Chinese authorities provide insight into conviction of RenrenBit founder

CipherBlade Opens Singapore OfficeThe emerging crypto hubs in Asia continue to make progress and on this occasion blockchain and crypto investigations firm, CipherBlade has decided to be part of that emerging growth in Singapore, opening an office in the city state.Cybercrime investigationsAccording to Asia-centric digital assets publication, Blockhead, the firm’s decision to open an Asian base was rooted in a need to service the requirements of a growing client base in the region, as demand intensifies for its services. CipherBlade has developed an expertise in the particular niche of blockchain analytics, cryptocurrency investigations and digital forensics.The firm was co-founded by its lead investigator Richard Sanders in 2018. Initially based out of Pittsburgh, CipherBlade has team members distributed internationally, in Europe, and now also in Singapore via its new office location.CipherBlade’s CEO of Americas, Justin Maile, said that “Singapore is a perfect location for us, with its strong reputation as a financial hub and its commitment to technological innovation.”With the expansion, it is understood that the company is currently recruiting to fill a variety of specialist positions.Photo by cottonbro studio on PexelsTracking down hackersAs the crypto and blockchain sector as a whole grows, it has also been accompanied by a significant component of illegal and illicit activity. This includes money laundering, fraud and hacking. The stand out example in the Asian region would be the activities of hacker collective, Lazarus Group.The hacker group has become notorious in the crypto space, given the extent to which it has pulled off hacks of various entities and DeFi networks in the sector. Hacks and exploits of DeFi networks accounted for 82% of all digital assets stolen in 2022. Lazarus Group has received particular attention as it is understood to be affiliated with the North Korean regime.The default approach for start-ups across all sectors is to focus on growth. The danger for start-ups in the DeFi space is that they overlook elements of network security in pursuing that growth, when achieving a high level of network security is an incredibly difficult task to begin with.Collaborating with industry stakeholdersThe activities of Lazarus Group and other more disparate entities like them, have created a need for the services of companies like CipherBlade. To that end, the firm collaborates with a wide range of industry stakeholders, including regulators, law enforcement, intelligence agencies and cryptocurrency exchanges.Recent work the blockchain forensics and cybercrime firm has been involved in includes a class action lawsuit brought against failed crypto lender Voyager. The allegation of the class action is that Voyager built in hidden fees to the detriment of customers.From crypto divorces to ‘pig butchering’ scamsPointing to the diversity of the firm’s work, it has been involved in over 150 crypto divorce cases. That is to say, tracking down digital assets belonging to one of the parties to a divorce so that those assets are recognized and made part of any divorce settlement.CipherBlade’s investigators have worked on cases involving ‘pig butchering’ crypto scams. These are instances of scams that lure the victim into contact with the scammer before the scammer gains their confidence, directing them onwards towards fraudulent crypto investment platforms where they’re encouraged to invest.

Singapore Elects Crypto Skeptic as PresidentGarnering 70.4% of all votes cast on Saturday, Singaporeans chose to elect Tharman Shanmugaratnam as their next president, a move that may have implications for Singapore’s outlook when it comes to digital assets.While many had hoped that he would be the nation’s first non-Chinese prime minister, the crypto industry has greeted his rise to this largely ceremonial role with mixed feelings. Shanmugaratnam’s previous stances on cryptocurrency and digital assets have been predominantly critical.Photo by Justin Lim on UnsplashFormer MAS ChairmanIn the past, the president-elect has referred to cryptocurrency as “slightly crazy” and “purely speculative.” His ascent to the presidency comes after a distinguished career that includes serving as the former finance minister, deputy prime minister, and chairman of the Monetary Authority of Singapore (MAS), the country’s central bank, from 2011 to 2023.Crypto platform collapsesIt was during his tenure at MAS that two prominent crypto companies, Three Arrows Capital (3AC) and Terraform Labs, faced catastrophic collapses.The demise of Terraform Labs, along with its TerraUSD (UST) stablecoin, triggered a severe “crypto winter” in May 2022, from which the industry is still struggling to recover. This downfall wiped out a staggering $500 billion in value over just two weeks, devastating the portfolios of numerous retail investors.The ripple effect of TerraUSD’s fall also engulfed 3AC, a significant cryptocurrency hedge fund headquartered in Singapore. The contagion spread across the cryptocurrency market, leading to the downfall of other major entities like crypto lending platforms Celsius Network and Voyager Digital, alongside Singapore-based Hodlnaut.Given that these catastrophic events unfolded during Shanmugaratnam’s tenure at MAS, it’s plausible that he bore the brunt of the consequences. That might explain why in speaking on the subject in 2021, he appeared to be more accommodative, suggesting that there may be a useful role that crypto could play and highlighting that Singapore had allowed crypto businesses to develop within the city-state.In June of last year, MAS reprimanded 3AC for providing misleading information and exceeding the allowed assets under management (AUM) threshold, thereby breaching its status as a registered fund management company.In January, Shanmugaratnam said that regulating the crypto sector would give credibility to speculation and on that basis, it would be best to leave it unregulated. He went on to suggest that crypto should be subject to existing regulation as laid down for traditional finance.Early stage concernsBack in 2018, when he was Singapore’s finance minister, Shanmugaratnam questioned the wisdom of broad regulation potentially legitimizing a speculative and “slightly crazy” market. During the 2018 World Economic Forum, he emphasized the importance of anti-money laundering measures and advocated for educating consumers about the risks inherent in the unregulated crypto sector.Although he acknowledged blockchain’s potential to enhance global payment systems, Shanmugaratnam favored integrating existing traditional payment mechanisms as an alternative to blockchain innovations.Singapore’s new president brings with him a history of skepticism towards cryptocurrency and digital assets. However, with a largely ceremonial role relative to day-to-day governance, he’s not in a position to take direct action that could hold the sector back although he will have the power to initiate corruption investigations upon the advice of the Singaporean cabinet.

Covenant Labs and Haechi Labs join forces to integrate Web3 services into P2E gameCovenant Labs, a subsidiary of South Korean smart city platform CityLabs, has signed a memorandum of understanding (MOU) with Haechi Labs, a blockchain service provider, to integrate Haechi Labs’s services into its Play-to-Earn (P2E) game Covenant Child and related non-fungible token (NFT) projects, thus expanding its presence in the blockchain ecosystem.Photo by ELLA DON on UnsplashElevating Web3 accessibility and securityThese services include Face Wallet — a non-custodial digital wallet geared towards onboarding Web2 users to Web3 — and Kalos, a blockchain and smart contract security audit service for Web3 enterprises.Face Wallet has gained recognition within the industry as a widely-used wallet across global blockchain mainnets, including Polygon, Solana, BNB, NEAR Protocol, Aptos and Avalanche.Notably, it addresses issues that users usually run into with traditional digital wallets like MetaMask, such as complicated login processes. It allows users to log in using their social media accounts, such as Google, Apple, X (formerly Twitter), Discord, Facebook and Kakao, without installing a separate wallet. Users can also enhance their wallet security through two-factor authentication (2FA) by setting a simple six-digit PIN code.Meanwhile, Kalos provides detailed and personalized security audit reports put together by security experts from around the world. The service specializes in areas like Solana Smart Contract, zero-knowledge proofs and Cosmos SDK.Enhancing the gaming experienceThese two services will be integrated into Covenant Child, which offers engaging content through both gameplay and game finance (GameFi). In particular, its GameFi system allocates two types of tokens — Covenant (COVN) and Child (CHLD) through P2E activities, such as mining compatible NFTs earned during gameplay.Covenant Labs CEO Jin Hyung-il and Haechi Labs CEO Moon Geon-ki expressed their anticipation for the agreement, stating that their respective companies would aim to provide gamers with a stepping stone to easily onboard Convenant Labs’ gaming ecosystem and gain access to various user-friendly services.