Com2uS Holdings’ XPLA partners with SOOHO.IO for easier DeFi access

Leading global crypto exchange platform OKX has officially launched OKX TR, a specialized crypto exchange tailored to meet the needs of users in Turkey. This unveiling, announced on Feb. 27, marks a significant stride in the company’s efforts to offer Turkish users greater access to cryptocurrency trading and decentralized finance (DeFi).Photo by Engin Yapici on UnsplashOKX Wallet integrationOKX TR has integrated OKX's Web3 wallet, providing Turkish users with access to a wide array of features. The wallet offers a user-friendly portal for trading non-fungible tokens (NFTs), utilizing decentralized applications (dApps). Noteworthy features of the OKX Wallet include multi-party computation (MPC) technology and account abstraction (AA), enhancing accessibility for users with varying levels of technical expertise.OKX TR introduces localized features designed to cater specifically to Turkish users, including direct deposits and withdrawals in Turkish Lira, facilitated through strategic partnerships with banking institutions such as Fibabanka, VakıfBank, Ziraat Bankası, İş Bankası, Şekerbank and Türkiye Finans. The platform offers a range of major cryptocurrency pairs for trading, including USDT/TRY, BTC/TRY and ETH/TRY.  Moreover, OKX TR prioritizes user experience by providing round-the-clock customer support in both Turkish and English, attempting to provide prompt assistance and comprehensive guidance whenever needed. Crypto adoption backdropThe platform’s arrival should contribute further towards the burgeoning crypto ecosystem in Turkey, a market boasting a close to 50% adoption rate for cryptocurrencies. A report by OKX rival platform KuCoin back in August of last year found that there had been a significant increase in crypto users in Turkey over the course of the previous 18 months.  It’s believed that crypto adoption in Turkey is being driven partly by its role as a financial lifeline amid economic challenges. The country’s sovereign currency, the lira, has suffered from runaway inflation in recent years. On social media OKX Chief Marketing Officer (CMO) Haider Rafique wrote that the new service offers “lightning fast signup and funding,” alongside the “lowest fees in the market.” Mehmet Çamır, Chairman of OKX TR, outlined that the company had first announced expansion into Turkey in May 2023. Çamır set out the company’s intentions within the Turkish market, stating:"The launch of OKX TR represents more than just an expansion; it signifies our pledge to equip users with a transparent, compliant and user-friendly gateway to the world of blockchain. . . . We can unlock the vast potential of the Turkish crypto community and pave the way towards a future where finance is more inclusive and transparent.” Turkey is in the process of introducing a raft of crypto regulations, primarily with the intention of enabling it to be removed from the Financial Action Task Force’s (FATF) “grey list.” In December, Turkish President Recep Tayyip Erdogan appointed blockchain and cryptocurrency expert Fatma Ozkul to the Turkish central bank’s rate-setting committee.Those moves demonstrate some positive progress from the point of Erdogan’s statement in 2021 when he declared “a war on crypto.” 

Cake Group co-founder files application to wind up company in SingaporeChua U-Zyn, the co-founder and Chief Technology Officer of crypto firm Cake Group, has officially applied to the Singapore High Court to initiate the winding-up process for the company.A winding-up notice appeared in Singapore’s The Straits Times on Thursday. U-Zyn is being represented by law firm Rajah & Tann on the matter. The court will now decide whether to grant this application, which was filed on Dec. 1.Photo by Kelvin Zyteng on UnsplashFinancial strugglesCake Group is the parent company of the crypto platform Bake, which made headlines last month for announcing significant staff reductions affecting 30% of its workforce. Bake is an automated market maker (AMM) and decentralized exchange (DEX) that revolves around Binance’s BNB Smart Chain (BSC).In existence for some five years, the platform claims to have over 1 million users worldwide, retaining over $1 billion in customer assets and having achieved reward payouts to date of $411 million.Cake Group’s financial struggles have been evident, with its revenue plummeting by over half to $266 million in 2022, while profits experienced a fivefold decrease to $23.5 million during the same period. The company generates income through transaction fees.A hearing for creditors or opposing parties is scheduled for Dec. 22, providing an opportunity for stakeholders to voice concerns or contest the winding-up process.Internal disputeWhile the specifics behind U-Zyn’s winding-up application remain unclear, the decline in financial performance and the recent layoffs are undoubtedly contributing factors.It’s understood that CEO Julian Hosp learned about the filing on Dec. 6 and has since emphasized that the company is actively working with legal counsel to challenge the application. Hosp will challenge this request in court, asserting that the company’s finances are strong and unrelated to the dispute.Taking to the X social media platform on Thursday, Hosp wrote:”Disappointed to see U-Zyn filing a request on December 1st” . . . “For me, it’s selfish that he’s prioritizing his own interests over those of our customers, employees, and partners, instead of resolving it internally.”Hosp added that U-Zyn’s application is unrelated to the company’s finances and that the firm is financially solvent.Former employees, speaking anonymously to Tech in Asia, expressed surprise at the escalating situation, describing the co-founders as emotionally charged and seemingly unable to safeguard their investment.U-Zyn opposed to layoffsThe court filing under Section 125(1)(i) of the Insolvency, Restructuring and Dissolution Act of 2018 adds an element of uncertainty. Unlike other sections that typically specify reasons for winding up, this particular section allows for liquidation if “the Court is of the opinion that it is just and equitable that the company be wound up.”Hosp clarified that the application is not based on Cake Group’s inability to pay its debts, emphasizing that day-to-day operations continue at full capacity.It’s understood that the ongoing dispute between U-Zyn and Hosp stems from internal disagreements, particularly related to cuts within the company’s engineering division. Chua claimed Hosp excluded him from decisions, especially concerning the recent layoffs.Despite the internal discord, Hosp stressed the company’s commitment to resolving the dispute swiftly and maintaining its operational capabilities. Undeterred by his fellow co-founder’s actions, he published a blog post on Thursday, outlining his vision for the Cake Group moving forward.

In the aftermath of the massive $235 million hack of the WazirX cryptocurrency exchange on July 18, users and stakeholders are grappling with its devastating consequences. The breach, which compromised a significant portion of the exchange’s reserves, has led to a series of legal, financial and security-related challenges, leaving millions of users uncertain about the future of their funds. The hack and its aftermathWazirX, once a leading Indian cryptocurrency exchange, lost approximately $235 million due to a breach in one of its multi-signature wallets. This included significant amounts of Shiba Inu (SHIB), Ethereum (ETH) and other assets. The hack crippled the exchange, forcing it to temporarily shut down operations and seek a restructuring process under Singapore's insolvency laws. The WazirX hacker has since begun laundering the stolen assets through Tornado Cash, a crypto mixer known for obscuring transaction details. According to blockchain security firm Cyvers, the hacker transferred over 5,000 ETH (approximately $12 million) to a new wallet and laundered $10 million in Ethereum through Tornado Cash. This mirrors the tactics of the North Korea-backed Lazarus Group, which has used similar methods in past high-profile crypto thefts. Photo by GuerrillaBuzz on UnsplashUsers seeking redress and government interventionAs the victims of the hack face uncertainty, over 4 million active WazirX users are expected to suffer a loss of at least 43% of their funds due to the restructuring process. Frustrated by the lack of action from Indian authorities, many users have sought help from Indian Prime Minister Narendra Modi, who was visiting Singapore at the time. Users took to social media to air their grievances and demand justice, urging the government to intervene. WazirX co-founder Nischal Shetty, who is based in Dubai, added to the confusion by stating that he does not know who is responsible for safeguarding user crypto funds on the platform. His statement has fueled outrage among users, who feel abandoned by the exchange’s management. Legal and ownership disputesAmid the chaos, WazirX is also battling a legal dispute over its ownership with Binance, the world’s largest cryptocurrency exchange. Shetty has repeatedly claimed that Binance acquired WazirX, granting it significant control over the platform's operations. However, Binance founder Changpeng Zhao (CZ) refuted these claims in 2022, stating that the acquisition deal was never completed. The uncertainty surrounding the ownership of WazirX has further aggravated users, many of whom are demanding a clear statement from Binance. So far, Binance has remained silent, neither confirming nor denying its involvement. This ambiguity has intensified calls for clarification, with users fearing that a lack of transparency may worsen their chances of recovering their funds. Partial withdrawals and restructuring effortsIn response to the crisis, WazirX has initiated phased withdrawals for users, allowing them to access 66% of their Indian Rupee (INR) token balances. Initially set for September 9, the withdrawal window was moved forward, offering some relief to users. However, many are dissatisfied with the partial access to their funds and are questioning when full crypto withdrawals will resume. WazirX’s legal team has indicated that users may recover only 55% to 57% of their crypto holdings, sparking further discontent. Meanwhile, the exchange has filed a moratorium application in the Singapore High Court, seeking a six-month reprieve from legal actions as it works on a restructuring plan. Looking aheadAs the WazirX saga unfolds, the future of the exchange and its users remains uncertain. The legal battles, ownership disputes and the ongoing laundering of stolen assets pose significant challenges to the platform's recovery. For now, users can only hope that the restructuring process will bring them closer to recovering their lost funds and that authorities will step in to provide clarity and resolution.