Solomon Islands partners with Soramitsu on CBDC pilot

Mars Program Sees Huobi Venture into SpaceHuobi, the Seychelles-headquartered global crypto exchange platform, has embarked on an extraordinary journey with the launch of Phase I of the Huobi Mars Program, making it the first cryptocurrency exchange to explore the vastness of space.Photo by Ju Guan on UnsplashIntergalactic interestsThe Huobi Mars Program, outlined by the company in a recent blog article, signifies Huobi’s interest in space exploration and an expansion beyond the confines of Earth. With aspirations to venture far into the universe, Huobi is inviting its users to join them on this unique and unprecedented journey, becoming pioneers in the Web3 field to enter space.The first phase of the Huobi Mars Program, scheduled from June 2023 to June 2024, consists of 12 rounds of themed activities. Each round requires participating users to complete specific tasks and mint space-themed non-fungible tokens (NFTs).Throughout each round, one lucky user will be selected as the monthly reward winner and stand a chance to become a potential candidate for space travel. In the subsequent phase, the 12 candidates will undergo a rigorous evaluation process, including assessments of physical fitness, training, preparation, and community contribution. Ultimately, one candidate will be chosen to embark on a space journey alongside Justin Sun, a member of the Huobi Advisory Board. The space flight is anticipated to take place after July 2024.Mars Program commencedThe first round of the Huobi Mars Program opened for participation from June 14 to July 5, 2023. To earn space NFT rewards, users must complete specific tasks in spot trading, peer-to-peer (P2P) transactions, futures trading, and Huobi Earn transactions. Each completed task grants users the opportunity to mint a space NFT, with no upper limits.Space NFTs will be issued on the TRON Network and can be traded on various NFT platforms. Users need to link their TRON addresses on the event page to receive the minted NFTs. It is advised to mint the NFTs promptly as there will be a daily cap on NFT minting, and qualification does not carry over to subsequent rounds.The lucky user selected as the monthly reward winner and shortlisted as a candidate space passenger will have their space flight broadcasted worldwide via a live-stream. Huobi will conduct thorough verifications, including checking the winner’s TRON address, UID, and KYC verification, to ensure the authenticity of the winner. The winning space NFTs are non-transferable, and any attempt to transfer them will result in the forfeiture of the reward.Spot trading fee exemptionIn addition to the opportunity of becoming potential space passengers, the lucky users shortlisted during the first round of the Huobi Mars Program will enjoy the privilege of a 180-day exemption from spot trading fees on Huobi.Huobi isn’t the only crypto market participant with an interest in the intergalactic. It emerged last week that Charles Hoskinson, Founder of layer one blockchain Cardano, is funding The Galileo Project, an expedition to recover an interstellar object from the floor of the Pacific Ocean.Crypto memes boast of the likelihood of digital asset prices “going to the moon,” but Huobi’s Mars Program aligns with the pursuit of exploring the unknown and appears to amount to a noble intergalactic endeavor.

Rising Cryptocurrency Arbitrage Transactions Raise Concerns in South KoreaThe number of arbitrage transactions between South Korean and foreign cryptocurrency exchanges has been experiencing a notable uptick, according to a report by local media outlet Maeil Business Newspaper.In recent developments, foreign actors engaging in price manipulation have been transferring substantial amounts of cryptocurrency assets to Korean exchanges, driving up prices. Subsequently, they transfer these tokens from Korean exchanges back to overseas platforms, capitalizing on the price discrepancies to generate profits.Photo by Maxim Hopman on UnsplashBithumb’s case in H1According to documents submitted to Kim Hee-gon, a member of the ruling political party People Power Party, on Monday, KRW 3.4 trillion ($2.6 billion) worth of tokens were moved from Bithumb, a leading Korean cryptocurrency exchange, to foreign trading platforms during the first half of this year. Although this figure marks a 40% decrease compared to H1 2022’s KRW 5.7 trillion, primarily due to the significant decline in token prices across the cryptocurrency market, it’s noteworthy that the number of transactions has seen a significant increase.Other exchangesGopax, another major exchange in the nation, recorded token outflows totaling KRW 12.3 billion. On the other hand, Upbit, Coinone, and Korbit, which are also prominent exchanges, declined to provide data due to reasons like confidentiality concerns. However, given that Upbit holds an 82.0% share of the Korean crypto market, nearly four times larger than Bithumb’s share (14.2%), it is suspected that the volume of tokens transferred from Upbit to foreign platforms would likely have followed a similar proportion.While the value of tokens sent from Bithumb to overseas operators saw a year-over-year decrease, the number of transactions surged to 231,302, nearly doubling the figure of H1 2022’s 124,048 transactions. The average transaction size was KRW 14.7 million.Even though the overall enthusiasm for cryptocurrencies might have cooled off since last year, the spike in the number of transactions suggests that there’s been a surge in arbitrage trading between Korea and foreign markets.Kimchi premiumEarlier this month, a significant transaction caught the eye of cryptocurrency market observers in South Korea. On September 1, crypto data analytics firm Arkham identified that 170,000 CyberConnect (CYBER) tokens were transferred to Bithumb from a crypto wallet thought to be owned by DWF Labs, a firm specializing in cryptocurrency trading and investment. The timing of the transaction coincides with a period during which the Kimchi premium for CYBER exceeded 100%. The Kimchi premium refers to the crypto price gap between Korean exchanges and their foreign counterparts.The complicating factor here is that DWF Labs is a foreign entity that is managed by a foreign team.The use of corporate accounts is virtually prohibited in the Korean crypto market. The Travel Rule mandates that any transfers of tokens between Korean and international exchanges must go through accounts that have been verified under Know Your Customer (KYC) guidelines. Given these regulations, there are growing suspicions within the crypto community that foreign venture capitalists may have used accounts in borrowed names to conduct sales on Korean exchanges, which are restricted to Korean citizens. However, it’s worth noting that there is currently no legal basis for taking punitive action even if borrowed-name accounts were indeed used.Lawmaker Kim commented on the limitations of current financial regulations aimed at preventing money laundering in the cryptocurrency market. Despite efforts by financial authorities, including the introduction of the Travel Rule, Kim stated that these measures have not been very effective. He emphasized the urgency of enhancing the regulatory framework to curb potential illicit activities involving cryptocurrencies, such as those exploiting market arbitrage opportunities.

India tightens control with 3,000 police officials trained in crypto investigationsAs the crypto sector continues to develop, authorities continue to get to grips with the new crypto innovation, with India’s law enforcement being the latest entity to look to clamp down.Photo by Naveed Ahmed on UnsplashCrypto forensics and investigation trainingAccording to the Ministry of Home Affairs (MHA) annual report, a comprehensive training initiative was undertaken during the financial year 2022–2023. The initiative, spearheaded by the Narcotics Control Bureau and the Indian Cyber Crime Coordination Centre (I4C), equipped over 2,900 officials with essential skills in cryptocurrency forensics and investigation.Under the aegis of the Narcotics Control Bureau, India’s central law enforcement and intelligence agency, 141 officers underwent specialized training in the investigation of darknet activities, cryptocurrencies and other pertinent areas such as digital footprints.The report stated that workshops were set up that covered techniques for gathering intelligence and evidence from open sources and social media platforms, reflecting a commitment to staying ahead in the ever-evolving landscape of cybercrime.There’s clearly a need for this level of expertise, given an uptick in crypto-related scams in India and the broader Asia region as a whole in recent times. Earlier this week, it emerged that the Indian authorities had arrested eight individuals in relation to a $300 million cryptocurrency scam.Raj Kapoor, the founder of the India Blockchain Alliance (IBA), recently called for greater control when it comes to crypto-related illicit financing. Kapoor stated:”It is a kick on the backside for most governments. All regulatory bodies will take a closer look at crypto regulation. Governments will need to start implementing new rules and regulations.”I4C played a pivotal role in training over 2,800 cyber police officials. The training encompassed crypto forensics, investigations and emerging technologies like anonymization networks. The focus extended to addressing the misuse of mobile applications in the cyberspace realm.Ongoing blockchain tech adoptionAs India proactively prepares to combat potential crypto-related crimes amidst increased adoption, the nation is also delving into mainstream blockchain applications. In a recent stride towards digital transformation, Hindustan Petroleum (HPCL), the state-run oil and gas company, partnered with blockchain software firm Zupple Labs. Together, they launched a blockchain system designed to automate the verification of purchase orders (POs).HPCL’s spokesperson outlined the significance of this implementation to Cointelegraph, stating that the integration helps automate the verification of HPCL POs to external parties, utilizing the blockchain system alongside HPCL’s internal e-PO. This generates tamper-evident, verifiable POs, enhancing efficiency and transparency within industry processes.In a separate development, it emerged on Thursday that India’s Central Bureau of Investigation has appointed Singapore-headquartered digital asset market intelligence outfit Liminal to manage seized digital assets.This holistic approach, combining advancements in law enforcement training and embracing blockchain applications, underscores India’s commitment to navigating the evolving landscape of digital technologies while looking to ensure a secure and transparent future.