CoinFund expands its reach into Asia

Aevo Launches Novel Index Perpetual ContractAevo, the layer-2 derivatives platform launched by Singapore’s Ribbon Finance earlier this year, has introduced a new index perpetual contract.The contract allows traders to engage in long or short positions based on the market capitalization of accounts within the social application Friend.tech.Photo by Compare Fibre on UnsplashFRIEND-PERPThe FRIEND-PERP market is now live according to The Block, and it has gained significant traction, boasting a daily trading volume of $501,824 and a current trading price of $7.14. This market operates on a unique premise — a perpetual contract, which, unlike conventional futures contracts, does not adhere to an expiration date. This feature is particularly appealing to the crypto trading community, enabling them to seize opportunities without the constraints of time-bound contracts.Surge in interestFriend.tech, the social app at the center of this Aevo product offering, has integrated with Ethereum layer-2 network Base, a blockchain incubated by Coinbase earlier this year. This network, which officially welcomed the public on August 9, has been the center of attention within the crypto sector over the past couple of weeks.The social app enables market participants to buy shares of individuals who hold accounts on X (formerly Twitter). Since its launch earlier this month, the Friend.tech app has grown rapidly. It attracted over 100,000 daily users within 24 hours of its launch.Each user stands to benefit financially from the purchase and sale of their shares, a pioneering approach that has lured prominent figures, including venture capitalist Garry Tan, NBA star Grayson Allen, and celebrated YouTuber FaZe Banks, to the platform.Boost for BaseUS crypto platform Coinbase has embraced Friend.tech as it marks the first major breakthrough use case for its Base blockchain network. This collaborative effort has propelled the Base network to new heights, positioning it among the top cryptocurrency projects by user fee revenue. With $1.4 million in fees generated over the last 24 hours alone, Friend.tech ranks among industry giants, trailing only Ethereum and Lido Finance in this metric, according to data from DeFiLlama.While the app has risen at a phenomenal pace, there are concerns relative to the degree of privacy it affords its users. The public availability of the Friend.tech API used to convert X usernames into wallet addresses has raised the alarm for potential data exposure.A Yearn Finance developer, known by the pseudonym Banteg, used this API to compile a list of Ethereum addresses linked to X accounts. While the community has reassured users that access can be revoked, the implications of this exposure for privacy and security cannot be understated.The Aevo project was first announced by Ribbon Finance in September 2022 and subsequently launched in June. The goal of the project is to convert users from centralized exchanges, bringing them over to the decentralized exchange (DEX) platform.

HTX experiences $258 million outflow post-hackHTX, the digital-asset trading platform associated with Chinese-born crypto mogul Justin Sun, has witnessed a substantial net outflow of $258 million since resuming operations after a significant security breach.According to Bloomberg, data from DefiLlama indicates that the outflow occurred between the exchange’s restart on Nov. 25 and Dec. 10, signaling unease among some clients following last month’s cyberattack. In November, HTX reported a loss of $30 million in crypto tokens due to the breach, prompting a temporary suspension of withdrawals and deposits.Towards the end of last month, the platform re-enabled withdrawal services for major cryptocurrencies, gradually bringing the exchange back to full service, supporting withdrawal of all digital assets.Photo by Amritanshu Sikdar on UnsplashMultiple hacksJustin Sun is also associated with the Poloniex exchange and the HECO Bridge, a network established by HTX for blockchain transfers. Both Poloniex and HECO fell victim to hacks in November, resulting in the theft of approximately $200 million in crypto. It’s worth noting that hackers had previously stolen $8 million from the HTX platform in September.HTX, which was formerly known as Huobi up until a business rebrand in September, boasts an average trading volume of $1.5 billion in the past 24 hours, securing its position as the fifteenth largest exchange when measured in terms of trading volume.Increased vigilanceIn the wake of several high-profile crypto platform failures in 2022, digital-asset investors are increasingly vigilant about monitoring flows and reserves at virtual currency exchanges. In particular, that trend gained momentum after the FTX platform’s collapse last year due to fraud.November turned out to be the most damaging month this year so far in terms of platform digital asset theft. Exit scams and exploits encountered during the month totaled a staggering $363 million in losses.In October, the UK’s Financial Conduct Authority (FCA) included HTX, alongside KuCoin, on a warning list, due to their promotion of services in the UK, without having obtained the required regulatory approvals.A third of reserves in BitcoinDefiLlama data reveals that Bitcoin constitutes the largest portion of HTX’s reserves, accounting for approximately 33%. Tron’s TRX token, launched by Sun in 2017, represents around 32% of the reserves. HTX’s native exchange coin, HT, makes up 14%, followed by a Sun-backed token named stUSDT at 12%.In August, Travis Kling, Founder of Ikigai Asset Management, had this warning relative to Sun and HTX:”Justin Sun is a criminal. There’s a hole in Huobi, a hole in TUSD and a hole in Tron DeFi. Act accordingly.”TRX, at the center of U.S. fraud allegations against Sun, prompted a March lawsuit by the Securities and Exchange Commission (SEC), accusing him and his firms of market manipulation to inflate the token’s trading activity. Sun dismissed the suit on the X social media platform back in March, stating that it “lacks merit.” On Sunday, Sun claimed that the Tron blockchain network which he founded had reached a new milestone of 200 million users.Despite security firm BlockSec reporting the recovery of the $8 million stolen in September, hackers still appear to control the $30 million taken last month. The ongoing situation raises concerns about the security measures and resilience of HTX in the face of persistent cyber threats.

Viver Boosts Business Expansion with Blockchain IntegrationViver, a luxury watch trading platform and subsidiary of Dunamu, which operates the Upbit cryptocurrency exchange in South Korea, is gearing up to expand its business by securing operating funds and implementing blockchain technology to enhance the transparency and security of trades.Photo by Caramel on UnsplashIn particular, designated services in which Viver plans to incorporate blockchain technology include the management of transaction history and the authentication of buyers and sellers, which can be used for watch appraisals and guarantees.“We do not plan to introduce services incorporating blockchain right away this year, but we are exploring ways to bring Dunamu’s strengths in blockchain to Viver,” the platform explained.From acquisition to nurturing growthAfter its establishment in February 2021, Viver was soon acquired by Dunamu, which injected KRW 9.5 billion (approximately $7.2 million) into the company on June 30 of that same year.Since then, the platform has been receiving continued financial support from Dunamu. It received KRW 2 billion in operating funds last year and an additional KRW 5 billion last Wednesday through board approval. In total, Viver has received approximately KRW 16.5 billion in funding from Dunamu over the past two years. “We decided to inject these operating funds to facilitate business growth,” Dunamu explained. The company also filed for trademark rights to Viver in July.This move contrasts with Dunamu’s actions in the first half of the year, where it divested its entertainment subsidiary, rrr Entertainment, for KRW 3 billion and its video production subsidiary, Knowmerce, for KRW 2.7 billion.In its first year of establishment, Viver recorded a net loss of approximately KRW 433 million, followed by a net loss of KRW 3.8 billion in 2022. While it has not yet achieved a turnaround in financial performance, the platform is facing promising outlooks as it has witnessed a substantial tenfold increase in its user base over the past year. Furthermore, since the launch of the service in August last year, the number of products directly listed by sellers as of July this year spiked nearly thirty times, with monthly trade count and transaction volume increasing almost fifteen times.Solid leadership and the beginnings of monetizationViver’s efforts to grow as a commerce service have been led by CEO Moon Jae-yeon and Chief Operating Officer Seo Hee-seon. Moon is known for his expertise in the management of commerce platforms through his experience working at eBay Korea and Coupang. Seo has similarly worked at notable companies such as BGF Retail, Interpark, eBay Korea, and 11th Street.Since Tuesday, Viver has started implementing service fees, signaling its move toward monetization. While transaction fees are still free due to an ongoing promotional event, order management fees are set at 2%, and sellers are now responsible for shipping costs.“Since our platform facilitates brokered trades, there are costs involved in order management, shipping, and our own evaluation and diagnostics processes. We have started charging fees for some of these costs so we could provide an improved trade experience,” Viver explained in regard to these changes.Viver also has its own magazine section, where it recently unveiled a special article for its 100th issue outlining its most popular and expensive high-end timepieces.