Gumi joins XPLA mainnet as newest validator

Russians will continue to have access to crypto markets despite the application of sanctions, according to a senior Russian official. Impossible to completely block marketThat’s the view of Anton Gorelkin, the deputy head of the State Duma committee on information policy. In a report published by Russian state-owned news agency TASS on March 6, Gorelkin is quoted as stating: "It should be recognized that it is impossible to completely block this market for Russia." Gorelkin added that crypto remains one of the mechanisms through which international sanctions being applied to Russia can be circumvented. Russian firms have increasingly been using Bitcoin and crypto in international trade to circumvent sanctions. The Russian official’s comments come as Russian crypto exchange Garantex has been forced to suspend its services. Last month, the Council of the European Union (EU) had added the exchange to its latest Russian sanctions package. This was part of the EU’s sixteenth sanctions package against Russia since the conflict in Ukraine began. It’s the first time that a crypto exchange has been included within any such sanctions. The EU did so on the assertion that Garantex is “closely associated with EU-sanctioned Russian banks.” Photo by Michael Parulava on UnsplashTether ‘enters war’ against Russian crypto marketThe crypto exchange took the decision to suspend its services following an action taken by leading stablecoin issuer, Tether. Taking to Telegram, the exchange stated: “We have bad news, Tether has entered the war against the Russian crypto market and blocked our wallets worth more than 2.5 billion rubles [$27 million].” The exchange took the opportunity to warn its users that “all USDT in Russian wallets is currently under threat.” Garantex added that it has been the first to be hit with such a measure, but that it won’t be the last. The firm said that it “will fight, and [it] will not give up.”  Tether has been under the spotlight of regulators and governments globally in recent years. In response, it appears to have incorporated the freezing of funds subject to sanctions more recently, with closer cooperation with law enforcement and government agencies. Last year, the company outlined that it planned to freeze funds held in addresses related to countries or companies subject to sanctions. Last September, Tether claimed to have played a role in an operation carried out by the Dutch authorities and U.S. Secret Service that led to the takedown of two crypto exchanges, Cryptex and PM2BTC, who were alleged to have been involved in money laundering. Garantex had already been subject to U.S. sanctions since April 2022. At the time, the U.S. authorities described the exchange as a "ransomware-enabling virtual currency exchange." The firm was originally established in Estonia in 2019. Commenting on the development, Gorelkin stated:  "To the investors who underestimated this risk, my condolences."  He also asserted that the latest round of sanctions will not be the last in attempts to apply pressure on Russian cryptocurrency firms and crypto sector infrastructure within Russia. While he believes that crypto remains a tool to get around sanctions, he stated that “USDT can be safely deleted from this list.”

DBS Bank, a key player in Singapore's banking sector, has unveiled a substantial reorganization of its operational framework, which includes its digital asset exchange business, DDEx. Global Financial Markets (GFM)Effective March 1 DBS will consolidate its equity capital markets, brokerage arm DBS Vickers and the DBS Digital Exchange (DDEx) into its Treasury Markets division. In doing so, it will form a unified entity known as Global Financial Markets (GFM). This amalgamation underscores DBS's intention to merge conventional financial services with the burgeoning digital assets landscape, contributing towards a new era of financial integration and innovation. DDEx, a members-only exchange facilitating exposure to digital assets for accredited investors, financial institutions and family offices, will now operate under the umbrella of GFM. This strategic integration aims to leverage the synergies between traditional and digital financial spheres, positioning DBS at the forefront of transformative financial solutions.Photo by Meriç Dağlı on UnsplashDDEx founder retiresThe announcement of this restructuring coincides with the retirement of Eng-Kwok Seat Moey, a revered figure within DBS, whose 36-year tenure has left an indelible mark on the bank's trajectory. Eng-Kwok's contributions to DBS's equity capital markets and the development of Singapore's REITs industry are widely recognized, as is her pivotal role in spearheading the DBS Digital Asset Ecosystem (DAE) and the founding of DDEx. Under her stewardship, DBS has consistently ranked atop regional league tables, driving innovation and excellence in Singapore's financial landscape. Eng-Kwok's legacy extends to her instrumental role in establishing the DBS Digital Asset Ecosystem (DAE), a pioneering initiative offering a spectrum of digital asset services, including origination, distribution, custody and trading. Andrew Ng, the current head of Treasury Markets, assumes leadership of the newly formed GFM group. His expertise will be instrumental in navigating the complexities of global finance, blending traditional market mechanisms with the innovative potential of digital assets. Clifford Lee, renowned for his proficiency in fixed income, will expand his purview to encompass investment banking, overseeing both debt and equity capital markets alongside his responsibilities at DBS Vickers. Capitalizing on complementary strengthsThe consolidation of DBS's financial arms not only aims to streamline operations but also seeks to capitalize on the complementary strengths of traditional and digital financial domains. Piyush Gupta, CEO of DBS, expressed confidence in the merger's ability to unlock greater synergies, enabling the bank to deliver a comprehensive suite of financial solutions to its clientele. DDEx has been at the forefront of digital asset trading in Asia, witnessing significant growth in bitcoin and ether transactions in recent years. Notably, DDEx has explored avenues such as security token offerings (STOs) and it has ventured into the metaverse realm with investments in projects like The Sandbox. Additionally, DBS's Chinese subsidiary launched a digital yuan merchant solution, facilitating payments in the new currency for mainland enterprises. As DBS embarks on this latest transformation, the integration of digital assets into its core financial operations underscores its interest in innovation within a rapidly evolving financial landscape.

South Korea’s largest crypto exchange, Upbit, suffered a security breach on Nov. 27 that resulted in the theft of 44.5 billion won ($30.4 million) in digital assets, all taken from the exchange’s hot wallets. The stolen tokens were all Solana-based, and Upbit CEO Oh Kyoung-suk said in a statement that no users will incur losses, as the company will cover the full amount with its own reserves.Photo by FlyD on UnsplashHot-wallet breach hits 24 tokensThe exchange said in a statement that the compromised tokens were transferred to an unknown external wallet at around 7:42 p.m. UTC on Nov. 26. In total, 24 cryptocurrencies were affected, all within the Solana ecosystem. The stolen assets ranged from infrastructure tokens such as Solana (SOL) to staking-related assets like Jito (JTO), along with the stablecoin USD Coin (USDC) and memecoins including Bonk (BONK), Moodeng (MOODENG), and Official Trump (TRUMP). According to Oh, the breach was followed by an emergency security review of the affected networks and wallets. He added that all remaining assets were moved to cold storage to prevent further unauthorized transfers. Oh also said the exchange is working to trace the stolen assets and block on-chain movements wherever possible, noting that Solayer (LAYER) tokens worth 2.3 billion won ($1.6 million) have already been frozen. Upbit is also reaching out to relevant projects and institutions for assistance. This marks Upbit’s second theft case. The first took place on Nov. 27, 2019, exactly six years ago to the day, according to News1. Authorities focus on Lazarus’ involvementFinancial authorities are investigating the incident, and North Korea’s Lazarus Group is being treated as the leading suspect, the Maeil Business Newspaper reported. Lazarus is also believed to have been behind the 58 billion won ($40 million) worth of Ethereum (ETH) stolen from Upbit in 2019. A government official told the paper that the latest breach did not appear to stem from a server intrusion but may have involved a stolen administrator account, allowing the attackers to impersonate internal staff and move assets—similar to the method used in the 2019 case. Security analysts echoed that assessment. One investigator said the stolen funds moved through exchange wallets before being mixed, a pattern often linked to Lazarus. He added that mixers, which are prohibited in Financial Action Task Force (FATF)-member jurisdictions, make tracing difficult and that attackers typically route assets through countries outside that framework, further pointing to North Korea. Following the incident, Upbit suspended deposits and withdrawals for all assets and said services will resume once security is fully verified. The halt has also affected trading dynamics on the exchange, with CryptoQuant CEO Ki Young Ju noting that retail investors are fueling altcoin spikes as arbitrage bots remain offline. Dunamu, Naver set $6.8B growth planThe security crisis struck at a particularly sensitive moment for Upbit’s operator, Dunamu, overshadowing what was intended to be a celebratory corporate milestone. On that same day, Dunamu, Naver, and Naver Financial held a joint press conference to outline their global expansion strategy. Dunamu brings its blockchain and crypto infrastructure, Naver contributes its position as Korea’s dominant search engine, and Naver Financial adds its payment platform serving 34 million users. The event came after reports that Naver Financial and Dunamu had approved a merger plan through a comprehensive share swap, with the ratio set at 2.54 to 1. The three companies said they will combine their respective strengths to invest 10 trillion won ($6.8 billion) over the next five years in building an ecosystem centered on Web3 and artificial intelligence (AI).During the press conference, Naver CEO Choi Soo-yeon said no decisions have been made on a Nasdaq listing for the newly combined Naver Financial–Dunamu entity or on whether it might eventually merge with Naver, according to TechM. She said dual listings remain a matter requiring national consensus. Choi also noted that while Naver Financial is a Naver subsidiary, Dunamu is the larger partner, and a later merger between the combined entity and Naver is unlikely.