DMM Crypto shutters Seamoon Protocol

Four Pillars for Success in Korean Security Token MarketOn Wednesday, blockchain experts in various fields gathered at the 2023 Blockchain Meetup Conference held in Seoul to discuss issues with security tokens and their outlook.©Pexels/Alesia KozikWhat attracted security token businesses’ attention at the meeting was a presentation by Jung Eui-heon from Lambda256, a subsidiary of Korean crypto exchange Upbit’s operator Dunamu. He shared four pillars for success in the Korean security token market.Security tokens gaining traction in KoreaSecurity tokens have been a trending topic in the Korean blockchain industry since the Korean Financial Services Commission (FSC) allowed the issuance and trading of security tokens last February. Furthermore, a 2022 report jointly published by Boston Consulting Group and Singaporean investment platform ADDX predicted that the total size of illiquid tokenized assets worldwide would reach $16 trillion by 2030.Against this backdrop, here are the four keys to successful security token projects that Jung outlined.Technology adaptationFirst, he emphasized the importance of adopting rapidly changing technology. To tackle the issue, he suggested teaming up with advanced tech companies for long-term collaboration. When choosing tech partners, companies should ensure they are sustainable, possess technological prowess, hold credibility on high volume transactions, and maintain the security level of financial institutions, Jung advised.Forging partnershipsThe second point he mentioned was the need to forge partnerships. The FSC’s February guideline requires the issuance and distribution of security tokens to be managed separately. This means that security token projects require collaboration between issuers, distributors, account managers, asset holders, and tech companies.New securities productsJung also noted that discovering new securities products is crucial. Partnering with existing fractional investing companies may help accelerate the security token project initially, but in the long run, enterprises will eventually have to create products in various fields such as gaming, movies, and entertainment.Token liquidityLastly, Jung underlined the token liquidity, which plays a crucial role in determining its prices. Issuers will need to find various distributors and vice versa. Securing liquidity requires the establishment of a technical standard that improves interoperability and compatibility, he highlighted.

Wemade CEO Encourages Japanese Game Developers to Embrace BlockchainHenry Chang, the CEO of South Korean gaming company Wemade, delivered a speech on Tuesday at the annual Japanese Web3 conference, WebX, in Tokyo to encourage Japanese game developers to venture into the blockchain industry.Photo by Louie Martinez on UnsplashIntegration of economies and gameplayChang expressed his belief that the integration of economies and gameplay across various games can be achieved through blockchains and non-fungible tokens (NFTs). He emphasized that this combination is innovative in the sense that it overcomes three significant barriers in the gaming world: giving users ownership of in-game assets, creating connections between different games, and tearing down the boundary between games and reality.Chang predicted that all games would evolve into blockchain-based games within the next three years. He presented WEMIX Play, the company’s blockchain game platform, as being fully equipped to support such a transition, with all the necessary features to provide blockchain game services.In a significant move towards realizing this vision, WEMIX Play has recently inked onboarding contracts with two gaming firms. One of them is MetaTokyo Studio, a game developer based in Japan, and the other is Skyjet Software, a Lithuania-based game publisher. WEMIX Play users will soon have the exciting opportunity to enjoy MetaTokyo Studio’s futuristic science fiction game, Chromata, and Skyjet Software’s thrilling 3D helicopter shooting game, Skybreakers.Prime Minister Kishida’s speechNotably, the event also saw a video speech from Japanese Prime Minister Fumio Kishida, who expressed his enthusiasm for Web3 and its potential to revolutionize society by innovating the existing Internet framework. According to Minister Kishida, the Japanese government is committed to fostering an environment conducive to Web3 initiatives.The Japanese Prime Minister further anticipated that the WebX conference would lead to enhanced business cooperation between Japanese and foreign companies. He also highlighted that leading Japanese firms would unveil major projects aimed at establishing valuable economic zones within the metaverse.

Upbit Accidentally Accepts Counterfeit APT Tokens, Initiates Retrieval EffortsUpbit, South Korea’s largest cryptocurrency exchange, is reported to have accepted deposits of counterfeit Aptos (APT) tokens, mistaking them for their legitimate counterparts. The exchange has been reaching out to the sellers of these tokens by phone, requesting their recovery. This news has been circulating in several online crypto communities since the afternoon of September 24 (Korea Standard Time).Photo by Kenny Eliason on UnsplashUpbit’s responsesOn September 24 at 15:47 KST, Upbit announced a temporary suspension of deposit and withdrawal services for APT due to maintenance on the APT wallet. Following this, at 22:32 KST on the same day, Upbit explained that system maintenance was undertaken after identifying an unusual attempt linked to APT deposits. The crypto exchange went on to announce that the deposit and withdrawal services for APT would resume at 23:00 KST on the same day.DeFi degenerates’ insightsIn relation to this incident, Definalist, a group of DeFi degenerates based in Korea, shared insights on X (formerly Twitter). The group stated: “It seems that during the process of reflecting $APT coin deposits, there was a failure to check the type arguments, and all same functions transfers were recognized as the same APT native token. … If all APT ecosystem tokens were sent to Upbit’s wallet, they would have been mistakenly treated as APT native coins.”Decimal place differenceDefinalist also remarked on the fortunate nature of the counterfeit APT token having six decimal places, in contrast to the authentic APT token’s eight. They noted that if the deceptive token had mirrored the genuine token’s decimal places, the market disruption could have amplified a hundredfold. Meanwhile, the value of the counterfeit APT tokens deposited into Upbit is estimated to be about KRW 20 million (approximately $15,000).