South Korean crypto-only exchanges on the brink of closure

Rotonda launches crypto wallet service Burrito Wallet in Latin AmericaRotonda, a subsidiary of South Korean crypto exchange Bithumb and the operator of the digital wallet Burrito Wallet, announced on Tuesday (local time) that it has launched its services in the Latin American region, marking its entry into global markets.Photo by Leon Overweel on UnsplashLaunched in February, Burrito Wallet’s primary functions include convenient chat-based cryptocurrency transfers and crypto swapping. It is the largest multi-chain wallet in Korea that supports 11 mainnets, including Bitcoin and Ethereum, as well as over 1,000 token currencies.Expanding region-specific servicesIn addition to these basic services, the Burrito Wallet’s available services in Latin America will include both on- and off-ramp functions for buying and selling crypto, which will be added by the end of this year. An on-ramp function facilitates users in acquiring crypto assets, whereas an off-ramp facilitates users in disposing of their crypto assets. Considering that many countries in the region recognize cryptocurrencies as fiat currencies, the company plans to expand its services to meet the market demand. Furthermore, the company aims to secure users by providing transfer services and various airdrop events.“The greatest advantage of Bithumb Burrito Wallet is the ability to use various functions such as cryptocurrency storage, management, transfers and swapping all in one platform,” explained Burrito Wallet’s Chief Financial Officer Chung Jae-kwon. Jeong recently visited Colombia last month to introduce the wallet service. “We believe that we can respond to the specific demands of the financial environment in Latin America through our user-friendly wallet service,” he added.Addressing economic challengesThe blockchain market in Latin America has been growing rapidly with rising demand for convenient and secure crypto services, driven by low accessibility to traditional finance and unstable economic conditions such as inflation.“As the global financial crisis worsens due to a lack of liquidity in banks, the need for financial instruments that can safely protect assets is increasing,” Chung said. “We anticipate a growing demand for our non-custodial wallet, which allows users to hold their own private wallet keys.”Earlier this month, Burrito Wallet signed a business agreement with the blockchain gaming platform Yooldo to expand their respective blockchain ecosystems and secure a global user base.

LightLink, the Singapore-based Layer 2 startup, has recently clinched $4.5 million in seed funding, spearheaded primarily by Asian investors. A strategic alliance has also been forged between LightLink and Animoca Brands, a trailblazer in digital property rights within the open metaverse and gaming sectors.Photo by cottonbro studio on PexelsThai-led fundingT&B Media Global, a prominent Thai media entity, and MQDC, a Bangkok-headquartered real estate developer, led the funding round, which amounted to $4.5 million. In addition to T&B Media Global and MQDC, the seed round saw participation from more notable investors within the Asia Pacific (APAC) and Oceania regions, such as digital asset-focused Australian investment manager JellyC, Aweh Ventures, Singapore’s Blue7 and Australian Web3 venture capital fund B3V. While the capital funding is early stage and lower end from a dollar amount perspective, the broad spectrum of investors underscores a certain level of excitement surrounding LightLink's innovative product offering. The startup’s product offering enables enterprises and decentralized applications to conduct gasless, real-time user transactions within the Ethereum ecosystem through the use of optimistic rollups within LightLink’s established architecture. The infusion of funds will be used to bolster LightLink's efforts to further develop a groundbreaking "multiverse project" dubbed Translucia, a venture that attempts to seamlessly merge virtual and physical realms. Dr. Jwanwat Ahriyavraromp, founder and CEO of T&B Media Global, lauded the partnership, citing a shared vision to cultivate a harmonious and interconnected digital universe that radiates joy worldwide. Animoca collaborationNews of this funding infusion comes off the back of LightLink’s announcement last month of a collaboration with Web3 firm Animoca Brands. This collaboration will witness Animoca integrating LightLink's Ethereum Layer 2 technology into select initiatives, accompanied by advisory support to bolster LightLink's tokenomics strategies and market outreach. The synergy between these entities provides great potential for the delivery of a more seamless Web3 experience, eliminating transaction fees and streamlining blockchain integration for users. LightLink's Ethereum Layer 2 blockchain offers a host of benefits, enabling gasless transactions and frictionless transfers of assets within a public blockchain environment. Its utilization extends to over 25 affiliates, including notable entities like Grapes and The Red Village, with integration into the Translucia project underway. Roy Hui, co-founder and CEO of LightLink, expressed optimism about the partnership's potential to democratize blockchain technology, fostering global connectivity and enabling diverse communities to embrace decentralized solutions. Yat Siu, executive chairman and co-founder of Animoca Brands, echoed this sentiment, emphasizing the alignment between LightLink's gasless transactions and their mission to decentralize the digital realm. Pellar Technologies, the development powerhouse behind LightLink, boasts a track record of over 50 blockchain projects across the APAC region since 2017. LightLink itself ranks among the top 10 in transaction volumes among rollups, boasting over 215,000 unique wallet addresses operating on-chain. Hui reiterated LightLink's commitment to simplifying blockchain adoption. Using the seed funding announcement as an opportunity to set out the firm’s primary objective, he stated:”Our aim is to bridge the digital economy with millions of users across the globe. The funding we've received enhances our focus on making blockchain as intuitive as traditional web platforms, with an emphasis on gasless transactions.” The seed funding marks a significant milestone in LightLink's journey, propelling it towards playing its part in the further roll-out of Web3 innovation.  

It's been nearly ten years since the infamous collapse of the Japanese bitcoin exchange Mt. Gox, with some creditors of the defunct business now claiming to have finally received their long-awaited repayments.Photo by Su San Lee on UnsplashSubreddit payment confirmationsTestimonies shared on the Mt.Gox creditor subreddit and a dedicated Telegram channel reveal that certain payments, in the form of Japanese yen, have been distributed to creditors who opted for PayPal as their preferred mode of receipt. Excitement marked the early stages of this repayment process. Users on Reddit joyfully shared their experiences, with one exclaiming:"I got money!! I just got my initial payment via Paypal!!"This development comes after Mt.Gox rehabilitation trustee, Nobuaki Kobayashi, had previously extended the repayment deadline from Oct. 31, 2023, to Oct. 31, 2024. However, last month, Kobayashi informed creditors that certain cash repayments would be initiated before the year's end. Despite efforts to expedite the process, the sheer volume of creditors and the complexities involved mean that repayments will continue into 2024. The collapse of Mt.Gox in early 2014 triggered global regulatory responses and initiated a nearly decade-long bankruptcy and corporate rehabilitation process. The exchange fell victim to a series of hacks between 2011 and 2014, leaving a lasting impact on the cryptocurrency landscape. The commencement of repayments has been hanging over the crypto market for many years, with many fearing that the process may have a dampening effect on the bitcoin unit price, given that funds are being distributed in Japanese yen and bitcoin. Earlier this year, the U.S. government indicted two Russian nationals for laundering funds stolen from Mt.Gox, shedding light on the enduring legal ramifications stemming from the exchange's demise. Double payment glitchHowever, it appears the process encountered some glitches, as other Reddit posts indicated that a few creditors received double payments via PayPal, adding a new layer of complexity to the already intricate Mt. Gox saga. Reddit users, such as u/rlycreativename, have shared emails they claim to have received from the Mt.Gox Rehabilitation Trustee. The emails acknowledge a system issue leading to inadvertent double transfers and legally obligate recipients to return the surplus amount. While some users have complied with the request and returned the duplicated funds, others have expressed hesitancy, citing the historical challenges creditors faced in obtaining their money. The situation has evoked discussions on Reddit, with users debating whether the Trust deserves a swift return, considering the prolonged struggle creditors endured to reclaim their funds. While it may be tempting for some creditors to hold on to the duplicate payment, such a decision may only serve to heap more misery on long-suffering Mt.Gox creditors. The recent case of Jatinder Singh and Thevamanogari Manivel would be very relevant for creditors to consider. Singh was a customer of well-known digital assets platform Crypto.com. In 2021 the firm inadvertently transferred $10 million to his account. Singh conspired with Manivel to withdraw and keep the funds. A community corrections order of 18 months has been imposed on Manivel in Australia while Singh will be sentenced in February.