Thailand counters cybercrime with tighter controls on foreign crypto P2P platforms

Market speculates on Qatari investment driving bitcoin price surgeRumors are circulating within the cryptocurrency space that Qatar’s sovereign wealth fund may have dabbled in investing in bitcoin, leading to the recent surge in the bitcoin unit price.Such a move, while still an unconfirmed speculation, would be indicative of the increasing recognition of Bitcoin as a mainstream asset class. At the time of writing, bitcoin stands at $44,000. That represents a 16% increase over the space of the past week and a 166% increase since the beginning of the year.Photo by Yiğit Ali Atasoy on UnsplashKeiser’s claimAccording to outspoken Bitcoin advocate Max Keiser, Qatar’s sovereign wealth fund (QSWF), responsible for managing the nation’s significant oil and gas-generated wealth, is considering allocating up to $500 billion to the leading cryptocurrency.To provide context, this investment would eclipse the publicly disclosed bitcoin holdings of MicroStrategy, founded by Michael Saylor, by an astonishing 671 times. MicroStrategy currently holds the position of the largest corporate holder of Bitcoin, with 174,530 BTC acquired in November.Keiser speculates that the QSWF’s monumental investment could propel bitcoin’s price to new highs, reaching $100,000. Keiser tweeted:“The God Candle, a $100,000 uptick in #Bitcoin is in play. It will shift the global axis of wealth and power in 1 tick.”Custodia Bank Founder and CEO Caitlin Long shared a similar view on the X social media platform on Wednesday, pointing out that in September the Emir of Qatar had visited El Salvador and met with President Nayib Bukele. The inference is that it would have been an interest in bitcoin that may have provided the motivation for that visit, given that Bukele and El Salvador have adopted bitcoin as a sovereign currency.However, not everyone is on board with this theory. Some have pointed out that the assertion that the QSWF will invest $500 billion into bitcoin is impossible, given that the fund has $475 billion under management.Bitcoin advocate Luke Broyles weighed in on the rumor, emphasizing the crucial interplay between bitcoin’s supply and demand. Broyles highlighted the $76 billion worth of BTC still available on crypto exchanges, underscoring the fundamental principle of bitcoin’s fixed supply. According to Broyles, any substantial investment would inevitably drive prices higher.However, Broyles remains skeptical of the Qatar news, deeming it a rumor, and expressed shock if it proves remotely true. That view has led many back to the original speculation in relation to this most recent price action, the illusive bitcoin spot exchange-traded fund (ETF) approval in the United States.Some activity in recent days has suggested that BlackRock, the world’s largest fund manager, has been doing preparatory work for the launch of its iShares Bitcoin Trust ETF. Not everyone was positive on the topic of Bitcoin on Wednesday, however. Jamie Dimon, the CEO of JPMorgan Chase, testified before the U.S. Congress on Wednesday, stating “If I were the government I’d close [Bitcoin] down.”

Sui Token Debuts on Korea’s Top Five Crypto ExchangesThe native token of Sui, a layer 1 blockchain platform, has debuted on South Korea’s five leading cryptocurrency exchanges — Upbit, Bithumb, Coinone, Korbit, and Gopax. This marks the first time a token has been listed simultaneously on all five exchanges, according to Korean news agency Newsis.Photo by Sigmund on UnsplashAptos’ successThe decision by these exchanges to list Sui may have been influenced by the success of the APT token, which belongs to Aptos, another scalable layer 1 blockchain platform also developed by former Meta employees. APT was listed on Binance two days after the launch of the Aptos’ mainnet on October 17 last year, and its price skyrocketed to $100 on the first day, a hundred times its listing price. Within a week, the trading volume of APT reached $1.3 billion.Sui’s mainnet launchWith the launch of its mainnet on May 3, Sui is garnering significant interest in the crypto sphere. An official from a notable Korean venture capital firm told Newsis that Sui and Aptos, both developed with the Move programming language, involve many top-tier investors and are highly anticipated by ecosystem participants.

In the ongoing legal tussle over cryptocurrency assets, the High Court of Singapore has rejected a plea by the bankrupt crypto hedge fund Three Arrows Capital (3AC) to dismiss a lawsuit filed by Arthur Cheong, the founder of Web3 investment firm DeFiance Capital. This ruling represents a pivotal moment in the $140 million dispute, shedding light on the ownership and control of assets, while building upon DeFiance Capital’s previous success back in August of last year in having its preference for jurisdiction in Singapore endorsed.Photo by Tingey Injury Law Firm on UnsplashRecognizing assets held in trustOn Jan. 26, a Singapore judge ruled against 3AC's request to have Cheong’s claim thrown out, stating that DeFiance Capital has adequately demonstrated the existence of a Singapore-based trust safeguarding its assets. This revelation could potentially shield DeFiance Capital from 3AC's liquidators, marking a crucial juncture in the legal battle. The dispute traces back to an agreement where Cheong was set to launch an independent fund on the 3AC Group platform, with ownership and control vested in DeFiance Capital. This fund, leveraging 3AC's infrastructure, faced disagreements over the transfer of certain assets, whose undisclosed value became a point of contention in court documents. The downfall of the $10 billion 3AC hedge fund, responsible for the "Super Cycle" thesis predicting perpetual crypto price increases, had widespread repercussions in the crypto industry. DeFiance Capital bore the brunt of this collapse and the recent court ruling brings the firm closer to resolving the aftermath favorably. The ongoing argument holds strategic importance for DeFiance Capital, as the investment firm challenges any legal obligation for its shareholders to compensate 3AC creditors. "Wassielawyer," a pseudonymous restructuring attorney advising DeFiance Capital's founder Arthur Cheong, highlighted the significance of this stance on social media. Positive signThe judge's acknowledgment of the trust, while not conclusive, is viewed as a positive sign for DeFiance Capital. In a series of posts on the X social media platform, Wassielawyer outlined on Thursday that he sees this as "much-needed vindication" for Cheong, signaling a potential turn in favor of the investment firm. Wassielawyer emphasized that DeFiance Capital merely utilized 3AC's legal structure, without commingling operations. This distinction becomes crucial as carefully drafted legal documents form the basis for 3AC creditors attempting to seize DeFiance Capital funds. The restructuring professional added:”[DeFiance Capital] have on the basis of the substantive facts, ran an argument that the assets of DCs should not be used to pay back 3AC creditors. This eventuality would be manifestly unjust, enriching the creditors of 3AC at the expense of innocent DC investors.” Once a major player in the crypto hedge fund arena, 3AC's demise resulted from exposure to Terra, staked Ethereum and Grayscale's Bitcoin Trust. The bankruptcy filing on June 30, 2022, marked the end of an era for the once-mighty fund. Established in 2020, DeFiance Capital specializes in crypto investments, focusing on decentralized finance and GameFi. It has supported projects such as dYdX, Aave and Lido. This decision establishes a precedent for similar cases, particularly in jurisdictions like Singapore, emerging as pivotal hubs for cryptocurrency and blockchain-related activities. The outcome holds implications for how such legal disputes will be handled in the future, shaping the landscape of crypto-related legal proceedings.