SafePal invests in & partners with Switzerland’s Fiat24

Blockchain Experts from Ethereum, Solana, and More to Visit Seoul for Upbit D ConferenceDunamu, the fintech company operating South Korea’s leading crypto exchange Upbit, has unveiled the lineup of international speakers for the upcoming sixth annual Upbit D Conference (UDC). Scheduled to take place on November 13, the conference will bring together global blockchain specialists from notable projects like Ethereum and Solana to explore the latest trends and insights in the industry as well as future prospects.Photo by Terren Hurst on UnsplashThe roster of speakers includes renowned figures such as Tom Teman, Product Manager at Ethereum Foundation; Roger Ver, Founder of Bitcoin.com; and Wally Yu, Solutions Architect at Chainlink Labs. Korean speakers, such as Sehyeon Oh, Executive Vice President of telecommunications giant SK Telecom, are also set to attend.Empowering Korea’s blockchain landscapeSince its inception in 2018, UDC has grown to become Korea’s central blockchain conference. Conceived as a means to contribute to the domestic blockchain ecosystem without focusing on generating profit, the conference has consistently garnered praise for its in-depth presentations from global experts and a wide variety of sessions.Under the theme coined “All That Blockchain,” this year’s conference is open to anyone interested in blockchain, Dunamu said. The “D” in UDC stands for various keywords related to blockchain, including digital assets, decentralization, and developers. However, the focus of the conference has evolved beyond just technology, now encompassing areas such as policy, finance, technology, culture, and societal trends.Event detailsThe conference will be conducted in a hybrid — both online and offline — format, allowing a higher level of participation without the constraints of time and place. Though it will be hosted at the Grand Walkerhill Seoul hotel, anyone anywhere can tune in live through the official UDC YouTube channel. Simultaneous interpretation will also be provided in Korean and English.Dunamu will kick off registrations for both online and offline attendance starting from 10:00 AM KST on September 11. Due to the limited venue capacity, offline tickets will be available on a first come, first served basis.

Seoul and Baobab Partners Face Controversy Over Unpaid Prize Winnings for SWF2023 HackathonThe city of Seoul has come under public scrutiny for failing to pay the winners of the Seoul Web3 Festival (SWF2023) Hackathon a cash prize worth KRW 150 million (approximately $112,000). The Seoul Metropolitan Government has argued that since it was simply a naming rights sponsor, the responsibility for paying the prizes lies with Baobab Partners, who co-hosted the event. However, critics argue that the city did not properly vet Baobab Partners more rigorously before hosting the event.Photo by okaybuild on PixabayUnpaid prizes lingerThe SWF2023 Hackathon took place from July 31 to August 2 at Dongdaemun Design Plaza (DDP) and was co-hosted by the city of Seoul, the Seoul Design Foundation, and Baobab Partners. It offered a total prize pool of KRW 150 million attracting 417 participants who made up 115 teams.However, although over two months have passed since then, the winners are yet to be paid their prize money. “Baobab Partners initially proposed the SWF2023 event, and they were responsible for gathering the necessary sponsorship funds to run the event,” said a city representative.According to industry sources on Monday, the company’s CEO, Choi Jin-beom, issued a handwritten apology last Friday regarding the incident. “We promised to pay the winners by today, but we were unable to deliver on that promise. We explored multiple avenues, including investors, new contractors, and other assets, but were ultimately unable to secure the funds to do so,” he said. “The narrative that the funds were diverted elsewhere or invested in cryptocurrencies or stocks is untrue,” he added, clarifying that related information was transparently disclosed to the city of Seoul.Baobab Partners’ swift rise raises industry eyebrowsBaobab Partners had previously participated as an event planner at last year’s Blockchain Week in Busan, which turned out to be a success. “We also spoke with the Busan city government, who gave a positive opinion of the company,” the representative added. It was under this context that Seoul entered into a naming rights agreement with Baobab Partners. The agreement stipulated that the company would be in charge of attracting and managing sponsorships, and the prize money and operational costs would be covered by corporate sponsorship funds.Nevertheless, questions have arisen within the industry about Baobab Partners’ short track record and its successive collaborations with public organizations. Baobab Partners is a startup that was founded in May 2021. In November of the same year, the firm signed memoranda of understanding with three blockchain companies during NFT Busan 2021, a large-scale NFT fair held in the southern port city to share the latest blockchain trends. As a result of its efforts, it was listed alongside prominent companies such as Coinone and Onther despite only six months passing since its establishment. Subsequently, Baobab Partners relocated from Seoul to Busan, and the following year, it participated as an event planner at Blockchain Week in Busan.Accumulating allegationsSpeculation suggests that this success was not solely due to Baobab Partners’s capabilities. The company’s CEO is believed to have political connections, according to an anonymous industry insider. Choi denied such claims and stressed that its technical expertise should not be downplayed, citing the fact that Baobab Partners was the first entity in Korea to develop virtual reality (VR) banking technology and had received a KRW 15 billion investment from Finger, a KOSDAQ-listed company.Baobab Partners has also been mired in controversy over supposedly unpaid wages. In response to a claim made by an industry source that many former employees of Baobab Partners have still not received their due wages, a Seoul representative stated that there is no such dispute according to conversations with company representatives, seeking to dispel the dispute. Choi further explained, “We didn’t have wage disputes until last year. The difficulty in paying wages began in January this year due to the failure to execute promised investment funds.”The city said that it is currently conducting legal examinations and looking into necessary measures for two matters involving Baobab Partners, including the handling of hackathon winnings.

Korean Assembly Mandates Crypto Disclosure Amidst Lawmaker’s ScandalThe Korean National Assembly’s plenary session passed amendments to a couple of acts today that mandate lawmakers and senior government officials to report their cryptocurrency assets, according to news agency News1.Photo by Tingey Injury Law Firm on UnsplashAmendments to two actsIn an afternoon session, the National Assembly passed two amendments: one to the National Assembly Act and another to the Public Service Ethics Act.The amendment to the National Assembly Act, which had been approved by the Special Committee on Political Reform on Monday, specifically addresses the issue of cryptocurrencies and their potential conflict of interest for lawmakers. Likewise, the amendment to the Public Service Ethics Act, which had been approved by the Public Administration and Security Committee on Monday, imposes a requirement on lawmakers and high-level civil servants to disclose their cryptocurrency holdings.Mandatory crypto disclosureConsequently, starting from the 22nd National Assembly, lawmakers will be obligated to disclose their cryptocurrency assets. Additionally, the current 21st National Assembly will be required to disclose the cryptocurrencies they held and traded between the beginning of their term and May 31 of this year, with the disclosure deadline set for the end of June.A lawmaker’s crypto scandalThese legislative actions were prompted by allegations surrounding lawmaker Kim Nam-kuk, who was purportedly in possession of 800,000 WEMIX tokens from January to February of last year, potentially valued at up to 6 billion KRW (around $4.5 million). Concerns were raised regarding possible insider trading and conflicts of interest due to Kim’s ownership of these tokens.