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Indonesia Sees Further Crypto Investor GrowthRecent data released by the Commodity Futures Trading Supervisory Agency (Bappebti) underscores the robust growth of the crypto investment landscape in Indonesia.Photo by Nick Agus Arya on Unsplash10.1% year-on-year increaseAccording to reports published in recent days in local media, as of September 2023, the country boasts 17.91 million crypto investors, marking a noteworthy 0.67% uptick compared to the previous month of August, which registered 17.79 million individuals.Over the span of a year, from September 2022 to September 2023, the Southeast Asian nation witnessed an influx of approximately 1.64 million new crypto investors, showcasing a remarkable 10.1% increase from the 16.27 million reported in September 2022.Emerging from a slowdownWhile this growth signals a positive trend, a noteworthy observation pertains to the deceleration in crypto investor growth from October 2022 to August 2023. The data reveals that during this period, the increase in the number of crypto investors in Indonesia never exceeded 1%. This slowdown can be attributed to the global crypto market’s trend characterized by uncertainty and a downward trajectory.Tirta Karma Senjaya, Head of the Bappebti Commodity Futures Trading Development and Development Bureau, comments on this phenomenon, stating, “Growth in the number of crypto investors in Indonesia continues to increase, but investors are still looking for the right time to buy crypto.”Furthermore, Bappebti highlights a reduction in the value of crypto transactions in Indonesia for September 2023, amounting to IDR 7.96 trillion ($502 million). This marks a decrease of 25.2% when compared to the preceding month, which recorded a total of IDR 10.64 trillion. In contrast to the previous year, this decline reflects a substantial 54.7% contraction from the September 2022 figure of IDR 17.57 trillion.Yudhono Rawis, CEO of Tokocrypto, an Indonesian crypto exchange platform, suggests that global conditions, including economic and regulatory uncertainties, have significantly impacted the crypto market’s evolution, both within Indonesia and worldwide. Despite the recent slowdown in growth, Indonesia’s crypto market continues to exhibit considerable potential.Bitcoin resurgenceYudhono remains optimistic, anticipating that the growth and trading volumes of crypto assets in October will surpass previous records. This optimism stems from the surge in Bitcoin prices, which soared in excess of $35,000 (approximately IDR 556.5 million) towards the end of October. This milestone marks Bitcoin’s highest point in nearly 18 months and signifies a mounting interest in the crypto market on a global scale.In a statement to Voice of Indonesia, Yudhono stated:“We are confident that the growth of investors and transactions will continue to increase. The increase in Bitcoin prices and increasingly strong interest in the crypto market in general are indications that these digital assets are increasingly accepted by society. We hope that this trend will continue and bring benefits to the entire ecosystem crypto.”The crypto investment sector in Indonesia continues to experience steady growth, albeit amid global market fluctuations. With Bitcoin’s resurgence and a growing appetite for digital assets, the outlook for Indonesia’s crypto market is positive.

Beosin Report: Crypto Rug Pulls Surpass DeFi Exploits in MayAccording to a recent report by blockchain security firm Beosin, losses from “rug pulls” or “exit scams” in the cryptocurrency space exceeded the amount stolen from decentralized finance (DeFi) projects during the month of May.The report, published on June 1 by Beosin Blockchain Security, revealed that rug pulls and scams resulted in losses of over $45 million across six incidents during the month. Beosin is headquartered in Chengdu, in China’s Sichuan province. The firm uses formal verification methods to secure smart contracts.In general there were 22 security incidents in the digital assets space over the course of the month. That overall figure accounts for losses totaling $20 million, and represents a vast improvement on the previous month.Three of the incidents were accounted for by security issues related to hardware wallets such as the Trezor and imKey wallets. Six were rug pulls/crypto scams, two were crypto crime incidents while another implicated a critical vulnerability relative to zero-knowledge proof technology.Photo by Tara Winstead on PexelsDeFi protocol attacksIn contrast, there were 10 attacks on DeFi protocols, amounting to $19.7 million in stolen funds. This figure represents a significant decrease of nearly 80% compared to April, and the losses from these types of exploits had been declining for two consecutive months, as per Beosin’s findings.The largest rug pull incident in May involved the alleged disappearance of $32 million associated with the crypto project Fintoch on May 24. Meanwhile, the largest attack on a DeFi platform was a $7.5 million breach targeting Jimbos protocol, according to Beosin’s report.Shifting hacker strategyBeosin noted a shift in the targeting strategy of hackers and scammers, who are now increasingly focusing their attacks on ordinary users rather than various project parties. To mitigate risks, the report recommended that crypto users enhance their anti-fraud awareness, conduct thorough due diligence before investing in projects, and learn how to improve the security of their digital assets.The report also issued a warning against using shared or public charging devices for mobile phones. Beosin highlighted the potential risks associated with these devices, as they could be manipulated to inject malicious programs that compromise private keys. This caution aligns with a similar advisory issued by the United States Federal Bureau of Investigation (FBI) in April.The FBI’s Denver office cautioned against using public USB ports, including those found at airports, due to the potential introduction of malware and monitoring software onto devices. Instead, they suggested carrying a personal charger and USB cord for use with electrical outlets.As the cryptocurrency landscape continues to evolve, it is crucial for users to remain vigilant and proactive in safeguarding their investments. With the rise of rug pulls and the ongoing threats in the DeFi space, staying informed, exercising caution, and adopting robust security measures are essential for protecting one’s digital assets in this rapidly changing industry.

UXLINK, a Web3 social network headquartered in Singapore, has announced a successful funding round raising $9 million, supported by a mix of private crypto and publicly listed companies including OKX and KuCoin. UXLINK announced details of the funding round in a social media post published to X on March 13. The startup, known for its innovative approach to social networking merging with transactions, has seen its user base grow to 3.5 million users. Among the investors contributing to this round are OKX Ventures, Web3Port Foundation, Cypher Capital, KuCoin Ventures, Gate Labs and Matrixport Ventures. ZhenFund, 7UPDAO, Signum Capital, ECV and GGV Capital were also participants. In a blog post Dora Yue, Founder of OKX Ventures, expressed enthusiasm about UXLINK's concept, stating:"This innovative concept merges social networking and transactions, creating a robust ecosystem where people can fully leverage their digital assets."Photo by Towfiqu barbhuiya on UnsplashAcquaintance-based social networkingYue described UXLINK as a game-changer in the field of Web3 social infrastructure. The project differentiates itself by relying on acquaintance social networking. Other Web3 social protocols such as Farcaster, Nostr, Cyberconnect and Lens Protocol are structured around one way follower relationships between key opinion leaders (KOLs) and followers. By contrast UXLINK takes a different approach, building a social network by placing emphasis on the existing social relationships of users with acquaintances. The idea is that real-life acquaintances are established through trust and implicate a much deeper personal connection by comparison with opinion leaders and followers. Speaking to that unique approach, pseudonymous crypto trader and investor Bull Flash stated on X on March 13: “Forget one-sided connections! UXLINK focuses on REAL-WORLD social interactions. Users can connect with each other AND with dApps in real-time through innovative Groups – a game-changer for web3. UXLINK is more than just a platform – it's a MOVEMENT.” Potential for further fundingWhile the exact valuation post-funding remains undisclosed, UXLINK indicated a potential for further funding rounds before its token generation event, signaling continued investor interest in its growth trajectory. With the freshly secured capital, UXLINK aims to introduce the "Social Liquidity Chain," leveraging Optimism and EigenDA technologies to support third-party developments. This initiative is expected to enhance the platform's capabilities and foster a more dynamic user experience. Since its establishment in April 2023, UXLINK has seen rapid adoption, hosting more than 75,000 decentralized groups. The vast majority of its users are located in Southeast Asia, the Middle East, Europe, South Asia and Africa. The platform's unique approach to social finance, facilitated by its Web3 "UXGroups” on Telegram, emphasizes bridging real-world trust dynamics with decentralized applications. In addition to being an investor in the company, last month the OKX Wallet was integrated with UXLINK in an effort to improve user experience, allowing UXLINK users to manage their Web3 assets more efficiently. UXLINK's successful funding round underscores growing investor confidence in the potential of Web3 social networks and belief in their ability to revolutionize traditional social interactions and financial transactions. As the platform continues to expand and innovate, it is positioning itself to make further strides in reshaping the landscape of digital social interactions and finance.