Singapore’s DBS introduces Token Services for institutions

Crypto Influencer Arrested in Hong Kong Over JPEX AssociationHong Kong police have taken prominent social media influencer and former lawyer Joseph Lam into custody. Known as “Jolamchok” on Instagram, Lam has been arrested due to his connection with the troubled cryptocurrency exchange, JPEX.According to a report from the South China Morning Post (SCMP) on Monday, law enforcement officials conducted a search of his office, where they seized various items of potential evidence, including a plastic bag containing banknotes.Photo by niu niu on UnsplashCelebrity promotionThe Hong Kong regulator, the Securities and Futures Commission (SFC), recently issued a warning squarely pointing fingers at JPEX for actively enlisting online celebrities like Joseph Lam and over-the-counter (OTC) money changers to promote the platform’s services and products to the Hong Kong public. Hong Kong police are understood to have searched the offices of local OTC exchange service Coingaroo. That action is suspected to be related to the issues that have befallen JPEX.An unverified report suggests that Lam, who is also known as Lin Zuo, may have presented questionable investment “schemes” to a cryptocurrency investment chat group. One of the reported victims was allegedly persuaded to invest 100,000 Hong Kong dollars (approximately $12,800) in cryptocurrencies.In one instance, Lam made claims within the group, stating that people were relentlessly pursuing him for payments and that the amount of money involved was five times higher than usual.“Whatever doesn’t kill you makes you stronger”On September 17, the day before his arrest, Lam shared a news article on his Instagram account, suggesting that he had not been negatively affected by the JPEX investigations. The caption read, “Whatever doesn’t kill you makes you stronger.”Following this development, Lam visited the police alongside his legal representatives to provide the necessary information regarding his involvement with JPEX. In a related development, another crypto influencer, Chen Yi, is understood to have been arrested. Yi is suspected of conspiracy to commit fraud.Liquidity crisisJPEX has publicly attributed its liquidity crisis to regulatory pressures and “third-party market makers.” In response, the exchange increased withdrawal fees and suspended certain operations. They have, however, promised to restore liquidity from third-party market makers promptly and gradually return withdrawal fees to normal levels, with details to follow after negotiations.JPEX maintains that it was being treated unfairly. The exchange also said that it would freeze new trades while existing trades would continue to be active until completion.This arrest and the ongoing issues surrounding JPEX come amid wider concerns in the cryptocurrency sector. A recent report from Bitfinex indicated that capital outflows from the crypto markets amounted to a staggering $55 billion in August alone. This substantial outflow has not only impacted Bitcoin but has also affected the liquidity of Ether and stablecoins, underlining the broader challenges faced by the crypto sector.As the investigation into Joseph Lam’s involvement with JPEX continues, it remains to be seen how this development will impact the ongoing troubles facing the cryptocurrency exchange and the broader crypto ecosystem in Hong Kong and beyond.

Web3 Fashion Platform doDRESS Opens Pop-up Store in SeouldoDRESS, a fashion and lifestyle platform created by the faculty at Kookmin University in Seoul, has opened a pop-up store in Seoul in line with the launch of its new website. doDRESS aims to create a decentralized Web3 fashion ecosystem centered around brands, creators, and influencers, providing a space to communicate with consumers and promote their businesses and content. In turn, consumers can get the chance to dive into a new form of Web3 technology and express themselves through their personal style.Photo by No Revisions on UnsplashInteractive space for creators and consumersThe pop-up store, which was revamped from an old auto repair shop, has invited some 40 designers and graphic artists to showcase and sell their unique street fashion-inspired clothing and graphic art to consumers. It will also present an opportunity for them to interact with influencers who can contribute to the marketing and distribution of their products, thus boosting their value.Creators and those who wish to become creators can upload the products they make on doDRESS. When a product is sold, every individual in the platform’s Web3 ecosystem who contributed to making it will receive a portion of the revenue.Visitors, on the other hand, can customize their own clothing by printing designs created by the artists themselves through doDRESS’s fashion stickering service, which is available both online and offline at the pop-up store. The platform also said that it would give out custom doDRESS products worth KRW 40,000 (approximately $30) on a first-come, first-served basis to 70 visitors on weekdays and 200 on weekends.Future plans for growthIn the future, doDRESS aims to expand on a global scale and add more clothing products to its services utilizing various production techniques like 3D printing.The pop-up store will be open until next Wednesday (local time) in Seongsu-dong.

SK Planet Teams Up with T1 for LoL NFT Event: ‘The Hero’s Journey’SK Planet, the data and tech subsidiary of South Korean conglomerate SK Group, announced last week that it is conducting a non-fungible token (NFT) event called “The Hero’s Journey.” This event is a collaborative effort with T1 Entertainment and Sports, the company behind League of Legends (LoL) team T1. T1 Entertainment and Sports is a global esports joint venture established by American company Comcast Spectacor and SK Telecom, the telecommunications subsidiary of SK Group.This event coincides with the 2023 League of Legends World Championship (Worlds 2023), taking place in Korea from October 10 to November 19 (local time).Photo by RDNE Stock project on PexelsMission-based adventureThe NFT promotion, running until December 3, promises a unique and rewarding experience for users. LoL and NFT enthusiasts are encouraged to complete five missions and earn NFTs at various physical locations related to T1, a participant in Worlds 2023.These locations include T1’s headquarters, Base Camp, Café & Arena, and HiKR Ground. To complete their missions, visitors can collect stamps from each site, sign up for a T1 membership, and either attend a Worlds 2023 game at the stadium or join the viewing party.Anyone who has downloaded UPTN Station, the digital wallet launched in June by SK Planet, can join this promotional event, with the chance to receive rewards for each completed mission. Rewards include NFTs of LoL players like Lee “Faker” Sang-hyeok and Choi “Zeus” Woo-je, discounts on T1 memberships, vouchers for the T1 HQ SHOP, and free drink coupons.Upon completing all five missions, participants will automatically be entered for a chance to win various prizes. These include AVAX tokens, player-signed jerseys, tickets to T1 CON — a fan meet-up with T1 players — and a T1 Bap invitation, which gives fans the opportunity to tour the T1 headquarters and enjoy a meal on-site.SK Planet’s NFT commitmentLately, SK Planet has been actively undertaking NFT endeavors. In June, it introduced an NFT membership program named “Road to Rich,” capitalizing on OK Cashbag, which is the popular customer rewards program of SK Planet. This was followed by the debut of a blockchain-centric ticketing service, developed in partnership with layer 1 blockchain protocol Avalanche. Looking ahead, SK Planet aims to provide an even broader range of practical utility NFTs.Commenting on their latest project, Kim Kyo-soo, who leads the customer experience division at SK Planet, shared his excitement about collaborating with T1, one of the world’s most popular esports teams. He sees the use of NFTs in this event as a meaningful way to connect with fans in person. Kim anticipates a strong response and active participation from the esports community.