Crypto and Wall Street leaders set to meet at Abu Dhabi Finance Week next month

Blockchain gaming platform Intella X has partnered with Galxe, a Web3 protocol that allows users to own, manage and share their digital credentials, according to an official announcement by Intella X’s operator Neowiz on Tuesday (KST). The two companies vowed to leverage Galxe's community network and expertise to create an Intella X channel on the Galxe platform, revitalizing the Intella X ecosystem.Photo by GuerrillaBuzz on Unsplash"Through this partnership, we look forward to exchanging our knowledge with Galxe and effectively growing the Intella X community, which will help revitalize the Intella X ecosystem and strengthen our global competitiveness," said Jose Ko, CEO of Intella X. Leading the way in Web3 communitiesWith over 14 million on-chain users, Galxe is a pioneer in Web3 community building. Its vast network supports 26 blockchains and various social networking websites, including X, Discord and more. In particular, the protocol also operates a rewards-based Loyalty Points system with over 3,300 partners, including Optimism, Polygon and Arbitrum, which distributes points rewards based on participation in project campaigns. "We will strive to leverage the Galxe community and introduce Web3 technology that serves to expand the Intella X ecosystem. Through our collaboration, we will bring innovations, developers and gamers to the Web3 market,” said Galxe CEO Charles Wayn. Revolutionizing blockchain gamingIntella X, which is built on the Polygon Network, is a Web3 gaming platform that emphasizes contribution and rewards. Services include a decentralized exchange (DEX), NFT marketplace and digital wallet, as well as a service protocol that rewards platform participants. In December last year, the platform also beta-launched a service last month dubbed Space Candy Store, an innovative platform service designed to reward gameplay.

Kazakhstan Launches NPC With CBDC Implementation by 2025Kazakhstan’s National Bank (NBK) has unveiled the National Payment Corporation (NPC), a dedicated entity responsible for spearheading the development and launch of the country’s central bank digital currency (CBDC), known as the digital tenge.In a press release published last Friday, the NBK set out that the launch of the NPC is effectively a restructuring of the Kazakhstan Center for Interbank Settlements. The new entity has been entrusted with overseeing the national payment system.This mandate includes overseeing critical functions like interbank clearing services, facilitating money transfers, and managing digital identification. However, the NPC’s central mission revolves around establishing a robust “digital financial infrastructure” with a primary focus on realizing the digital tenge.Photo by Uladzislau Petrushkevich on Unsplash2025 targeted launch dateThe journey toward the digital tenge began in February of this year, with an ambitious launch date set for 2025. Deputy Governor of the NBK, Berik Sholpankupov, initially articulated a vision centered on a “collaboration between traditional finance and DeFi,” aimed at significantly improving financial inclusion and strengthening international trade.As of now, the CBDC pilot in Kazakhstan has advanced to a controlled environment pilot phase involving actual consumers and merchants. One of the key partners in this venture is Binance, the world’s largest cryptocurrency exchange. Binance is actively supporting the pilot through its technical solution, BNB Chain, marking a convergence between traditional financial institutions and the blockchain-based cryptocurrency sector.Kazakhstan’s pursuit of CBDCs aligns with a global trend as numerous countries worldwide explore the potential of CBDCs. An astounding 105 countries, representing a substantial 95% of the global gross domestic product (GDP), are currently exploring the concept, highlighting the collective recognition of the transformative potential of digital currencies in shaping the future of finance.Last week it emerged that the NBK had entered into a collaboration with the global financial messaging service SWIFT relative to the beta-testing of a CBDC.Attracting global exchangesIn a move that bolsters the development of crypto in the central Asian country, Binance launched a regulated digital asset platform in collaboration with the local Freedom Finance Bank. Around the same time, Bybit secured in-principle approval to trade within the country from the local regulator.Kazakhstan’s proactive stance toward cryptocurrency is also evident in its taxation policies. In 2022, the government collected approximately $7 million in tax payments from cryptocurrency mining entities following the implementation of revised regulations governing the fiscal responsibilities of cryptocurrency mining.Additionally, the government introduced legislation aimed at curbing excessive energy consumption by domestic crypto miners, instituting licensing requirements, and making minor adjustments to the taxation framework.Kazakhstan’s steps in establishing the National Payment Corporation and venturing into the realm of CBDCs reflect the country’s interest in embracing the digital era and staying at the forefront of financial innovation. As the industry looks on, Kazakhstan’s digital tenge project could serve as a model for others seeking to bridge the gap between traditional finance and the exciting possibilities of DeFi.

$100M Pyramid Scheme Linked to Prominent Chinese Filecoin ProjectA courtroom showdown currently playing out in the People’s Court of Pingnan County in northeastern Fujian province in China is laying bare an intricate pyramid scheme entwined with one of China’s flagship ventures in the Filecoin ecosystem.The lawsuit thrusts five defendants into the spotlight, alleging their orchestration of an expansive pyramid scheme under the guise of their enterprise, Shenzhen Space-Time Cloud Company. The operation is purported to have siphoned off millions of dollars, leaving in its wake a trail of financial wreckage.Photo by Traxer on UnsplashAggressive project marketingAccording to a local media report published on Monday, the saga began in June 2018 when Lai Mouhang and Lai Moujun established the Space-Time Cloud Company. Subsequently, co-defendants Hu and Liang joined the ranks in the following months. However, it wasn’t until September 2019 that Lai Mouhang escalated the company’s operations, leveraging the ipfs.cn domain to aggressively market and peddle investments linked to distributed storage technology and Filecoin’s intricate economic model.Central to Filecoin’s model is its block reward system, where miners validating new blocks receive Filecoin tokens (FIL) as a reward. In a stunning revelation, the prosecution claims that Lai Mouhang and his accomplices crafted a scheme mirroring this economic structure.Their brainchild, the filpool.io platform, served as a conduit for joint mining, masquerading as a storage server vending operation for FIL mining. This platform, intrinsically linked to Space-Time Cloud Company, allegedly formed the epicenter of the defendants’ fraudulent maneuvers.Almost 60,000 usersThe gravity of the scheme becomes evident when considering the staggering numbers: a reported 57,122 members registered on the filpool.io platform and an additional 143 partners on the bpool.io platform, a sibling project of Space-Time Cloud Company. These platforms collectively amassed a jaw-dropping RMB 607 million ($83 million), alongside RMB 62 million in diverse cryptocurrencies.The modus operandi of the defendants was rooted in enticing participants with rosy prospects of exponential profits. By acquiring a minimum of 8 terabytes of cloud computing power, individuals could attain bronze membership status or higher, unlocking the ability to further recruit participants. Unsurprisingly, the magnitude of returns correlated directly with the size of investments and the recruitment spree — classic hallmarks of a pyramid scheme.The prosecution contends that the defendants exploited these platforms as bait for participants, perpetuating the myth of high returns. This alleged deception led to substantial financial losses for many unsuspecting victims. Furthermore, these actions purportedly sowed discord and upheaval in both economic and social spheres, potentially transgressing criminal law boundaries.As the investigation into this convoluted case unfurls, its implications resonate far beyond China’s territorial confines. The intertwining of cryptocurrency, blockchain, and pyramid schemes punctuates the ever-evolving narrative of financial crime. The case highlights the importance of vigilance and regulatory scrutiny in an innovative industry that has more than its fair share of bad actors.