Thailand’s SEC considers Bitcoin ETF approval

Upbit Reassures Investors Following False APT Token DepositsFollowing a recent situation where false Aptos (APT) tokens were mistakenly accepted as authentic deposits, Upbit, South Korea’s leading cryptocurrency exchange, has reassured investors that such problems will not recur.Photo by Markus Spiske on UnsplashIrregular Aptos token depositsAn Upbit representative informed local news outlet Digital Asset that the platform had detected irregular deposit activities related to Aptos-based tokens of the same type on September 24. In response, the platform addressed the coding anomalies during the suspension of APT deposits and withdrawals.Software correctionThe representative said that, as the resumption of APT deposits and withdrawals took place at 23:00 KST on September 24 after the software correction, no virtual assets on the exchange, including APT, should face similar issues in the future.Asset monitoringThe official highlighted that the trading platform employs a real-time process that monitors and compares customer assets with on-chain assets, a step that contributed to the mitigation of the fallout from the incident.

Web3 entertainment platform Playbux is set to embark on a public token sale in a departure from the more established initial coin offering (ICO) model favored by many crypto and Web3 platforms in the past.Photo by Mackenzie Marco on UnsplashFair community offering (FCO)Aiming to raise $150,000 later this month Playbux, a blockchain-based e-commerce metaverse platform that runs on the BNB chain, has opted for a fair community offering (FCO). As part of the FCO, it will provide pre-listing access exclusively to engaged users through Dubai-headquartered crypto investing platform Raiser, backed by Visa. In a series of posts on social media platform X on Monday, Raiser set out what it plans to bring to market by way of the FCO model.  According to the startup, FCO involves ranking project users based on on-chain activity, referrals, participation in educational quizzes and following the platform's X profile.  As the company puts it, “engagement is the king. The more interactive challenges you complete - the higher you climb on the Raiser.co leaderboard.” Users, depending on their ranking, gain the opportunity to invest in the project's token before its official listing on centralized exchanges. Raiser is being supported in its FCO model offering by market maker Kairon Labs. An alternative to ICOsThis community fundraising mechanism emerges as an alternative to ICOs, which, in the earlier days of crypto, became associated with fraudulent activities. The surge in ICOs between 2017 and 2018 led to a mix of success stories, like Ethereum raising $18 million in 2014. However, the funding mechanism was sharply criticized as it also attracted unsavory actors due to the lack of reporting requirements and accounting standards. In the aftermath of the ICO era, centralized crypto exchanges now mandate projects to lock a portion of their token supply at launch and vest some supply to prevent excessive dumping by investors. Raiser co-founder Kori Leon, who previously worked on the listings team at Binance, notes that Raiser's FCO process aligns with these stricter listing requirements while offering community members pre-listing token access, potentially reducing the urge to sell tokens immediately upon listing. Leon stated:”Our goal is to effectively support both the community and centralized exchanges, who show belief in the potential success of new projects through initial listings. Our unique platform rewards active community members and so assists exchanges in their strategic decisions.” Playbux's PBUX token, part of Binance Labs' incubation program and included in Visa's Asia Pacific 2023 accelerator program, will undergo a public FCO in late January, according to Leon. The metaverse-focused platform is known for its shop-to-earn experiences and customizable avatars. Playbux was founded by Thai entrepreneurs Tay Sitthisaktanakul and CEO Sarun Vichayabhai in 2022. This move by the firm through the utilization of FCOs signifies a shift away from the tarnished ICO model, acknowledging the importance of community engagement and responsible token distribution. 

As the 2024 F1 season gears up for its launch on March 2, leading NFT marketplace and crypto exchange OKX is set to take center stage by showcasing its logo on McLaren F1 cars.Photo by Jesper Giortz-Behrens on UnsplashThe move, outlined in a recent press release, will see the OKX brand on the side of McLaren’s cars in 20 high profile races. Going beyond a mere branding endeavor, the sponsorship initiative has been put together in an effort to energize the blockchain-centric world of F1, enhancing track-side aesthetics and elevating the visibility of the Web3 company. ‘Stealth Mode’The collaboration will see OKX's branding appear on various elements of McLaren cars, from side pods and rear wings to mirrors, drivers' helmets and team apparel. OKX's logo will be prominently featured during 20 out of the 24 races in the upcoming F1 season. The primary 2024 livery of the vehicle draws inspiration from the OKX-McLaren "Stealth Mode" design showcased during the Singapore and Japan Grand Prix races in 2023. According to Haider Rafique, the Chief Marketing Officer at OKX, the decision to expand the sponsorship deal with McLaren aligns with the increased brand awareness achieved through their partnership. Building upon existing sponsorship dealThe collaboration between McLaren and OKX isn't new. OKX's initial partnership with McLaren commenced in May 2022 as a primary partner to its F1 team and laid the foundation for this continued collaboration. The crypto platform’s livery featured on McLaren MCL60 F1 cars at the Singapore and Japan Grand Prix races in 2023.  Surveys conducted post-event revealed that 80% of attendees expressed interest in learning more about the exchange, indicating a curiosity within McLaren's fan base about Web3 and digital finance. This resonance with the audience aligns with OKX's mission to make the crypto economy accessible to everyone and educate the public about the benefits and opportunities within this space. Looking ahead, Rafique expresses OKX's intent to pursue a long-term partnership with McLaren, emphasizing the value derived from longevity and growth over time. He envisions the McLaren-OKX partnership as potentially spanning decades, fostering generational associations akin to his own fondness for Ayrton Senna and McLaren from his youth. Broader crypto sector marketingThe broader trend of the cryptocurrency sector's increased involvement in F1 is evident, with partnerships like Crypto.com creating NFTs for every lap and Kraken's marketing collaboration with the Williams Formula One racing team. Earlier this month, crypto gambling platform Stake signed a sponsorship deal with the Sauber F1 team. Crypto.com has been a prominent sponsor of Formula 1 since 2021, showcasing its logo at Grand Prix circuits globally and sponsoring the Aston Martin Aramco Cognizant F1 team. The other high profile sports sponsorship forum for crypto businesses appears to be the English Premier League (EPL). In this arena too, OKX has been active, having an ongoing deal in place with Manchester City which it strengthened last year. Singapore-based crypto trading platform BingX recently followed suit, securing a sponsorship deal with Chelsea Football Club.