Crypto exchange Flybit passes post-audit for ISMS-P certification

Finger Labs Embarks on Web3 Content Distribution Project through NFT Marketplace XclusiveFinger Labs, the blockchain subsidiary of South Korean digital marketing giant FSN, announced today the launch of a Web3 content distribution project through its non-fungible token (NFT) marketplace Xclusive, according to local news outlet Newsis.Photo by GR Stocks on UnsplashBTS-inspired dramaTo make this project a reality, Finger Labs has joined forces with CRB Media in a strategic partnership aimed at enhancing content publishing, promotion, and distribution. Their first collaboration is a drama series called “YOUTH,” which draws inspiration from BTS’ album “The Most Beautiful Moment in Life: Young Forever.” The partnership between the two entities will allow Finger Labs to gain access to CRB Media’s copyrighted content materials and design resources required for effective marketing.NFT marketplaceXclusive, launched as a beta service last year, serves as a secondary market for NFTs and a launch pad for a wide variety of projects, contributing to the expansion of the NFT sector. In preparation for Xclusive’s official introduction, Finger Labs has been diligently working on developing user-friendly functions to fuel the growth of the Web3 ecosystem. The company explained that the Web3 content distribution project represents a major milestone in the expansion of innovative businesses.Sharing revenuesFinger Labs looks forward to addressing issues faced by traditional content distribution platforms, especially in the wake of the rise of over-the-top (OTT) media services. By leveraging blockchain technology, the Web3 content distribution system will introduce decentralization, enabling network participants to claim their share of revenues. The system will pave the way for decentralized content consumption practices like trading or lending of video access rights, which will be unveiled when the first content YOUTH goes live.Kim Dong-hoon, CEO of Finger Labs, emphasized that the surge in popularity of OTT platforms has presented challenges for content distributors. In response, Finger Labs aims to utilize new technologies to reshape content distribution, nurturing a new cultural landscape. Kim expressed excitement over their first collaboration, YOUTH, whose global recognition will provide momentum to the company’s initiative.

The Ministry of Justice Investigation Bureau in Taiwan has referred Nine Chen, a popular Taiwanese singer-songwriter and television program host, to the prosecutors' office in Taipei on suspicion of aggravated fraud and violations of banking laws for his alleged involvement in a fraud scheme linked to the JPEX cryptocurrency exchange. Local media publication the United Daily News reported on June 26 that as an outcome from an investigation into the matter, the authorities have established that Chen acted as a brand ambassador for JPEX in 2023, receiving 320,000 USDT in the process. While Chen has been referred on to the prosecutors’ office in Taipei, they have yet to press charges against him. Photo by Thomas Tucker on UnsplashOngoing sagaThe first public soundings of an issue in Taiwan relative to JPEX emerged in November 2023. At that time, the Taipei District Prosecutors Office (TDPO) requested that Chang Tung-ying be taken into custody amid allegations of fraud. Tung-ying was understood to have been chief partner at JPEX’s Taiwan office.  The previous month, the TDPO had called Chen in as a witness. The singer had informed local media that he was out of pocket for funds he had held in digital assets via JPEX, incurring a 15% loss.  At that time, the authorities in Taiwan arrested dozens of suspects related to what is believed to be a fraud to the value of approximately $205 million. Hong Kong investigationsJPEX garnered the most negative reaction in Hong Kong. In excess of 2,000 complaints were registered with local regulators within the Chinese autonomous territory relative to the cryptocurrency exchange.  Problems were first reported in September 2023 when the platform outlined that it had experienced a liquidity crisis. Losses in Hong Kong relative to the platform were understood to be in the region of $180 million.  In an effort to deal with the matter, JPEX proposed a plan in October 2023 to transition the business to a decentralized autonomous organization (DAO). Multiple arrests were made by the Hong Kong authorities, with a collection of assets being seized in an effort to gather up funds on behalf of platform customers who found themselves out of pocket. While JPEX hit the headlines in 2023 for questionable activity in Asian markets, the business is actually headquartered in Dubai in the United Arab Emirates (UAE). In September of last year, Dubai’s Virtual Assets Regulatory Authority (VARA) outlined that as far as it was concerned, JPEX wasn’t regulated in Dubai and hadn’t registered with the regulator.  Following the same pattern in Taiwan, JPEX had not registered with the Financial Supervisory Commission (FSC) relative to anti-money laundering (AML) regulations, which it requires crypto platforms to comply with. Taiwanese authorities have experienced issues with a number of crypto platforms over the course of the past 18 months. Aside from JPEX, the founder of ACE Exchange, David Pan, was arrested in January 2024. Charges of money laundering and fraud were brought against him. As with JPEX, there was a connection with Dubai in that Pan was also the founder of Dubai-based crypto exchange ZORIXchange. In November 2023, Bitgin, a local crypto exchange, found itself at the center of an investigation into money laundering.

Wemade Launches NFT-Based DeFi Service to Empower Its EcosystemSouth Korean gaming company Wemade today launched NFTFi, a peer-to-peer decentralized financial service based on non-fungible tokens (NFTs), according to an official press release. The service is now accessible on Wemade’s DAO-powered blockchain NFT platform NILE, also known as NFT Is Life Evolution.Photo by Choong Deng Xiang on UnsplashBorrow and lend NFTsInitially, NFTFi will enable users to borrow and lend NFTs, with plans to introduce a swap function in the future. The service will support trading for all NFTs available on the NILE marketplace, including the NEITH NFTs unveiled in March this year.Through NFTFi, borrowers have the ability to secure WEMIX tokens or WEMIX Dollars by using NFTs as collateral. Borrowers can request loans, and lenders can review these requests and assess the conditions under which they are willing to lend their assets.The borrower who presents the most favorable borrowing terms will be selected, and the loan contract will be automatically executed. The NFTs provided as collateral will remain locked until the loan is fully repaid. In the event of failure to repay, ownership of the NFTs will be transferred to the lender.Effective asset managementNFTFi users will have the ability to evaluate the value of an NFT based on various data. Notably, NEITH NFTs offer effective asset management as their holders can claim the amount of WEMIX tokens at any time from the Covenant Date. This token eligibility feature contributes to the stability of NEITH NFTs.NILE expects that NFTFi will enhance the value of NFTs as financial assets and play a role in the sustainable growth of the WEMIX3.0 ecosystem.