC bringing its total holdings to 4,091 BTC. The gaming company has said it will direct 90% of a planned $56.3 million rights issue into Bitcoin. Yunfeng Financial raised HKD 1.17 billion, or about $150 million, through a new share issuance and plans to use part of the proceeds to launch cryptocurrency trading and investment management services. The firm is associated with Yunfeng Capital, which was co-founded by Alibaba founder Jack Ma, and has previously outlined plans to accumulate BTC, Ethereum (ETH), and Solana (SOL). These moves land alongside a policy reset from the top. In his annual address on Sept. 17, Chief Executive John Lee reaffirmed Hong Kong’s goal of cementing its position as an international hub in finance, including digital assets, while pairing that ambition with stronger investor safeguards. Tokenization and blockchain testbedThe centerpiece is Project Ensemble, run by the Hong Kong Monetary Authority (HKMA). The initiative is building infrastructure for a tokenized market and operates a sandbox where institutions can test blockchain systems in live business settings. Priorities include tokenized bank deposits, settlement of tokenized assets such as money market funds, and standardized issuance of government tokenized bonds. Regulation is advancing in parallel. The government is preparing legislation for a licensing regime that covers stablecoin issuers as well as digital-asset dealing and custody providers. The Securities and Futures Commission is studying an expansion of products for professional investors, with tougher protections baked in. The regulator plans to use automated reporting and data surveillance to curb misconduct. Authorities also intend to deepen cross-border cooperation to combat tax evasion. Banking rules are set to shift as well. The HKMA has circulated draft guidance that would ease capital requirements for certain crypto exposures in line with Basel standards through a new policy module called CRP-1. Under the proposal, assets issued on permissionless blockchains could qualify for lower capital charges when issuers demonstrate effective risk management. Hong Kong aims to implement the international rules by early 2026.Publicly traded BTC treasury firms in China Source: BitcoinTreasuries.NETAdoption amid constraintsNot every institution will join the build-out. Mainland policies may constrain participation, according to Caixin. Chinese digital platforms, state-owned enterprises (SOEs), and financial entities operating in Hong Kong could face limits on stablecoin and other crypto activity. Branches of several SOEs and Chinese banks are also unlikely to seek a Hong Kong stablecoin license. Corporate adoption remains broad despite those headwinds. Publicly traded Bitcoin treasury companies in China and Hong Kong hold a combined 19,280 BTC, according to BitcoinTreasuries.net. Several appear among the top 50 public corporate holders worldwide, including Next Technology Holding (16th), Cango (18th), Boyaa (24th), Nano Labs (48th), and Ming Shing Group (50th). The tally points to rising regional interest in digital assets. Publicly traded BTC treasury firms in Hong Kong Source: BitcoinTreasuries.NET

SBI Holdings and TradeFinex Partner to Create a Trade Finance JV in JapanJapanese financial services conglomerate SBI Holdings has joined forces with UAE-based TradeFinex to establish a dynamic joint venture. The objective of the partnership is to propel the widespread adoption of the XDC Network within Japan’s trade finance sector.Details of the agreement between the firms emerged last Friday. The strategic collaboration represents a move toward harnessing blockchain technology to infuse transparency, efficiency, and accessibility into the fabric of trade finance and supply chain management.At its core, the XDC Network stands as an enterprise blockchain platform which is compatible with the Ethereum virtual machine (EVM). In recent times, the XDC Network has cultivated partnerships with several international organizations, including the World Trade Organization (WTO) and the International Chamber of Commerce (ICC). It has pioneered solutions aimed at cost reduction, transaction acceleration, and transparency augmentation within the trade finance sphere.Photo by Timelab on UnsplashBuilding upon related partnershipSBI Holdings, deeply ingrained in Japan’s financial services sector, has taken significant strides to embrace the potential of blockchain technology. Earlier this year, its subsidiary, SBI VC Trade, partnered with the XDC Network, becoming the inaugural Japanese exchange to facilitate the cryptocurrency asset XDC. Building upon this previous collaboration, SBI VC Trade has been proactive in championing the expansion of the XDC Network’s presence in Japan.The freshly minted joint venture between SBI Holdings and TradeFinex has the potential to serve as a catalyst for further XDC Network growth in Japan. A central goal is to localize XDC Network-related information, thereby rendering it more accessible to Japanese businesses and investors.Additionally, the venture is actively scouting for cryptocurrency exchanges who are prepared to use and promote the XDC network, further amplifying its adoption. Exploring collaborations with subnet and layer-2 enterprises forms an integral part of their strategy.Japan’s evolving stance on blockchainThe timing of this collaboration coincides with Japan’s evolving stance on blockchain technology and cryptocurrencies. Emerging reports indicate the Japanese government’s contemplation of allowing startups to raise capital through cryptocurrency tokens, marking a seismic shift away from conventional stock listing processes.In April the Japanese government released a whitepaper on Web3, in its efforts to explore ways to foster innovation in the emerging sector. Furthermore, Japan’s National Tax Agency has made adjustments to its cryptocurrency-related tax code, underscoring a proactive stance toward regulating the cryptocurrency industry. Related to that, the country’s Financial Services Agency (FSA) has been exploring tax exemptions relative to unrealized crypto gains.Japan has become known historically as a center of technological innovation. There have been soundings recently that it can rediscover its abilities in that respect through the development of Web3.The strategic alliance between SBI Holdings and TradeFinex charts a promising trajectory for the XDC Network within Japan’s trade finance sector. Anchored in a project that aspires to offer innovation, transparency, and operational efficiency, this joint venture offers considerable potential to spearhead the adoption of blockchain technology within one of the world’s most prominent financial markets.