Security token interest gains momentum in Korea ahead of election

In a recent announcement OPNX, the Seychelles-incorporated cryptocurrency bankruptcy claims platform co-founded by the creators of the now-defunct hedge fund Three Arrows Capital (3AC), has revealed its decision to cease all operations.Photo by Kelly Sikkema on UnsplashFebruary 14 shutdownIn a message to its users, subsequently shared on social media on Thursday, the OPNX team expressed its commitment to ensuring an orderly closure, urging users to settle all positions by Feb. 7 and withdraw their funds from the platform before Feb. 14, as all withdrawal functionality will be disabled thereafter. The team expressed gratitude to the OPNX community, acknowledging their dedication and trust throughout the platform's existence. Short for "Open Exchange," OPNX served as both a hybrid bankruptcy claims platform and a crypto exchange, enabling users to trade creditor claims of bankrupt crypto companies. The origin of OPNX can be linked to two defunct crypto entities — Coinflex and 3AC. Seychelles-based Coinflex was a crypto yield platform that was forced to suspend withdrawals in June 2022. It subsequently entered into a bankruptcy process. Coinflex co-founder Mark Lamb joined forces with 3AC’s Kyle Davies and Su Zhu to found OPNX. In October, Coinflex creditors sued Lamb, alleging that he had appropriated Coinflex's intellectual property, customer base, employees and technology to establish OPNX. Mired in problemsWithin its short existence, OPNX has been mired in problems. From the very outset, there was little goodwill for the new venture, given that many crypto sector participants took a dim view of Zhu and Davies due to the turmoil the collapse of 3AC caused within the industry. In April of last year, OPNX claimed to have significant venture capital backing, only for many of the VC entities mentioned to quickly deny such claims subsequently. The following month, the local regulator in Dubai, the Virtual Assets Regulatory Authority, formally reprimanded the OPNX founders for promoting an unregulated business within the Emirate of Dubai. In August, it emerged that VARA had hit OPNX and its founders with a hefty fine. Following the closure announcement, the native OX token of OPNX experienced a significant price decline. Over the course of the past 24 hours, the token unit price has fallen 13.6% to $0.007981. The failure of 3AC led to Teneo, the firm responsible for liquidating 3AC's assets, subpoenaing Zhu and Davies for concealing details of their physical whereabouts through messages on social media platform X. The closure of OPNX adds to the challenges faced by Zhu and Davies, as Teneo is actively seeking to recover $1.3 billion directly from the co-founders. The claim asserts that Zhu and Davies engaged in substantial leverage with investor funds after the insolvency of their hedge fund. In September 2023, Singapore's central bank issued nine-year prohibition orders against Davies and Zhu, citing alleged violations of the country's securities laws at Three Arrows Capital. All the while, crypto community sentiment remains negative where OPNX and its founders are concerned. Taking to social media, Ikigai Asset Management’s Travis Kling didn’t mince his words, stating:”I mean it from the bottom of my heart when I say **** these criminals.” As OPNX concludes its operations, the unfolding events surrounding its co-founders and their association with the failed hedge fund continue to draw attention to the need for the industry to raise its standards.  

Blockchain-powered donation platform collaborates with NPO Yana to hold charitable bazaarCherry, a blockchain-powered donation platform, is set to hold a bazaar with non-profit organization (NPO) Yana at POSCO CHANGeUP GROUND in Seoul from Friday to Saturday. The objective of this event is to support children’s homes and care leavers.Photo by Markus Winkler on UnsplashMedical expense support for children’s homesThe bazaar is being organized by ongoing sponsors of Cherry and Yana. This event will feature sales of corporate-sponsored items, with the proceeds dedicated to assisting with medical and various other expenses at children’s homes and for those who have left care. Visitors can look forward to an array of products from companies like Solideo Systems, Jungsaemmool Beauty, Esther Formula, and Rebuy For You. Moreover, the bazaar will showcase a collection of dresses and cherished items from celebrated personalities, including actresses Shin Ae-ra and Park Jin-hee, comedian Park Na-rae and Kpop singer Sandara Park.In addition to sponsored items, the bazaar will offer a wide range of items, including clothing, shoes, cosmetics, eyewear, and food. A representative from Cherry mentioned that all the vendors have committed to donating a part of their sales proceeds. This arrangement allows visitors to enjoy their shopping experience while also contributing to socially responsible consumption, as their purchases will lead to donations.Attendance at the bazaar is priced at KRW 10,000 (approximately $7.7), and registration for the event is available through the Cherry app. For those unable to attend in person, there’s still an opportunity to contribute by purchasing a ticket, allowing for donations from anywhere around the world.Blockchain transparencyCherry is Korea’s first blockchain-based donation platform, designed to foster a culture of transparent donations by recording all donation flows on the blockchain. Since its inception in 2019, the platform has attracted over 380 donor organizations running more than 1,900 campaigns. The cumulative donations have surpassed KRW 11 billion.Yana allocates 100% of its donations to support projects for children’s homes and individuals transitioning out of care. This commitment to transparency in their donation processes is facilitated through the use of the Cherry platform.

Korean Crypto Market Outpaces Stock Exchange Amid Bitcoin ETF OptimismThe anticipation is building around the potential approval of BlackRock’s Bitcoin exchange-traded fund (ETF) in the United States. As the world’s largest asset manager is anticipated to obtain a green light, Bitcoin’s price has surged by more than 17% just this week, capturing the keen interest of investors.Photo by Kanchanara on UnsplashCrypto surpassing stocks in daily trading volumeIt’s worth highlighting the surge in the Korean cryptocurrency market, where the daily trading volume has recently eclipsed that of the Korean Composite Stock Price Index (KOSPI).According to local news outlet Maeil Business Newspaper, on October 24, KOSPI recorded a trading volume of KRW 7.83 trillion ($5.8 billion). Yet, in a 24-hour span from 9 a.m. (KST) on October 23 to 9 a.m. on October 24, the combined trading volume of the top five Korean cryptocurrency exchanges reached KRW 8.44 trillion.Breaking it down by exchange, Upbit had a 24-hour trading volume of KRW 6.97 trillion, followed by Bithumb with KRW 1.36 trillion, Coinone with KRW 87.6 billion, Korbit with KRW 18.8 billion, and Gopax with KRW 2.2 billion.Retail investors leaving the stock marketThe surge in the Korean crypto market is largely due to retail investors shifting their focus away from the Korean stock market. This move comes in response to challenges the stock market has been grappling with, such as monetary tightening in the US and increased volatility stemming from the Israel-Hamas war.