Travel booking startup targets Bitcoin investors with cashback offer

Recent reports from local media outlets indicate that Indonesian authorities have conducted raids on crypto mining sites, accusing them of illicitly siphoning electricity from the utility poles of the state-owned electricity company. The government’s intervention comes as part of a broader effort to address energy theft and regulate the cryptocurrency mining industry in the country.Photo by Fré Sonneveld on UnsplashTen mining sites raidedOfficials from the state-owned electricity company PLN highlighted the importance of coordinated efforts in exposing the unauthorized mining operations that were tapping into the national grid without approval. According to the reports, the ten illegal bitcoin mining sites which were raided incurred a financial loss of approximately 1.4 billion Indonesian rupees, equivalent to $100,000 for the state. The impact of energy theft extended beyond financial concerns, raising environmental and community-related concerns. Local students, alarmed by the potential consequences, urged PLN and regional police to investigate the mining operations. Subsequent action revealed that the theft was indeed taking place, prompting PLN officers from the Bukit Barisan Customer Service Implementation Unit (UP3) to conduct a raid. However, the officers faced threats and resistance, leading to a close coordination between PLN and the North Sumatra Regional Police. The raid uncovered a total of 1,300 bitcoin mining machines engaged in illegal operations, with each machine consuming a substantial 1,800 watts of electricity. Inspector General Agung Effendi, the North Sumatra Police Chief, disclosed that the illicit activities had been ongoing for an estimated six months, resulting in the arrest of 26 individuals across the ten locations.PLN reassured stakeholders of continued collaboration with the police to prevent further electricity theft and safeguard the national grid from such unauthorized activities. Worldwide concernThe incident in Indonesia reflects a global concern over the energy consumption of cryptocurrency mining operations generally, but also with regard to illegal activity. In recent years, the environmental impact of these operations has become a focal point in public policy debates, with climate activists emphasizing the harm caused. Government officials, on the other hand, express concerns about the potential disruption to the total distribution network if not properly regulated. In September, neighboring Malaysia identified illegal crypto mining activities in the state of Sarawak as the reason for recurrent power disruption. Meanwhile, in Singapore in August, authorities uncovered a crypto mining scam that cheated investors out of $1.3 million dollars. Indonesia joins other countries that have conducted raids on crypto mining operations accused of running large-scale, unregistered facilities. Malaysia has witnessed multiple arrests related to digital asset mines, while in Venezuela, authorities seized bitcoin machines and weapons from a recaptured prison controlled by a criminal gang. Legitimate mining potentialNotably, this marks the first such incident in Indonesia, and energy theft charges in the country are punishable by up to five years in prison or 200% of the stolen energy’s value. Despite these problems, Indonesia also understands the opportunity that exists where legal bitcoin mining is carried out. In May, Ridwan Kamil, Governor of the province of West Java, participated in a fireside chat titled “The Indonesia Bitcoin Mining Campaign.” During that event, Governor Kamil recognized the potential that bitcoin mining offers Indonesia. He stated: “[Indonesia has] the second most geothermal potential in the world — more than 800 rivers with hydropower. As bitcoin allows the transformation of energy into money, bitcoin could be transformative for Indonesia.” The global trend of addressing energy consumption in crypto mining is evident in Kazakhstan, where regulators seek to limit miners’ access to the national grid unless they operate solar-powered mines. Indonesia, with its pro-crypto population, is also moving towards increased regulation, mandating all crypto exchanges to register with the Commodity Futures Exchange (CFX) to continue operations beyond August 2024.  

Dunamu’s Luxury Watch Trading Platform Appoints New C-Suite ExecutivesViver, the luxury watch trading platform and subsidiary of Dunamu, the operator of South Korean cryptocurrency exchange Upbit, has recently made c-suite appointments, as reported by local news outlet News1.Photo by Jaelynn Castillo on UnsplashNew appointmentsThe new CEO of Viver, Moon Jae-yeon, brings a wealth of expertise in running online e-commerce platforms. Before joining Viver, Moon held the position of Chief Strategy Officer (CSO) at Market Kurly, an online platform famous for its early-morning grocery deliveries. Prior to that, he worked at eBay Korea for 17 years.Joining Moon is Seo Hee-sun, who assumes the role of Chief Operating Officer (COO) at Viver. Seo has an impressive background as the Business Group Manager at 11th Street, a major online shopping website in the nation, and has accumulated over two decades of experience in this field.Luxury watchesEstablished just two years ago, Viver aims to leverage Dunamu’s digital asset business know-how to set new standards for trading luxury watches, which serve as both real-world assets and investment vehicles. The appointment of these industry experts is a major step towards achieving this goal.Last year, Viver made noticeable strides in expanding its services. The platform launched its own online application service and also opened a brick-and-mortar store in Apgujeon Rodeo, a bustling hub for fashion enthusiasts in Seoul. Moreover, Viver Labs, the watch trading platform’s repair service, offers expert diagnosis and repair of watches from various high-end brands, including Rolex and Audemars Piguet.Moon has expressed his ambition to elevate Viver’s reputation to the level of renowned timepiece e-commerce platforms like WatchBox in the US and Chrono24 in Germany within the next five years. He emphasized that the company intends to take advantage of Dunamu’s cutting-edge blockchain technology and infrastructure to gain a competitive edge in the market.

Fujitsu Launches Blockchain Collaboration With Asian Development BankFujitsu, the Tokyo-based global information technology solutions company, announced that it will be launching a new blockchain-based platform at the end of this month.The announcement was made via a press release published to the Japanese company’s website on Thursday. This comes after the successful completion of a year-long pilot trial using Fujitsu’s blockchain technology, ConnectionChain. The trial focused on enhancing cross-border settlements of securities in various regions, including Japan, China, South Korea, and Southeast Asian nations, as stated in the company’s press release.Photo by Shubham Dhage on UnsplashInitial trial project successBuilding upon the positive outcomes of the trial project, Fujitsu is set to introduce the Fujitsu Web3 Acceleration Platform at the end of June. The pilot initiative commenced in January 2022 in collaboration with the Asian Development Bank, based in the Philippines, along with ConsenSys, a blockchain infrastructure company, enterprise technology firm R3, and Soramitsu, a blockchain tech company headquartered in Tokyo.Fujitsu intends to further explore the potential of blockchain technology and the decentralized nature of the emerging internet wave known as Web3 to foster market connections and societal growth. The company is part of a consortium of prominent Japanese firms that announced the establishment of a “Japan Metaverse Economic Zone” on February 23. By leveraging blockchain and the metaverse, which is an essential component of Web3, Fujitsu envisions opportunities for expansion and development across various industries and economies.Metaverse use caseThere’s a growing need for a genuine metaverse to serve as a hub that connects different industries, emphasizing the suitability of blockchain for this purpose. Companies often have their own Application Programming Interfaces (APIs) that they prefer to use exclusively. To overcome this fragmentation, a transparent and decentralized medium is required, which blockchain technology can provide.Fujitsu is a significant player in the Japanese digital technology services sector, with consolidated revenues of 3.7 trillion yen ($28 billion) for the fiscal year that ended on March 31, according to information available on its website. The company’s commitment to exploring the potential of blockchain and its involvement in the creation of the “Japan Metaverse Economic Zone” showcases its interest in driving innovation and connectivity in the evolving digital landscape.Late last year, the company entered into a strategic agreement with SettleMint, a low-code platform for blockchain application development, in an effort to accelerate development of its enterprise blockchain and track and trust solutions. In February, the firm announced the launch of its Web3 Acceleration Platform, which it describes as “a future community for users in start-ups, partner companies, and universities working to build the next generation of Web3 applications and services.”As Fujitsu prepares to launch its new platform, the industry eagerly anticipates the impact it will have on cross-border settlements and market connectivity. With the potential for blockchain and the metaverse to revolutionize industries and economies, Fujitsu’s foray into this space adds further confidence in Web3 development given the company’s stature.