Filipino exchange Coins.ph adds BRC-20 support

DMM Crypto, the crypto exchange, blockchain gaming and NFT arm of Japanese e-commerce and internet firm DMM, has taken the decision to shut down the Seamoon Protocol. Economic zone concept projectTaking to X on Nov. 15, the project outlined that it has decided to cancel the economic zone concept project, Seamoon Protocol. The project added:”We would like to express our deepest gratitude to the business operators who have provided us with so much support thus far, as well as to all those who have placed their hopes in this project and shown us their kind support, and we would like to offer our heartfelt apologies.” The move suggests a sudden change in the fortunes of the project. As recently as last August, DMM Group had announced a collaboration with Progmat, a distributed ledger technology (DLT) platform for tokenization and stablecoins, with a view towards looking into the issuance of a stablecoin. The stablecoin was intended to act as a reserve currency, providing backing for Seamoon Protocol’s treasury pool while also acting as a price stabilization mechanism. At the time, DMM Crypto CEO Nagato Kasaki had said that the Seamoon Protocol had been launched in order to create a space “where a global community could experience DMM’s cultural universe and co-create new experiences together.” Notwithstanding that goal, no new services are planned to replace the Seamoon Protocol.Photo by Shubham Dhage on UnsplashLaunched in 2023, Seamoon Protocol ran on the DM2 Verse, a layer-2 network associated with the Oasys blockchain. DM2 Verse was designed to act as a community hub for the Seamoon Protocol, hosting NFT drops, games, tournaments and collaborations. Activity on Seamoon was powered by its own native SMP token. Changing business environmentNorbert Gehrke, a commentator on the Japanese fintech sector, outlined in a Medium blog post that Seamoon was abruptly terminated “due to recent rapid changes in the business environment that have created challenges for the project’s sustainability.” The company didn’t provide detail on the nature of the challenges encountered which impacted on the sustainability of the project. With the shutdown, issuance of the SMP token will be discontinued. Furthermore, new service applications for the Seamoon Protocol platform have been suspended. It’s unclear what will now happen with existing services which have been built on the platform. The company has suggested that this matter is under discussion.  One exception is the Kanpani Girls RE:BLOOM project, a Web3 game that was the first of five games that had been envisaged for the protocol. The company has confirmed that this project will be terminated.  In-game notices will be provided at a later stage to provide users with advice regarding refunds and compensation for game items. The game will be wound down by the end of January. Once decisions have been made relative to other services and projects, the company will make announcements on the social media channels of those affected services. DMM Crypto received investment from Neoclassic Capital last month, with a view towards pursuing a global expansion strategy.

Wemade CEO to attend Abu Dhabi Finance Week and Fortune Global Forum next weekHenry Chang, CEO of South Korean blockchain gaming publisher Wemade, will be traveling to the United Arab Emirates to speak at the second annual Abu Dhabi Finance Week — one of the biggest financial and economic events in the Middle East and North Africa (MENA) region — scheduled for Nov. 27 to 30.Photo by Kevin JD on UnsplashExploring the future of financeTouting the theme “Investing in the Transition Era”, this year’s ADFW is organized by Sheikh Khalid Abu Dhabi, Crown Prince of Abu Dhabi and Head of the Abu Dhabi Executive Council. Several organizations such as the Abu Dhabi Global Market (ADGM) and the Abu Dhabi Department of Economic Development are also participating as official partners. More than 10,000 visitors from over 100 countries across the world are expected to attend.Chang will participate as a panelist on Nov. 29 in the “Convergence: Media, Culture and Fintech” panel at Fintech Abu Dhabi, the flagship event of ADFW. The panel will cover topics like the impact of blockchain and decentralized finance (DeFi) technologies on fintech — more specifically, digital payment trends and the future of digital assets and currencies.Wemade’s expansion in the UAEHe will also partake in the Fortune Global Forum 2023, a global conference for CEOs of major global conglomerates also set to be held in Abu Dhabi from Nov. 27 to 29. The forum has been hosted by American business magazine Fortune since 1995 as a platform for member companies of the Fortune Global 500 list to gather and share insights on global issues like innovation and stability and their impact on economic progress. They will also be joined by government officials from various sectors in the UAE, including artificial intelligence, cybersecurity, oil and gas, industrial automation, healthcare and telecommunications.Wemade has been making strides to expand WEMIX3.0, its borderless Web3 mega-ecosystem, in the MENA region. The company opened an office in Abu Dhabi earlier this year.

HTX resumes Bitcoin and Ether services post $30 million hackDigital asset exchange HTX has successfully reinstated deposit and withdrawal services for major cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), following a recent security breach that saw the platform drained of $30 million.Photo by Traxer on UnsplashMoving towards normal exchange operationsIn an official announcement published to its website on Sunday, HTX reported the restoration of services for specific virtual assets through the ERC20 blockchain, signaling a positive step toward normalcy. The exchange assured users that additional services would resume shortly.The statement listed more than 60 individual digital assets that have now been restored from the perspective of user withdrawals.Amidst the controversy sparked by the hack, HTX emphasized its commitment to covering all losses from its reserves. The exchange pledged ongoing investigations and the reinforcement of security measures to prevent a recurrence of such events in the future. The announcement stated:“Since its founding, HTX has remained committed to a policy of 100% reserves, ensuring our capacity to meet the withdrawal needs of all users.”Airdrop event plannedThe Seychelles-incorporated exchange also outlined details on an upcoming airdrop designed to incentivize community participation in the aftermath of the significant hack. The airdrop aims at users holding Rockets, with the value set at one USDT, and those possessing leading assets like HT, BTC and ETH will witness multiplied ticket values.The platform experienced a significant security breach alongside a similar incident on the HECO bridge, resulting in total losses exceeding $85 million. Justin Sun, an advisor to the exchange, pledged full compensation for all losses and temporarily suspended deposits and withdrawals until identified risks were addressed.Justin Sun controversySun provided additional insights through a series of posts on the X platform. He confirmed the full functionality of major cryptocurrencies, including BTC, ETH, TRX and USDT, and expressed expectations for the restoration of all others by the upcoming week. Sun wrote:“The majority of the work has been accomplished, and we aim to restore the remaining currencies gradually in the next few days, with all work expected to be completed by next week.”Justin Sun, known for his involvement in platforms that recently faced security breaches, reassured users of the ongoing efforts to enhance safety measures. This incident marked the fourth unfortunate event linked to Justin Sun-related platforms within a short span. HTX, formerly known as Huobi, suffered a $30 million hack, following HECO bridge, Poloniex and a prior HTX security breach.The controversial founder of the TRON blockchain network has come in for criticism of late. Travis Kling, Founder and Chief Investment Officer (CIO) of crypto fund Ikagai Asset Management, was scathing of Sun in comments made on the X platform on Monday. Kling wrote:“[Justin Sun] has been hacked four times in the last two months” . . . “He’s a criminal and terrible for crypto and the sooner we get him out, the better.”Earlier this month, the Poloniex crypto exchange fell victim to a $100 million hack, causing a stir within the wider crypto community. The exchange, like HTX, assured users of full compensation and even initiated a white hat bounty of $10 million for the safe return of assets, having identified the responsible party and indicating the initiation of criminal proceedings.