First spot bitcoin ETF filed in Hong Kong

Mocaverse, a membership-based NFT collection initiative enabled by Hong Kong’s Animoca Brands, revealed on Friday the establishment of strategic alliances with prominent Web3 wallets OKX Wallet, Crypto.com DeFi Wallet and Halo Wallet. In a separate announcement, it also revealed a similar partnership with crypto exchange platform KuCoin. Extending Moca IDs to OKX, Crypto.com and Halo usersIn a statement released by Animoca Brands, it was highlighted that through the deployment of its recently introduced decentralized identity (DID) Moca ID, Mocaverse is set to catalyze user expansion by integrating with the aforementioned leading self-custodial wallets. The statement clarified that Moca ID will act as the conduit for users to seamlessly navigate various Web3 cultural experiences, spanning PointFi, GameFi and SocialFi, thereby simplifying the onboarding process into the Mocaverse ecosystem. The collaboration will mean that users of OKX Wallet, Crypto.com DeFi Wallet and Halo Wallet will soon have the opportunity to claim their unique Moca IDs within the app, thereby gaining entry into the Mocaverse ecosystem and unlocking access to a myriad of rewarding cultural and entertainment experiences.Photo by Shubham's Web3 on UnsplashRealm Points incentiveHolders of Moca ID stand to accrue Realm Points through active participation and engagement within partner ecosystems and experiences, with the ability to redeem these points for exclusive real-life benefits and rewards provided by Mocaverse and Animoca Brands. Commenting on the development, Kenneth Shek, project lead at Mocaverse, stated:“This partnership encompasses the values and mission we set out when we envisioned Moca ID, which is to make interoperability a new standard to onboard new users and redefine the Web3 network effect through the Mocaverse Partner Network.”Mocaverse seeks to unify Animoca's portfolio projects, subsidiaries, joint ventures and partners through a distinctive NFT collection. With 8,888 Mocas as NFT profile pictures (PFPs), Mocaverse serves as a membership pass for Animoca Brands team members, investors, partners and select token holders, aspiring to foster community cohesion and collaboration within the Web3 sphere. Jason Lau, chief innovation officer of OKX, expressed enthusiasm for the collaboration, noting OKX Wallet's role as a premier gateway to explore the burgeoning realm of Web3 gaming, culture and entertainment experiences. Likewise, Eric Anziani, president and chief operating officer of Crypto.com, underscored the commitment of Crypto.com DeFi Wallet to democratizing access to the realms of DeFi and Web3 for all users, stating the partnership with Mocaverse would extend these experiences to a broader audience. Additional announcementIn a separate announcement, Mocaverse unveiled a similar partnership with cryptocurrency exchange KuCoin alongside Halo Wallet. The initiative endeavors to address the challenge of accessing benefits across distinct Web3 sub-ecosystems by establishing cross-platform identity links, ultimately enhancing the user experience and fostering greater collaboration and integration across partner offerings.Halo Wallet CEO Jeff Hou shared his thoughts on the collaboration, stating:“The partnership among Halo, KuCoin, and Mocaverse is more than just a fusion of services; it represents a strategic alliance to create a cohesive digital asset environment for our users. The initiation of this exceptional cross-platform alliance is a move that promises to bring together the best of what each party has to offer.” 

While the crypto markets have not been immune to geopolitical developments, the sector in Iran experienced a more direct effect last week with a politically motivated $90 million exchange hack, prompting the authorities to introduce an exchange curfew. Blockchain analytics firm Chainalysis outlined on X on June 18 that Nobitex, Iran’s largest cryptocurrency exchange, had been hacked, with crypto assets to the value of $90 million having been drained from exchange-controlled wallets.Photo by Engin Akyurt on PexelsWeaponizing blockchain technologyThe hack had the hallmark of a politically-motivated attack given that rather than the digital assets being stolen, they were sent to vanity addresses, customized blockchain addresses involving user-defined sequences of characters. The vanity addresses contained “politically charged messages” and in sending the funds to them, the funds were effectively burned as they’re now permanently inaccessible.  The firm stated:”This incident highlights how crypto exploits aren’t always financially motivated. Bad actors can weaponize blockchain technology for geopolitical messaging, turning hacks into ideological statements rather than profit-driven crimes.” Pro-Israel hacker group Gonjeshke Darande, also known as “Predatory Sparrow,” appears to have carried out the hack, given that on June 18, it outlined on X that it would release Nobitex’s source code together with other internal information related to the firm’s internal network, while confirming that it had conducted cyberattacks against the company. The group made the following assertion:”The Nobitex exchange is at the heart of the [Iranian] regime’s efforts to finance terror worldwide, as well as being the regime’s favorite sanctions violation tool.” Rafe Pilling, director of threat intelligence at Sophos, a British cybersecurity company, told The Guardian that Predatory Sparrow “bears all the hallmarks of a false persona used by a government-sponsored threat group to conduct disruptive operations against targets” linked to the Iranian government. While Nobitex is estimated to have seven million users, an Open Source Intelligence (OSINT)-based investigation carried out in 2024 linked relatives of Ali Khamenei, Iran’s supreme leader, and other Iranian establishment figures to the crypto exchange. Minimizing systemic riskThe cyber attack has prompted a response from the Iranian government. In a blog post, Chainalysis outlined that the Central Bank of Iran has instructed all domestic crypto exchange platforms to curtail their service hours to between 10 a.m. and 8 p.m. The company speculated that this measure could be motivated by a desire to impose a higher level of oversight and control over the local crypto sector. However, it also suggested that it may be part of an attempt by the Iranian authorities to manage and minimize systemic risk. In recent years, Iran has been subject to extensive international sanctions applied by various entities including the United States, the European Union and the United Nations. Those sanctions have had a significant impact upon the country’s economy, triggering high inflation and currency devaluation.  With that, crypto has been increasingly viewed by the authorities as a means to circumvent sanctions. Last December, the Iranian authorities appeared to be working towards regulating crypto, embracing the asset class in acknowledgement of its growing importance to the Iranian economy. In February, Chainalysis reported that sanctioned entities worldwide had received $15.8 billion in crypto transactions in 2024.

South Korea’s crypto market, long known for frenzied retail trading and the Kimchi premium, is losing some of its speculative heat as local demand weakens and regulators tighten their grip on the sector.Photo by Ciaran O'Brien on UnsplashThe shift is showing up in the Kimchi premium, the price gap that once saw crypto assets trade higher on Korean exchanges than overseas. That premium has now turned negative, meaning digital assets are cheaper on Korean platforms than on global exchanges. Retail sentiment has soured alongside it: a weekly CoinNess and Kratos survey found that 58.8% of respondents expect Bitcoin to fall or crash in the coming week, up from 28.6% a week earlier. Only 17.7% expect a price surge, down from 36%, while 23.5% expect sideways trading. Weak market, thin liquidityInvestors blamed the persistent negative premium on several factors. The largest specific cause, cited by 25.4% of respondents, was broader market weakness and liquidity outflows. Another 22.7% said a strong stock market has reduced the appeal of crypto, while 16.5% pointed to limitations of local crypto exchanges. The remaining 35.4% said all of these factors are working together. South Korean exchanges are also becoming late-stage listing venues rather than early platforms. According to IOSG Ventures, Coinbase, Binance Futures, and Bybit often lead early price discovery, while Upbit and Bithumb tend to wait for broader market validation before adding new assets. IOSG found that 85% of Bithumb’s listings came after comparable listings on major global platforms, while Upbit listed assets an average of 28 days after their first overseas debut. The lag reflects lengthy regulatory reviews and a preference for more established projects. Regulation is shifting as well. According to SBS News, the Financial Intelligence Unit (FIU) under the Financial Services Commission (FSC) has decided against a proposed blanket reporting rule for crypto transfers above 10 million won, or about $6,500, to foreign virtual asset service providers (VASPs) or personal wallets. Instead, local VASPs must operate their own internal, risk-based anti-money laundering (AML) controls. Police probe Polymarket usersLaw enforcement is also targeting decentralized prediction markets. Local law firm Jonjung reported on a blog post that the Gangwon Provincial Police Agency has launched an investigation into South Korean Polymarket users over possible violations of the country’s gambling laws. Ahn Chang-bo, managing partner at the law office, said police are tracking crypto transaction records to identify and summon users. However, he noted that whether participation in Polymarket violates South Korea’s gambling laws remains unsettled, as prosecutors have not taken a definitive position and courts have yet to rule on the issue. South Korea remains a major crypto market, but the tone has changed. Local demand has weakened, exchanges are slower to list new tokens, and authorities are taking a closer look at both compliance and emerging platforms such as Polymarket.