HTX and Heco Chain exploited with $115 million loss

Korea’s Busan City to Develop Blockchain-Based Carbon Neutrality PlatformBusan Metropolitan City, known for being home to South Korea’s largest port, announced today that its consortium won the bid for the 2023 new local energy facilitation project offered by the Korea Energy Agency, an organization under the Ministry of Trade, Industry, and Energy (MOTIE). The consortium consists of five entities, including Busan City, tech solution provider Nuri Flex, and gas distributor Busan City Gas. As the winning bidder, Busan City and its collaborators will proceed with the development of a blockchain-based platform that promotes carbon neutrality.Photo by BERK OZDEMIR on PexelsCarbon neutralityThe primary aim of this project is to create a system that leverages surplus renewable energy to achieve carbon neutrality in the city’s port and industrial infrastructure. The initiative includes providing eco-friendly renewable energy to port and industrial facilities, establishing a blockchain-based carbon credit system to support businesses in joining the global corporate renewable energy initiative RE100, and facilitating the trading of surplus electricity. These measures are intended to save energy, enhance power system stability, and create greater value.Boosting green energy proportionThe project is set to take place from June 2023 to December 2024, with an estimated cost of 3 billion KRW ($2.3 million). The national and local governments will each finance 25% of the project, while the private sector will cover the remaining 50%. Upon completion of the project, Busan aims to increase the proportion of renewable energy within the city. Leveraging surplus energy and engaging in carbon credit trading, Busan expects to gain a competitive edge in the carbon-neutral sector.

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. 

South Korea’s largest cryptocurrency exchange Upbit has opened a special event in celebration of its staking service surpassing a total value of KRW 1.5 trillion ($1.2 billion), where users can participate in a staking quiz to receive 0.002 ETH (approximately $4.60) each. Staking refers to the process of entrusting crypto assets to be utilized for a blockchain’s operations and receiving rewards in return.Photo by Nenad Novaković on UnsplashEvent detailsParticipants in the quiz event will have 30 minutes to complete five quizzes related to Upbit’s staking service. The total reward pool is 210 ETH, which will be allocated to 100,000 participants on a first-come, first-served basis the day after answers are submitted. After completing the quiz mission, ten users who also stake their Ethereum assets will get the opportunity to be selected to receive 1 ETH each. "We organized the event to make more users aware of staking on Upbit and to express our gratitude,” Dunamu, the operator of Upbit, said. Upbit’s growing staking platformUpbit’s staking service was officially launched in January last year. Currently, there are five cryptocurrencies that can be staked on Upbit – Ethereum, Cosmos, Cardano, Solana and Polygon. In particular, the exchange does not manage user assets or entrust them to external parties but stakes them through self-operated validators. All staked assets are stored in a cold wallet.